India Tax Updates

The Indian government has introduced several changes to the tax regime. *Key points* include:
- The leave travel allowance rules have been explained, with the option not available under the new tax regime.
- The Supreme Court's sanctioned judge strength is set to be raised to 38.
- The income tax department is facing a shortage of 26,997 officers and support staff.
- The government has no proposal to remove the long-term capital gains tax on equities, with revenue from this tax rising by nearly 79% in the last financial year.
- The due date for filing income tax returns for individuals who have engaged in intraday or futures and options trading is not July 31, but rather August 31, 2026, if a tax audit is not applicable.
More information can be found in the original articles:
https://www.zeebiz.com/personal-finance/income-tax/news-lta-in-itr-filing-can-you-claim-leave-travel-allowance-check-out-documents-rules-eligibilty-last-date-to-file-income-tax-return-of-financial-year-2026-399122
https://indialegallive.com/constitutional-law-news/courts-news/lok-sabha-set-to-consider-bill-raising-supreme-courts-sanctioned-judge-strength-to-38/
https://www.business-standard.com/india-news/income-tax-department-running-short-of-26-997-officers-and-support-staff-126072001030_1.html
https://www.indiagazette.com/news/279199000/no-proposal-to-scrap-ltcg-tax-on-equities-centre-collected-rs-129-lakh-crore-from-levy-in-fy25-govt-tells-parliament
https://www.livemint.com/money/personal-finance/did-f-o-or-intraday-trading-last-year-your-itr-filing-due-date-isnt-july-31-11784567047765.html
https://timesofindia.indiatimes.com/city/allahabad/hc-judge-challenges-non-exemption-of-rs-9-85l-allowances-under-new-tax-regime/articleshow/132521092.cms