After finalising the taxpayer’s total tax liability for the assessment year, the Income Tax department recognised later that some of the income had been missed while calculating the taxes during any year. This missed income is known as ‘income escaping assessment’. The Income Tax Department, under section 147, empowers the Assessing Officer to open the case and reassess that year's income. However, not only income, if the Assessing officer finds any losses, deductions or expenses not correctly claimed as per the provisions of the Income Tax Act, he can initiate an enquiry on them under the initial notice only.Budget 2026 UpdateIn case of re-assessment proceedings, updated return can be filed even after the beginning of the assessment proceedings. Section 280  (Section 148 of the Income Tax Act 1961) is amended to allow the taxpayer to file updated return even after notice under the section is issued.

NRI taxation in India is regulated under the Income Tax Act, 1961, with clear rules governing residential status, taxable income, and compliance requirements. NRIs are liable to pay tax only on income earned or received in India, including salary, rent, capital gains, or NRO interest. Adhering to TDS provisions, filing deadlines, and reporting norms is essential to avoid penalties.Budget 2026 HighlightsAn assessee who was a non-resident for a continuous period of five years and subsequently became a resident in India due to employment under a Central Government scheme is eligible to claim exemption on income earned outside India, provided he or she remains a resident in India for a continuous period of five years.What is NRI Income Tax in India?For NRIs, not all income is taxable in India. Only the income that arises in India or is received in India falls under Indian tax laws. This includes salaries for services rendered in India, rent from Indian properties, capital gains from Indian assets, and interest from Indian bank accounts.Key points:Salary earned in India or for work performed in India → taxable.Rent from property located in India → taxable.Capital gains from sale of Indian shares or property → taxable.Interest from NRO accounts is taxable, while NRE and FCNR interest is tax-free.How to Determine Residential Status of an NRI?Before knowing your tax liability, you must check your residential status.

Block assessment helps the income tax authorities to assess the income of different assessment years in a single assessment, thereby unearthing the black money in a shorter time. This assessment is separate from the normal assessment procedures under the Income Tax Act. This article explains in detail, the meaning, features, procedures and time limits for block assessment procedures.Budget 2026 UpdateUnder the existing provisions, where undisclosed income or assets of another person are detected during search operations, such “another person” is also required to comply with the block period assessment framework. This has resulted in prolonged litigation. Accordingly, the Budget 2026 proposed an amendment to address this issue.

Budget 2026 Tax Slabs UpdatesNo changes in tax slabs for FY 2025-26 & same applicable for FY 2026-27.The old tax regime continues to be the optional tax regime. Income Tax Slabs and Rates determine the tax liability of the taxpayer. India follows a progressive tax rate structure, where the tax rate increases with an increase in the taxable income slab. This means higher income slab ranges attract higher tax rates. This method is followed under both new and old tax regime. Income Tax Slabs for FY 2025-26 under New Tax RegimeThe Section 115BAC new tax regime remains the default tax regime. The new tax regime tax rates for FY 2025-26 after Budget 2026 are as follows & are the same for FY 2026-27.New Tax Slabs FY 2025-26 (AY 2026-27)New Tax Rates FY 2025-26 (AY 2026-27)Up to Rs.

