Welcome to Superfast Corporate Consultancy Pvt Ltd
Welcome to Superfast Corporate Consultancy Pvt Ltd
Mon -Sat : 10 AM to 7 PM - Sun : Closed
The Budget 2026 has introduced several significant changes and relief measures for taxpayers. Here are the key highlights:
Income Tax Filing Deadlines:
- ITR 1 and 2: July 31
- ITR 3 and 4 (Non-audit business cases and trusts): August 31
- Audited assessees: September 30 (no change)
Other Key Highlights:
- No tax on motor vehicle injury compensation
- Reduced TCS on overseas tour packages, education, and medical expenses
- Clarification on Section 194C for manpower supply
- Form 15G/H applicable for income from shares
- Extended timeline for belated returns
- Rationalization of penalty and assessment procedures
Relief Measures:
- Immunity from penalty for misreporting
- Penalty for non-audit converted to fees
- Retrospective immunity for non-disclosure of foreign assets up to ₹20 lakh
Business and Corporate Tax:
- Tax holiday for foreign companies in cloud services
- Exemption of MAT for NRIs declaring income under presumptive taxation
- Buyback treated as capital gain, not as income from other sources
- Setoff of MAT credit allowed for companies in the new regime
These changes aim to provide relief to taxpayers, simplify tax compliance, and promote business growth.
At Superfast Corporate Consultancy Pvt Ltd, we specialize in delivering expert tax and business consultancy services.
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