A big news is coming for taxpayers before Union Budget 2026. According to media reports, the government can completely abolish the old tax regime and make the new tax regime the default option. In the last few years, the New Tax Regime has been made more attractive with fewer slabs, easier process and less complexity. For this reason, it is being considered suitable for the changing tax base. Yet around 28–29% taxpayers still choose the Old Regime, especially senior citizens and salaried people who avail HRA, Section 80C, 80D, education and home loan deductions. Absence of mediclaim, education and home loan benefits in the new regime is considered a major shortcoming. Now the eye is on Budget 2026.

If you pay tax in India, then this video is very important for you. The last date for the third installment of Advance Tax is 15 December 2025, and missing it can put you in huge loss. It is mandatory for those whose annual tax liability is more than ₹ 10,000 to pay advance tax. In case of delay, 1% interest as well as penalty has to be paid every month. Instead of paying the tax for the entire year at once, it is deposited in different installments, so that the tax burden remains light and the government gets revenue on time. TDS of salaried people keeps getting deducted, so they only have to pay the remaining shortfall. But if your income is from interest, rent, capital gains, freelancing, business or profession, then advance tax is necessary.

Is your Income Tax Refund still showing Pending for Processing? So this video can solve all your problems. Recently the Income Tax Department has issued an official statement on this issue. According to the department, the entire process of ITR is completely computer based, in which your Tax Credit, Deductions, TDS and Claims are automatically matched. This is why processing can be lengthy in some cases. Usually the refund comes within 15 to 30 days, but by law the department has up to 9 months to complete it. As soon as the refund process is completed, a notification is sent to you on your registered email. But if like thousands of taxpayers your refund is also stuck, then it is possible that the mistake is from your side. Wrong Bank Account Details, wrong matching of TDS, error in Income or Deduction, data not matching with Form 26AS, AIS or TIS. Due to these mistakes, the refund may be less, delayed or may go straight to Hold.

If you have also hidden information about Foreign Assets or Overseas Investments while filing your Income Tax Return, then be careful! The Income Tax Department has started an in-depth investigation of the returns for Assessment Year 2025–26 and has caught such mistakes of more than 25,000 people. CBDT is now sending alerts to taxpayers through SMS and email. The good news for you is that the government has given you a chance to correct your mistake by filing Revised ITR till 31st December. If you update your returns on time, you can avoid heavy penalties, prosecution and notices. According to media reports, based on CRS data and information about investments in UAE (Dubai), large-scale search operations were conducted in Delhi, Mumbai and Pune, in which foreign assets worth hundreds of crores of rupees were revealed. The Income Tax Department completed assessment in 1080 cases by June this year and made a tax demand of ₹ 40,000 crore. Information about foreign assets comes directly from foreign countries under Common Reporting Standards and FATCA… hence the information cannot remain hidden!