Key recent changes in Indian tax, GST and law — explained in plain English. For time-bound filing dates, see the compliance due dates.
If aggregate turnover crossed ₹5 crore in any preceding financial year, GST e-invoicing (IRN from the IRP portal for every B2B invoice) is mandatory. Non-compliance means the invoice cannot be used for ITC by the recipient and attracts a 100% tax penalty. Verify your status on the GSTN portal.
The income-tax department has opened e-filing for AY 2026-27. The standard due date for non-audit individuals is 31 July 2026 (verify any extension). Compare old vs new regime before filing — for most salaried filers without large deductions, the new regime's ₹12 lakh effective exemption makes it the better choice.
Employers must issue Form 16 and deductors Form 16A by 31 May 2026. Reconcile Form 16 against your AIS and Form 26AS before filing your ITR. Mismatches must be corrected at source — ask your employer to file a TDS correction if needed.
The EPFO central board notified an 8.25% interest rate on EPF deposits for FY 2025-26 — matching the previous year. Interest is credited annually; check your UAN passbook after the credit.
Quarterly GST filers using the QRMP scheme can file the Invoice Furnishing Facility for April 2026 between 1–13 May. Only B2B invoices go into the IFF; file on time so recipients can claim ITC in their GSTR-2B.
File your return for FY 2025-26 using the AY 2026-27 forms. Reconcile against your AIS and Form 26AS before filing; the usual due date for non-audit individuals is 31 July (verify any extension).
The salary standard deduction is ₹75,000 under the new regime and ₹50,000 under the old regime for AY 2026-27.
From AY 2026-27 (Budget 2025), the new-regime slabs were revised and the Section 87A rebate (up to ₹60,000) makes income up to ₹12 lakh effectively tax-free. With the ₹75,000 standard deduction, a salaried person's break-even is a little higher. The new regime remains the default.
The 4th and final advance-tax instalment for FY 2025-26 was due 15 March 2026 — 100% of advance-tax liability. If you paid short, interest under Sections 234B and 234C will apply when you file. Calculate and pay any balance before ITR filing.
Input Tax Credit should be claimed only for invoices appearing in your auto-drafted GSTR-2B. Monthly reconciliation against your purchase register avoids notices and ITC reversals later.
GST e-invoicing applies once aggregate turnover crosses the notified threshold, which has been lowered in stages. Check whether your turnover now requires generating an IRN for B2B invoices on the GST portal.
Listed-equity LTCG is taxed at 12.5% above the ₹1.25 lakh exemption and STCG at 20%. Property/other LTCG is 12.5% without indexation, with a grandfathering option for assets bought before 23 July 2024 — verify which is better for you.
Gains on Virtual Digital Assets are taxed at a flat 30% under Section 115BBH (only cost deductible, no loss set-off), with 1% TDS under Section 194S above the threshold. Report in Schedule VDA.
The Bharatiya Nyaya Sanhita (replaces the IPC), Bharatiya Nagarik Suraksha Sanhita (replaces the CrPC) and Bharatiya Sakshya Adhiniyam (replaces the Evidence Act) took effect on 1 July 2024. Many section numbers changed — e.g. cheating (IPC 420) is now BNS 318, and anticipatory bail (CrPC 438) is now BNSS 482.
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Summaries for general understanding, not professional advice. Rules change with each Finance Act / notification — verify the current position before acting.