केंद्रीय बजट 2026 को 01 फरवरी, 2026 को माननीय वित्त मंत्री श्रीमती निर्मला सीतारमण ने पेश किया। यह बजट वित्त मंत्री का लगातार नौवां बजट है।इसमें मुख्य रूप से आर्थिक स्थिरता और सस्टेनेबिलिटी, इंफ्रास्ट्रक्चर डेवलपमेंट, मैन्युफैक्चरिंग और MSMEs, रेलवे, जीवन में आसानी, कंप्लायंस में आसानी और आर्टिफिशियल इंटेलिजेंस, सेमीकंडक्टर मैन्युफैक्चरिंग जैसे उभरते हुए सेक्टर्स पर ज़ोर दिया गया।बजट 2026 प्रमुख उम्मीदेंवित्त वर्ष 2026-27 के लिए सार्वजनिक इंफ्रास्ट्रक्चर के लिए बजट आवंटन बढ़ाकर ₹12.2 लाख करोड़ कर दिया गया है।लंबे समय तक विकास पर ज़ोरबढ़ते वैश्विक तनाव के कारण रक्षा बजट आवंटन बढ़ाकर 7.85 लाख करोड़ रुपये कर दिया गया है।भारत के बाहर रहने वाला व्यक्ति अब पोर्टफोलियो इन्वेस्टमेंट स्कीम के ज़रिए भारतीय लिस्टेड इक्विटी में निवेश कर सकता है, जिसकी लिमिट बढ़ाकर 10% कर दी गई है।संशोधित रिटर्न फाइल करने की ड्यू डेट मामूली फीस के साथ अगले टैक्स वर्ष की 31 मार्च तक बढ़ा दी गई है।बिज़नेस टैक्सपेयर्स के लिए नॉन-टैक्स ऑडिट मामलों में ITR फाइल करने की ड्यू डेट अगले टैक्स वर्ष की 31 अगस्त तक बढ़ा दी गई है।सॉवरेन गोल्ड बॉन्ड (SGBs) को अब कैपिटल गेन टैक्स से तभी छूट मिलेगी, जब उन्हें मूल रूप से सब्सक्राइब किया गया हो और मैच्योरिटी तक लगातार रखा गया हो।डिविडेंड इनकम और म्यूचुअल फंड की यूनिट्स पर ब्याज खर्च की कटौती अगले टैक्स वर्ष से हटा दी गई है।1. तीन कर्तव्य - नागरिकों के प्रति मुख्य कर्तव्यकेंद्रीय बजट 2026 तीन कर्तव्यों पर केंद्रित है, (यह भारत सरकार की भारत के नागरिकों के प्रति ज़िम्मेदारी या नैतिक दायित्व को बताता है)आर्थिक विकास को तेज़ करना और बनाए रखनानागरिकों की आकांक्षाओं को पूरा करनासमावेशी विकास सुनिश्चित करना (सबका साथ, सबका विकास)2. प्रत्यक्ष कर प्रस्तावबजट 2026 में आयकर की मुख्य बातेंपरिवर्तन का क्षेत्रप्रस्तावोंप्रभावित हितधारकआयकर स्लैबस्लैब/दरों में कोई बदलाव नहींसब लोगआईटीआर नियत तारीख (गैर-ऑडिट)ड्यू डेट 31 अगस्त तक बढ़ा दी गई है (ITR-3/4, नॉन-ऑडिट)फ्रीलांसर, व्यवसाय के मालिक, व्यापारीसंशोधित रिटर्न की समय सीमासंशोधित रिटर्न 31 मार्च तक जमा किया जा सकता है (31 दिसंबर के बाद लेट फीस लगेगी)जिस किसी को भी ITR में सुधार की ज़रूरत हैTCS (LRS के तहत शैक्षिक और चिकित्सा उद्देश्यों के लिए प्रेषण + विदेश यात्रा)प्रमुख LRS/टूर कैटेगरी के लिए TCS घटाकर 2% कर दिया गया है।विदेश में पैसे भेजने वाले परिवार, यात्रीएसजीबी टैक्स (सेकेंडरी मार्केट)टैक्स-फ्री रिडेम्प्शन बेनिफिट सिर्फ ओरिजिनल सब्सक्राइबर के लिए।एसजीबी निवेशकएसटीटी में वृद्धिफ्यूचर्स और ऑप्शंस की बिक्री पर STT बढ़ाया गया (इंट्रिंसिक प्राइस और ऑप्शन प्रीमियम के लिए अलग-अलग STT दरें)व्यापारी, इक्विटी निवेशक/प्रमोटरi. नॉन-ऑडिट टैक्सपेयर्स के लिए ड्यू डेट का विस्तारITR 1 और ITR 2 फाइल करने वालों को छोड़कर, नॉन-ऑडिट टैक्सपेयर्स के लिए ITR फाइल करने की ड्यू डेट 31 अगस्त तक बढ़ा दी गई है। यह विस्तार FY 2025-26 (AY 2026-27) से लागू होगा।सीधे शब्दों में कहें तो, ITR-3 और ITR-4 के लिए ड्यू डेट 31 अगस्त तक बढ़ा दी गई है।आने वाले असेसमेंट ईयर के लिए, ऐसे टैक्सपेयर्स के लिए ड्यू डेट 31 अगस्त 2026 है।ii. रिवाइज्ड रिटर्न की ड्यू डेट बढ़ानारिवाइज्ड ITR की ड्यू डेट 31 दिसंबर से बढ़ाकर 31 मार्च कर दी गई है।हालांकि, अगर आप 31 दिसंबर के बाद रिवाइज्ड रिटर्न फाइल करते हैं, तो निम्नलिखित लेट फीस लगेगी:आय स्तरविलंब शुल्क5 लाख रुपये तक1000 रुपये5 लाख रुपये से ज़्यादा5000 रुपयेये बदलाव 01 अप्रैल 2026 से लागू होंगे।iii.

