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Union Budget 2026 replaces the Income Tax Act, 1961 with the Income Tax Act, 2025, introducing simpler filing, lower penalties, and digital compliance.
Budget 2026 grants full income tax exemption on disability pensions of armed forces personnel, recognising sacrifice and ensuring financial security.
Union Budget 2026 exempts interest on motor accident compensation from income tax and TDS, ensuring victims and families receive full MACT awards.
ITAT rules that temporary family deposits in a student’s bank account for overseas education financial proof cannot be treated as taxable income.
Delhi High Court ruled that employees cannot be denied TDS credit if the employer failed to deposit tax, holding recovery must be from the employer, not salaried workers.