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Quick access to government portals, real-time compliance deadlines, and answers to the questions that matter most to Indian businesses and professionals in 2026.

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Recent Tax & Regulatory Updates

Curated news from June 2026 — developments that matter to businesses and individuals across India.

Income Tax Act 2025 June 2026

New Income Tax Act 2025 Now in Force — What Changes for You

The Income Tax Act 2025 replaced the 1961 Act from 1 April 2026, consolidating provisions into 536 sections across 23 chapters. The "Tax Year" concept replaces previous / assessment year terminology. No new taxes — this is a simplification exercise.

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ITR Filing June 2026

ITR Filing for AY 2026‑27 Now Live — Deadline 31 July 2026

ITR-1, ITR-2, and ITR-4 for Assessment Year 2026‑27 are enabled on the e-filing portal. Individuals with non-audit income must file by 31 July 2026; business/profession non-audit cases by 31 August 2026.

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CBDT June 2026

CBDT Issues Guidelines for Compulsory Scrutiny Selection of Income Tax Returns for FY 2026-27

The Central Board of Direct Taxes (CBDT) has issued guidelines for compulsory selection of Income Tax Returns (ITRs) for complete scrutiny during FY 2026-27. The instructions prescribe six categories of cases that will mandatorily undergo scrutiny, including survey cases, search and requisition cases, cases involving notices under Section 148 of the Income-tax Act, 1961, registration-related matters of charitable institutions, recurring additions in earlier assessments, and cases involving specific information on tax evasion. The circular also outlines the procedure for selection, approval, transfer of cases, and service of notices under Section 143(2), with the last date for issuing such notices being 30 June 2026.

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IT Rules 2026 June 2026

Income Tax Rules 2026 Replace 1962 Rules — Key Changes

The Income Tax Rules 2026 are effective from 1 April 2026 for Tax Year 2026-27 onwards. Key updates include higher exemption limits for education, hostel, and meal allowances; revised PAN quoting thresholds; and HRA 50% exemption extended to four additional cities.

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GST June 2026

GST 2.0 Slabs in Effect — Simplified to 5%, 18% & 40%

India's landmark GST 2.0 reform, effective September 2025, consolidated four tax slabs into two primary slabs of 5% and 18%, with a 40% rate for super-luxury and sin goods. Businesses should review their product classifications and GST invoicing accordingly.

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ITR Forms June 2026

Key Changes in ITR-1, ITR-2 & ITR-4 for AY 2026‑27

Updated ITR forms for AY 2026-27 remove transitional capital gains disclosures and simplify interest income reporting under Section 194LC. The revised new regime slabs (zero tax up to ₹4 lakh) and enhanced Section 87A rebate are now reflected across all forms.

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