The Union Budget 2026 was presented on 01st February, 2026 by the honourable finance minister Smt. Nirmala Sitharaman. This budget marks the ninth consecutive budget of the finance minister. Primary emphasis was made on economic stability and sustainability, infrastructure development, manufacture and MSMEs, railways, ease of living, ease of compliance and emerging sectors like artificial intelligence, semiconductor manufacture, etc. Budget 2026 Highlights SummaryThe following are the key highlights of Budget 2026.Budget allocation for public infrastructure increased to ₹12.2 lakh crore for FY 2026–27.Emphasis on long term growth Defence budgte allocation increased to Rs. 7.85 lakh crores, due to increased global tensions.A Person Resident Outside India can now invest in Indian listed equities through the Portfolio Investment Scheme, with an increased limit of 10%.Due date for filing revised return has been extended to 31st March of the subsequent tax year, with a nominal fee.Due date for filing ITR for non-tax audit cases for business taxpayers has been extended to 31st August of the subsequent tax year.Sovereign Gold Bonds (SGBs) can now be excluded from capital gain taxation only if they were originally subscribed and held continuously till maturity.Interest expense deduction against dividend income and units of mutual funds are removed from the upcoming tax year.1. Three Kartavyas - Main Duties to CitizensThe Union Budget 2026 focusses on three kartavyas, (refers to responsibility or moral obligation of the Indian Governement to the citizens of IndiaAccelerating and sustaining economic growthFulfilling citizens' aspirationsEnsuring inclusive development (Sabka Saath, Sabka Vikas) 2.

Monitoring your EPF claim status is essential for tracking PF withdrawals, pension applications, or account transfers in real-time. Regular checks ensure you stay updated on your application's progress and financial planning.Easy Ways to Check EPFO Claim StatusMethodHow to TrackUAN Portal Login - Online Services - Track Claim StatusUMANG AppEPFO - Employee Centric - View StatusMissed Call from registered mobile numberDial 99660 44425SMS from registered mobile numberSMS “EPFOHO UAN ENG” to 77382 99899 What are the Prerequisites to Check EPFO Claim Status? The following informations should be available while checking EPFO claim status:Universal Account Number (UAN)  EPF regional office of your employer  Employer details Extension code (if relevant)Keep the above information or documents handy, and then follow the steps below to check the status of your claim online.How To Check Your EPFO Withdrawal Status Online?The EPFO has made both an online and offline process accessible to check the status of your requisition. Below are the ways to check the status of your EPFO withdrawal claim online.1. Using EPFO WebsiteMembers can visit EPFO website and track their PF claim status the following way. Step 1: Visit the EPFO Members Portal.Step 2: Login with your UAN, Password, and Captcha.Step 3: On the top menu, click on Online Services.Step 4: Select Track Claim Status from the dropdown.Step 5: You will see your Tracking ID, Form Type, and Current Status.For the claimant’s convenience, EPFO also sends SMS alerts if a mobile number is linked to the account. The SMS is sent in the following two cases.When the claim application is received.When the funds are transferred to the claimant’s bank account.

