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Income Tax Calculator as Per New tax regime vs Old tax regime: Finance Minister Nirmala Sitharaman announced no changes to income tax slabs for FY 2026-27. Individual taxpayers in the old regime pay no tax up to Rs 5 lakh, while the new regime offers a Rs 12 lakh tax-free income limit. Standard deductions are Rs 50,000 and Rs 75,000 in the old and new regimes, respectively.

Minor children are also required to pay income tax if their taxable income exceeds the basic exemption limit prescribed under the Income-tax Act.

ITR filing FY 2025-26: The tax returns filing season is here and ahead of the July 31, 2026 deadline, taxpayers are compiling important documents that are needed every year to file the income tax return. One such document that is particularly important for salaried taxpayers is Form 16.

Across the Rs 15 to 25 lakh income range, the New Tax Regime (NTR) emerges as a suitable option for most senior citizens unless they can claim substantial deductions of Rs 3 to 4 lakh or more under the Old Tax Regime (OTR).

The CBDT has issued fresh guidelines for compulsory scrutiny of Income Tax Returns (ITRs) in FY 2026-27. The new norms identify six categories of taxpayers whose returns can be picked for detailed examination, including survey cases, search cases, tax-evasion inputs, and certain trusts claiming tax exemptions.

Assessments are done broadly under two categories: Compulsory selection for complete scrutiny and risk parameter-based scrutiny.

Though ITR forms have been enabled on the e-filing portal, Forms AS26 and AIS are not completely updated yet, says a tax expert.

The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting returns filed in FY 2025-26. Specific risk parameters will mandate detailed examination by the I-T Department. A June 30, 2026 deadline is set for issuing scrutiny notices under Section 143(2).

Man sells unlisted shares and buys house in Delhi for Rs 5.65 crore using the gains and declares Rs 2.34 lakh income in ITR; wins case in ITAT Delhi for this reason

Scrap dealer Wajeed Khan got a Rs 44 lakh tax demand over Rs 1.28 crore cash deposits, but ITAT, citing consistency with past years, ruled in his favor against the tax department