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Personal Finance News

The Economic Times

Personal Finance / The Economic Times

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7 big income tax changes for 2026-27 that may reduce penalties for small mistakes

New income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from October 2024. Prosecution provisions are softened with reduced jail terms and graded punishments. Several penalties are converted into fixed fees to reduce litigation and bring certainty. Penalty proceedings will merge with assessment proceedings from April 2026.

20 Jul 2026 11:54 am