As per Budget 2026, capital gains on redemption of SGB is excluded from taxation only to original subscribers holding SGBs till redemption. Every other investor will have to pay capital gains tax on their redemption value. Budget 2026 UpdateBudget 2026 proposed to provide capital gains exemption on SGBs only to original subscribers who hold SGBs till redemption.Investors buying SGBs from the secondary market won't be eligible for exemption even if held till redemption.Discontinuity in holding due to reason other than sale, will also not qualify for exclusion from capital gain taxation.What are Sovereign Gold Bonds (SGBs)?Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold, issued by the Reserve Bank of India (RBI) on behalf of the Government of India. They serve as an alternative to holding physical gold, allowing investors to benefit from capital appreciation without the risks of storage or making charges.SGB Taxation Rules before Budget 2026SGBs were considered as the most tax efficient investment options as complete capital gains were not taxed on SGBs held till maturity irrespective of them being bought during original issue or from the secondary market. Capital gains on SGBs held till redemption were completely exempt. Capital gains on SGBs sold before redemption are taxed as LTCG at 12.5%.Interest at 2.5% was taxable as income from other sources at applicable slab rates. Budget 2026 Changes in SGB TaxationWhile capital gains exemption on redemption continues, it is now available only to investors who subscribed to the original issue and hold SGBs till redemption. Investors buying SGBs from the secondary market will have to pay capital gains tax even if SGBs are held till redemption. Investors buying SGBs from the secondary market and selling before maturity will also have to pay capital gains tax. The interest of 2.5% continues to be taxed as income from other sources at applicable slab rates. Capital Gain Tax on SGB After Budget 20261. Tax SGBs Held Till RedemptionThe SGBs bought directly from RBI through initial issue and held till redemption i.e., 5th to 8th year will benefit from a complete exemption on capital gains. So yes, capital gains exemption on SGBs is still available after Budget 2026 in this particular case. However, SGBs bought through the secondary market will not be eligible for capital gains exemption even if held till maturity. 2.

The need to simplify the existing tax laws, which are complicated more often than not, was first felt by the lawmakers in the year 2009. After a series of changes, the Act has become the Income Tax Act, 2025 on 21st August 2025, after president's assent. The new act is applicable from 1st April, 2026.Budget 2026 UpdateIncome Tax Act 2026 will come into effect from 1st April 2026, thus effective for FY 2026-27 and onwards.For FY 2025-26 (AY 2026-27) the provisions of Income Tax Act 1961 will be applicable. Structural ChangesThe new Income Tax Act has reduced content as compared to the current Income Tax Act. The section count has been reduced from more than 700 odd sections to 536. For example, Section 80C is different from Section 80D. In the new act, all clauses (or sections) are numbered sequentially, without the use of alphabets in the section numbers.

The Union Budget 2026 will be will be presented in the Parliament by the finance minister Nirmala Sitharaman today, 01st February 2026 at 11:00 AM. This is the first time in history of India that the Union Budget is being presented on a Sunday. For real time updates and latest developments, follow our live page for Budget 2026.Union Budget 2026 DateSince the Honorable late Finance Minister, CA Arun Jaitley, started the practice of presenting the Union Budget by 01st February in 2017, all Union Budgets, except interim ones, have been presented on the same date. Since then, we have had budgets presented on Saturdays and other days of the week. This is the first time that 01st Feb falls on a Sunday. The budget presentation would be held on 01st February 2026 at 11AM (the usual budget time).The budget session for 2026 is expected to be divided into two, the first being held from 28th January to 13th February , followed by the second from 9th March to 2nd April.Budget 2026 Session DatesThe honorable President of India Smt. Droupadi Murmu has approved the summoning of the budget session 2026. The following are the important dates regarding the Budget session 2026.DateEventJanuary 28, 2026Commencement of Budget SessionJanuary 29, 2026Presentation of Economic SurveyFebruary 1, 2026Union Budget 2026 presentation by the Honorable Finance Minister Smt. Nirmala SitharamanFebruary 13, 2026Conclusion of the first half of the Budget SessionMarch 9, 2026Commencement of the second half of the Budget SessionApril 2, 2026Conclusion of the second half of the Budget SessionWhere to watch Budget 2026 Live?PlatformHow to AccessSansad TV Live telecastDD NewsNational broadcastNews Broadcaster WebsitesLive stream on major news websitesYouTubeOfficial streams / news channelsWhat is a Union Budget?The Union Budget is an annual financial statement laid before both Houses of Parliament under Article 112 of the Constitution of India. It contains the estimated receipts and expenditure of the following financial year. Crucial details such as tax amendment proposals, key areas for expenditure and development, proposed policies, and reforms are presented in the Union Budget.Budget 2026 marks more significance owing to the fact that this is the 9th consecutive Budget of Honorable Finance Minister Nirmala Sitharaman.This would be the second full-fledged budget of Modi government(3.0), after the interim budget of 2024 and a full annual budget of 2025.When did the Budget-making Process Begin for 2026?The Budget process for FY 2026-27 began in August 2025. Usually, the process begins with the budget circular, sending instructions to all the ministries and departments to estimate revenue and expenditure for their respective areas. Post various rounds of pre-budget ministerial discussions and consultations with experts and the public, the Union Budget is laid before the Parliament. What is the Economic Survey?The Economic Survey is usually presented a day before the Budget presentation date.