Form 130 English news | Form 130, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

From April 1, 2026, India's income tax filing system is set for a major overhaul. With the rollout of the Income-tax Rules, 2026 aligned with the Income-tax Act, 2025 - the government is not just tweaking formats but changing how income, deductions and taxes are reported.At the heart of the revamp are three big changes: redesigned Income Tax Return (ITR) forms, the replacement of Form 16 with a new Form 130, and a shift towards a fully digital filing system. While the aim is to make the process cleaner and more transparent, taxpayers may have to be more careful and detailed while filing returns.Under the new rules, all ITR forms will be reworked to match the provisions of the Income-tax Act, 2025. In simple terms, the forms are expected to become more standardised but also more detailed.For instance, income categories, especially capital gains, will be clearly split into short-term and long-term, with specific reporting rules. There will also be greater disclosure requirements around assets, particularly for those with complex investments or overseas holdings.The rules also spell out how asset holding periods and valuations should be calculated. This makes accurate reporting of capital gains more important than before.What this means?For salaried taxpayers with simple income, filing could become easier thanks to more pre-filled data. But for investors or those with multiple income sources, the new format may feel more demanding.One of the biggest changes is the replacement of Form 16 with a new document - Form 130 - from April 2026. Like Form 16, Form 130 will act as a Tax Deducted at Source (TDS) certificate issued by employers. The difference is that it will be more detailed and standardised.

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

USA-Israel Attack

Assembly Elections 2026

IPL 2026

Stock Market News

Maharashtra News

Mumbai Local

Form 130FOLLOW

Form 130, Latest News

National :Major Changes in Income Tax Filing from April 1, 2026: Form 16 Replaced by Form 130

From April 1, 2026, India's income tax filing system is set for a major overhaul. With the rollout of ... ...