CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: The next speaker at the conference was senior Chartered Accountant Vinod Gupta (popularly known as “VG Sir”), who elaborated in detail on the budget amendments for the financial year 2026 and the practical aspects of the new income tax framework. His session proved to be highly informative and guiding for professionals.
He explained in simple language various aspects such as the assessment process, the new system of issuing notices, updated and revised returns, and provisions related to search and seizure. He stated that in the new tax regime, faceless assessment and the digital notice system have been further strengthened, which will enhance transparency and accountability.
VG Sir emphasized that under self-declaration, if taxpayers disclose their correct income and pay taxes accordingly, the penal provisions are relatively less stringent. However, strict penalties will be imposed in cases of income concealment or misreporting. He also explained in detail the time limits for updated returns and the additional tax structure, making compliance easier for taxpayers.
Referring to the Union Budget 2026, he mentioned that the timeline for assessments has been rationalized, and there is increased emphasis on digital tracking and data analytics-based scrutiny. Additionally, reporting norms have been tightened to expand the tax base, and the dispute resolution mechanism has been made simpler and more time-bound.
Highlighting an important change, he noted that earlier, if a person failed to disclose the source of cash deposits in their account, nearly 86% of the amount was deducted as tax. However, from April 1, this has been reduced to 30%, and additional penalties and interest have been removed.
He also mentioned that in company assessments, there has been flexibility introduced regarding the Document Identification Number (DIN), making the process more practical and user-friendly.
He advised all professionals to ensure timely and accurate compliance and to work with transparency.
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