Key Income Tax Updates (As of March 2026):
- New Tax Regime Default: For FY 2025-26, the new, streamlined tax regime is the default, notes ClearTax.
- Major Form Overhaul: Nearly 30 commonly used forms, including those for tax audits (3CA/3CB replaced by Form 26) and TDS, have been updated under the Income Tax Rules 2026.
- Restaurant Crackdown: Following a nationwide investigation, the tax department found ₹408 crore in suppressed sales at restaurants.
- International Reporting Changes: Rule 114-G has been updated to require more detailed reporting for non-U.S. accounts, including e-money and Central Bank Digital Currencies (CBDC)
- Pending Returns/Refunds: As of February 2026, over 24.64 lakh ITRs for the 2025-26 assessment year are pending for over 90 days, say YouTube news sources.
- Old Tax Regime Savings: Despite the shift to the new regime, some taxpayers may find better savings under the old regime,
