The Finance Bill, 2026 introduced FAST-DS 2026 - the Foreign Assets of Small Taxpayers- Disclosure Scheme 2026, offering a one-time, 6-month voluntary window for eligible taxpayers to disclose foreign assets or foreign income that was either never taxed or reported in Income Tax Returns. The scheme provides full statutory immunity from penalty and prosecution under the Black Money Act (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015, with immunity being automatic and not discretionary once payment is made. FAST-DS 2026 targets small and genuine cases including inadvertent omissions, legacy non-disclosures, and ESOP/RSU reporting gaps, specifically excluding large-scale offshore tax evasion or criminal proceedings.
The Central Board of Direct Taxes (CBDT) notified all Income Tax Return (ITR) forms on March 31, 2026, allowing businesses, individuals, and other entities to start filing returns for financial year 2025-26. According to reports from Mint, while the income tax portal technically opens on April 1, actual return filing typically begins only after backend systems are fully updated. ITR filing activity gains pace around mid-May 2026 as the systems stabilize.
Salaried taxpayers must file ITR-1 (Sahaj) if they are resident individuals with income up to ₹50 lakh, earning via salary, two house properties, and interest income. As reported by Mint, with the introduction of the new Income Tax Act 2026, significant changes have been made to ITR-1. Long-term capital gains (LTCG) from listed equity and equity-oriented mutual funds can now be reported in ITR-1, provided total LTCG is up to ₹1.25 lakh. For proceeds exceeding this amount, taxpayers must move to ITR-2. Under the new tax regime, salaried taxpayers receive a higher ₹75,000 standard deduction compared to the previous ₹50,000 standard deduction.
Major changes have been implemented in LTCG taxation under the new Income Tax Act 2026. According to Mint reports, earlier long-term gains were taxed at two different rates — 10% and 12.5%. In Budget 2024-25, rates for LTCG on all assets were standardized at 12.5% without indexation and 20% with indexation. These rates will apply when filing ITR-1 for FY 2025-26.
Freelancers have multiple options for ITR filing, including ITR-3 or ITR-4, and can pay tax at applicable tax slab rates. As reported by Mint, freelancers have the option to opt for the presumptive taxation scheme under Section 44ADA, declaring only 50% of their total receipts as taxable income. Under Section 194J, payments to freelancers for specified services are subject to 10% TDS, which can be claimed as credit against tax liability. Under the new tax regime, freelancers benefit from a significantly higher rebate of up to ₹60,000 for FY 2025-26, making income up to ₹12 lakh effectively tax-free compared to the old regime's ₹12,500 rebate.
All non-audit taxpayers must file ITR-1 and ITR-2 before or on July 31, 2026 for FY 2025-26. According to Mint reports, non-audit taxpayers required to file ITR-3 and ITR-4 have a due date of August 31, 2026. If taxpayers miss the deadline, they can still file a belated return on or before December 31, 2026, though late filing fees and interest will be applicable. Additionally, taxpayers must report all income sources when filing ITR, including post office savings scheme interest income under 'Income from Other Sources' category.
