TDS Salahkar - TDS Returns Made Easy

*CBDT Notifies ITR-BN for Block Assessment*

Notification No. 97/2026 | Dated: 24 July 2026

CBDT has notified a new Income Tax Return Form – ITR-BN through the Income-tax (Third Amendment) Rules, 2026.

*Key TaxWise Highlights*

1. New ITR-BN introduced for Block Assessment under the Income-tax Act, 2025.
2. Applicable to Search (Section 247) and Requisition (Section 248) cases.
3. Applicable where search/requisition is initiated on or after 1 April 2026.
4. The form requires:
- Search & block period details
- Previous return details
- Head-wise income
- Year-wise undisclosed income
- Block assessment computation
5. Although notified on 24 July 2026, the amendment is effective from 1 April 2026.

Capital Gain Tax on Property — Is 12.5% Really Cheaper?

After the Finance Act changes, many people assume that 12.5% LTCG tax without indexation is always beneficial.

But the reality is — it depends on the numbers. 👇
🏠 Example:
➡️ Property bought in 2020 for ₹1 Crore
➡️ Sold in 2026 for ₹2 Crores
➡️ Total Gain = ₹1 Crore

Now compare both options 👇
✅ With Indexation (20% Tax)
Indexed cost increases because of inflation adjustment.
Taxable gain reduces significantly.
Approx. Tax = ₹16.89 Lakhs

✅ Without Indexation (12.5% Tax)
No inflation adjustment benefit.
Tax applies directly on actual gain.
Approx. Tax = ₹12.50 Lakhs

📌 In this case, 12.5% without indexation is better.
But in properties held for very long periods or during high inflation years, indexation may still save more tax.

💡 Key Takeaway:
Never assume lower tax rate = lower tax liability.
Always compare both calculations before finalising your tax planning.

📢 Follow CA Junction India
👉 https://whatsapp.com/channel/0029Vb6bWnOHgZWdDv9BU30z@

On the birth anniversary of Chhatrapati Shivaji Maharaj, we remember a king who built courage in people before he built forts. He taught that self respect is the first step towards freedom. May his life continue to guide us to stand firm in truth, protect the weak and lead with fearless responsibility everyday. 🚩

To avoid penalties and ensure the accuracy of your tax records for 𝘼𝙨𝙨𝙚𝙨𝙨𝙢𝙚𝙣𝙩 𝙔𝙚𝙖𝙧 (AY) 2025–26 (Financial Year 2024–25), you must file a revised or belated Income Tax Return (ITR) by 𝘿𝙚𝙘𝙚𝙢𝙗𝙚𝙧 31, 2025.

𝗞𝗲𝘆 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀 𝗮𝗻𝗱 𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝗔𝗬 2025–26.

𝗖𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲𝘀 𝗼𝗳 𝗠𝗶𝘀𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 31 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲

1) 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 : For high-income earners, the late fee under Section 234F can increase to ₹10,000 for filings after December 31.

2) 𝗥𝗲𝗳𝘂𝗻𝗱 𝗗𝗲𝗹𝗮𝘆𝘀 : The Income Tax Department has been sending "nudge" notices regarding discrepancies; failure to revise by the deadline can lead to withheld or delayed refunds.

3) 𝗟𝗼𝘀𝘀 𝗼𝗳 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 : You cannot carry forward most losses (except house property) or switch between tax regimes if you file late.

4) 𝗨𝗽𝗱𝗮𝘁𝗲𝗱 𝗥𝗲𝘁𝘂𝗿𝗻 𝗖𝗼𝘀𝘁𝘀 : After December 31, you may only be able to file an Updated Return (ITR-U), which carries an additional tax liability of 25% to 50% of the tax and interest due.

𝗛𝗼𝘄 𝘁𝗼 𝗙𝗶𝗹𝗲:-

You can file both revised and belated returns through the 𝙄𝙣𝙘𝙤𝙢𝙚 𝙏𝙖𝙭 𝘿𝙚𝙥𝙖𝙧𝙩𝙢𝙚𝙣𝙩 𝙚-𝙁𝙞𝙡𝙞𝙣𝙜 𝙋𝙤𝙧𝙩𝙖𝙡 . Ensure you have your original acknowledgment number and date of filing ready to file a revised return.

𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗗𝗲𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁 𝗵𝗼𝗹𝗱𝘀 𝗿𝗲𝗳𝘂𝗻𝗱𝘀 𝗱𝘂𝗲 𝘁𝗼 𝗜𝗧𝗥 𝗮𝗻𝗱 𝗙𝗼𝗿𝗺 𝟭𝟲 𝗺𝗶𝘀𝗺𝗮𝘁𝗰𝗵𝗲𝘀!!

The Income Tax Department has temporarily paused refund processing for Assessment Year (AY) 2025–26 for cases where significant mismatches exist between the Income Tax Return (ITR) and employer-reported data in Form 16. This preventive measure, part of a "NUDGE" campaign, aims to verify claims before releasing high-value refunds that may be artificially inflated.

