02/02/2026
đ¨ Major Income Tax Updates Announced!
The government has introduced big compliance-friendly changes while staying strict on evasion
đ
â
No change in income tax slabs
đ
ITR filing deadlines updated
âĸ ITR-1 & ITR-2 â 31 July
âĸ Non-audit businesses & trusts â 31 August
đ ITR revision made easier
âĸ More flexibility to revise returns with nominal late fee
âĸ Updated returns allowed even after reassessment (with 10% additional tax)
âī¸ Big shift in enforcement
âĸ Minor tax evasion â penalties instead of jail
âĸ Focus on compliance, not harassment
đ Relief for honest taxpayers. Tough stance on evasion.
A step towards a simpler, more taxpayer-friendly system. đŧđ