ITR Filling- Big news for taxpayers. The new Income Tax Bill will replace the existing rules that people follow while filing ITR. This brings up an important question – how different will the ITR filing process be from today? Taxpayers have been accustomed to the current system of deductions, exemptions and slabs for years. While the new Bill promises a simpler framework, could it also mean giving up some old benefits? Let’s find out…
Major changes for ITR filing in the year 2026
ITR and TDS if you file late…
Taxpayers will be entitled to get their tax refund from next year even if they are unable to file their ITR within the deadline due to any reason. The new Income Tax Bill removes the penalty for filing TDS returns after the deadline. This move provides relief to individuals and businesses who often struggle to meet strict deadlines. Will health, life and term insurance become cheaper? Consideration on abolishing GST, policyholders may get big relief
Zero TDS Certificate
Taxpayers who no longer have any tax liability can now apply for Nil TDS Certificate in advance.
Relief on pension income
Commuted pension received from certain pension funds such as the LIC Pension Fund will now be completely tax-free. The Bill clearly provides for this deduction, ensuring that private sector employees and those who invest independently in such funds get the same relief as salaried government employees.
Changes in property tax rules
The standard deduction of 30% on income from house property will continue and the relief on home loan interest payment has also been retained. This is aimed at providing stable tax benefits to homeowners, making property ownership more financially manageable.