Tax: There is a delay in filing the return, no tension, now there will be no penalty from next year..
Currently, the Income Tax Act 1961 is applicable in the country. The new Income Tax Bill will come into force from April 2026. It is being said that this new bill is going to benefit the taxpayers in many ways. However, one question is on everyone's mind: how different will the process of filing taxes in this new bill be from the 1961 Act? For years, taxpayers have been using deductions, exemptions, and TDS refunds through the old law, so what is going to change after this new bill? In this news, we give all this information in simple words.
Late penalty on TDS abolished
A big change has happened that if, for some reason, you are unable to file ITR within the deadline, then you can still claim your tax refund. Apart from this, if you have not given the information of TDS within the stipulated time limit, then no penalty will be imposed on you. That is, no penalty of any kind will be imposed on you.
Zero TDS Certificate
If you are not coming under the tax net, then you can now use a Zero TDS Certificate. This will save you from the big hassle of filing returns. The biggest thing is that Indians, as well as non-resident Indians, can also take advantage of this.
Relief on the pension fund
Commuted pension received from some notified pension funds like LIC Pension Fund will now be completely tax-free. After this decision, people working in the private sector will now be able to get the same exemption as government employees.
Important things for ITR filing 2026
An important thing to note is that there has been no change in the tax slab. This slab will remain the same as the old law. The main objective of this new bill is to make the rules easier for taxpayers, so that both the time and effort spent in tax filing can be reduced.
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