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The Economic Times

Economy / The Economic Times

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Income Tax Dept tightens disclosure norms under presumptive taxation scheme

Starting from the assessment year 2026-27, a new mandate will compel taxpayers utilizing the presumptive taxation system to reveal their bank balances and investments. This initiative by the Income-Tax Department aims to curtail potential abuses of the scheme by allowing authorities to verify reported income against financial assets.

15 Apr 2026 12:40 am