Budget 2026-27: Revision in Penalty and Prosecution Framework under Income Tax Act, Ensuring Relief to Taxpayers
The Union Budget for the Financial Year 2026-27 was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha today. Among the key...
![Budget 2026: Income Tax Assessments Not to be Invalidated for DIN Errors, New Section Added [Read Finance Bill 2026]](https://images.taxscan.in/h-upload/2026/02/01/250x150_2122956-budget-2026-income-tax-assessments-din-errors-taxscan-budgetscan.webp "Budget 2026: Income Tax Assessments Not to be Invalidated for DIN Errors, New Section Added [Read Finance Bill 2026]")
![New Income Tax Law to be implemented from 1st April, 2026: All You Need to Know [Read Finance Bill 2026]](https://images.taxscan.in/h-upload/2026/02/01/250x150_2122938-new-income-tax-law-taxscan-budgetscan-.webp "New Income Tax Law to be implemented from 1st April, 2026: All You Need to Know [Read Finance Bill 2026]")
Income Tax Act, 2025 comes into effect from 1st April 2026, Rules and Forms will be Notified Shortly: FM [Read Finance Bill 2026]
The Union Budget for the Financial Year 2026-27 was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha today (Sunday, 1 February 2026). This is her 9th consecutive budget. ...
![Income Tax Act, 2025 comes into effect from 1st April 2026, Rules and Forms will be Notified Shortly: FM [Read Finance Bill 2026]](https://images.taxscan.in/h-upload/2026/02/01/500x300_2122867-income-tax-act-2025-rules-forms-notified-shortly-fm-taxscan.webp "Income Tax Act, 2025 comes into effect from 1st April 2026, Rules and Forms will be Notified Shortly: FM [Read Finance Bill 2026]")
![Interest awarded by MACT will be exempted from Income Tax: FM [Read Finance Bill 2026]](https://images.taxscan.in/h-upload/2026/02/01/500x300_2122863-interest-awarded-mact-exempted-income-tax-fm-taxscan.webp "Interest awarded by MACT will be exempted from Income Tax: FM [Read Finance Bill 2026]")
ITR-1 & ITR-2 Filing Deadline Set for 31 July; Non-Audit Business/ Trust Returns Due by 31 August: FM [Read Finance Bill 2026]
The Union Budget for the Financial Year 2026-27 was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha today (Sunday, 1 February 2026). This is her 9th consecutive budget. The ...
![ITR-1 & ITR-2 Filing Deadline Set for 31 July; Non-Audit Business/ Trust Returns Due by 31 August: FM [Read Finance Bill 2026]](https://images.taxscan.in/h-upload/2026/02/01/500x300_2122866-union-budget-2026-budget-scan-2026-itr-1-deadline-itr-2-deadline-itr-1-itr-2-filing-deadline-income-tax-deadlines-trust-returns-fm-tax-filing-announcement-taxscan.webp "ITR-1 & ITR-2 Filing Deadline Set for 31 July; Non-Audit Business/ Trust Returns Due by 31 August: FM [Read Finance Bill 2026]")
Section 54F Deduction under Income Tax cannot be Denied without Examining Construction Evidence: ITAT [Read Order]
The Surat bench of Income Tax Appellate Tribunal ( ITAT) has held that deduction under Section 54F cannot be denied without examining the construction evidence including ledger accounts of purchase...
![Section 54F Deduction under Income Tax cannot be Denied without Examining Construction Evidence: ITAT [Read Order]](https://images.taxscan.in/h-upload/2026/02/01/500x300_2122836-section-54f-deduction-under-income-tax-cannot-be-denied-without-examining-construction-evidence-itat-taxscan.webp "Section 54F Deduction under Income Tax cannot be Denied without Examining Construction Evidence: ITAT [Read Order]")
Student cannot be Taxed for Temporary Family Deposits made to Show Financial Capacity Abroad: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT), Surat Bench has held that a student cannot be taxed under the Income-tax Act for temporary cash deposits made by family members in his bank account...
![Student cannot be Taxed for Temporary Family Deposits made to Show Financial Capacity Abroad: ITAT [Read Order]](https://images.taxscan.in/h-upload/2026/01/31/500x300_2122773-student-cannot-be-taxed-for-temporary-family-deposits-made-to-show-financial-capacity-abroad-itat-taxscan.webp "Student cannot be Taxed for Temporary Family Deposits made to Show Financial Capacity Abroad: ITAT [Read Order]")