𝙍𝙚𝙖𝙨𝙤𝙣𝙨 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙍𝙚𝙛𝙪𝙣𝙙 𝙃𝙤𝙡𝙙

• 𝙐𝙣𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙀𝙭𝙚𝙢𝙥𝙩𝙞𝙤𝙣/𝘿𝙚𝙙𝙪𝙘𝙩𝙞𝙤𝙣𝙨 : High claims for House Rent Allowance (HRA), Leave Travel Allowance (LTA), or Section 80GGC (political donations) that were not reported to the employer for inclusion in Form 16.

• 𝘿𝙖𝙩𝙖 𝙄𝙣𝙘𝙤𝙣𝙨𝙞𝙨𝙩𝙚𝙣𝙘𝙞𝙚𝙨 : Discrepancies between the ITR and other official records like Form 26AS (TDS summary) or the Annual Information Statement (AIS).

• 𝙍𝙞𝙨𝙠 𝙈𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 : Automated systems flag returns that show unusual refund amounts relative to total income or past filings.

𝙄𝙢𝙢𝙚𝙙𝙞𝙖𝙩𝙚 𝘼𝙘𝙩𝙞𝙤𝙣𝙨 𝙛𝙤𝙧 𝙏𝙖𝙭𝙥𝙖𝙮𝙚𝙧𝙨

1) 𝘾𝙝𝙚𝙘𝙠 𝙍𝙚𝙛𝙪𝙣𝙙 𝙎𝙩𝙖𝙩𝙪𝙨: Log in to the Income Tax e-Filing Portal and navigate to '𝙚-𝙁𝙞𝙡𝙚' > '𝙄𝙣𝙘𝙤𝙢𝙚 𝙏𝙖𝙭 𝙍𝙚𝙩𝙪𝙧𝙣𝙨' > '𝙑𝙞𝙚𝙬 𝙁𝙞𝙡𝙚𝙙 𝙍𝙚𝙩𝙪𝙧𝙣𝙨' to check the current status.

2) 𝙑𝙚𝙧𝙞𝙛𝙮 𝘿𝙖𝙩𝙖 𝙈𝙞𝙨𝙢𝙖𝙩𝙘𝙝𝙚𝙨 : Compare the figures in your ITR line-by-line with 𝙁𝙤𝙧𝙢 16, 𝙁𝙤𝙧𝙢 26AS, and 𝘼𝙄𝙎 .

3) 𝙁𝙞𝙡𝙚 𝙖 𝙍𝙚𝙫𝙞𝙨𝙚𝙙 𝙍𝙚𝙩𝙪𝙧𝙣 (𝘿𝙚𝙖𝙙𝙡𝙞𝙣𝙚 𝘿𝙚𝙘 31, 2025) : If you identify errors or lack documentation for claimed exemptions, you must file a revised return by 𝘿𝙚𝙘𝙚𝙢𝙗𝙚𝙧 31, 2025. Failure to act may lead to deeper scrutiny or penalties after January 1, 2026.

4) 𝙍𝙚𝙨𝙥𝙤𝙣𝙙 𝙩𝙤 𝙉𝙤𝙩𝙞𝙘𝙚𝙨 : If you received an automated email or SMS, check the 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙋𝙤𝙧𝙩𝙖𝙡 under "Pending Actions" to provide feedback or clarify genuine claims.

5) 𝙑𝙖𝙡𝙞𝙙𝙖𝙩𝙚 𝘽𝙖𝙣𝙠 𝘿𝙚𝙩𝙖𝙞𝙡𝙨 : Ensure your bank account is pre-validated and linked to your PAN on the portal; otherwise, even processed refunds cannot be credited.

If all claims are correct and fully documented, the department has clarified that these refunds are 𝙝𝙚𝙡𝙙 , 𝙣𝙤𝙩 𝙘𝙖𝙣𝙘𝙚𝙡𝙡𝙚𝙙 , and will be processed once internal verification is complete.


#𝟮𝟬𝟮𝟱

📢 𝗝𝗢𝗕 𝗩𝗔𝗖𝗔𝗡𝗖𝗬

✍️𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻 : Accountant (𝗧𝗮𝘅 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝗰𝘆 𝗰𝗲𝗻𝘁𝗿𝗲)

👤𝗣𝗼𝘀𝘁 : 01 (one)

𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 :

• Knowledge of 𝗧𝗮𝗹𝗹𝘆

• Experience in 𝗚𝗦𝗧 𝗳𝗶𝗹𝗶𝗻𝗴 & 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲

• Basic accounting & bookkeeping 𝘀𝗸𝗶𝗹𝗹𝘀

• Experience 𝗽𝗿𝗲𝗳𝗲𝗿𝗿𝗲𝗱***

📌 𝗟𝗼𝗰𝗮𝘁𝗶𝗼𝗻 : Radhanagar

𝗦𝗮𝗹𝗮𝗿𝘆 : Negotiable

𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝗰𝗮𝗻𝗱𝗶𝗱𝗮𝘁𝗲𝘀 𝗺𝗮𝘆 𝗱𝗿𝗼𝗽 𝘆𝗼𝘂𝗿 𝗖𝗩 :

📞𝟵𝟳𝟳𝟰𝟱𝟱𝟬𝟵𝟳𝟬 (𝗪𝗵𝗮𝘁'𝘀 𝗔𝗽𝗽)
📧 𝘁𝗶𝗻𝗳𝗰𝟯𝟯𝟯𝟰𝟮@𝗴𝗺𝗮𝗶𝗹.𝗰𝗼𝗺

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