Save Earth's Resources

 "Let Us Save Our Earth's Resources and Contribute to Universal Happiness"

The United Nations General Assembly, in its resolution 66/281 of 12th July 2012, proclaimed 20th March to be celebrated as the International Day of Happiness, recognizing the relevance of happiness and well-being as universal goals of life for the sustenance of human beings worldwide. It also advocated for a more inclusive, equitable, and balanced approach to economic growth that promotes sustainable development, poverty eradication, happiness, and the well-being of all peoples.

To achieve this goal set by the United Nations, goods and services must be available to every member of society. Goods are available only when you produce them. Production and Manufacture of goods involve the utilization of raw materials and natural resources mined or drilled from the earth. 

We are well aware that resources are neither unlimited nor abundant at any given time or place. The available resources are limited in number or quantity to meet the needs of the world's large populations. Additionally, while the population is growing rapidly, resources are being exhausted day by day.

Therefore, it becomes necessary to find a solution to the endless depletion of resources. Managing our consumption and reducing waste are the most effective ways to extend the availability of resources for humanity. Other options, such as exploring new parts of the universe for additional resources or uncovering untapped lands on Earth, are not practical.

Distinguish Between Necessities, Comforts, and Luxuries

One should try to bifurcate wants or desires into necessities, comforts, and luxuries.

Necessities are those without which you can't lead your life. You need a home or shelter. You need food. You need clothes to wear. These are necessities. You can't live without them even for a period.

Comforts are those that provide relief and help you lead your life smoothly. A dining table, a mixie/grinder, a motorcycle, a computer, a TV, etc., are examples of comforts that aid your daily life. But you can live even without them.

Luxuries are lavish expenses. A posh bungalow, a deluxe car, a large LCD TV, expensive furniture, expensive clothes, and beauty parlour visits are all examples of luxurious spending.

So, one should try to locate their real necessities and mostly stick to them, along with some of the comforts that they think reasonable, and avoid indulging in luxurious spending.

Take a Look at People Around You

If you are sensitive enough to take a look at the real world around you, you will realise the seriousness of the problem.

There are so many poor and helpless people around you who live in wretched conditions. 

They lack even the dire necessities of life, whereas we live in a comfortable house, eat expensive food, wear expensive dresses, and move in cars. 

But those poor neighbors do not have enough food to eat, wear dirty, torn, or worn-out clothes, and walk long distances to earn their bread.

This is happening because of the neglect of those sections of society by our authorities. Instead of contributing to the welfare and development of such sections, we are indulging in satiating our desires. We could bring their conditions to the notice of the administrators. We never think of their desires or dreams. They are also human beings like us and have the same desires and dreams as we do. But we do not like to realise this fact and reality. We simply ignore them and pretend to be unaware.

If only we could harness our desires and conserve resources, we could allocate those resources to improve their well-being and secure the future for upcoming generations. These vulnerable people could be provided with jobs and welfare programs to help them meet some of their urgent needs.

Curtail Your Spending Habits and Contribute to the Growth of the Economy

How to Save Resources

Save Water 

Be conscious of unnecessary water wastage. Do not leave the tap running while brushing your teeth or cleaning the utensils. You can install water-saving nozzles on your taps to reduce water flow, resulting in lower consumption. Shower baths are good for saving water.

Save Energy 

Electricity consumption also needs to be saved, as there is a significant shortage of production in this sector. Switch off the lights and fans whenever it is not necessary. Develop the habit of switching off before leaving the room for more than one or two minutes. ACs and TVs should also be used only when there are people there. Whenever there is daylight available, don't use lights. Fans and coolers are also not necessary when there is no heat.

Save Fuel

While cooking, use pressure cookers as far as possible to cook any kind of food. Only topping and spicing can be done in other bowls or pans. This practice saves a lot of fuel. Further, keep everything ready before lighting the stoves or burners.

Curtail Spendings

Each month, try to keep some portion of your earnings for saving and investment. In this way, you can curtail your spending habits. Your savings are the seeds for the growth of the economy. Remember this fact always. Even if you can save 1% of your income, it makes a lot for the economy.

Indulge in Charity Works

You can also indulge yourself in acts of charity, contributions, and donations to welfare funds that work for the social well-being of people around you. There are so many helpless people all around you with insufficient food, education, or medical facilities. So, your donations to such organisations can reach out to the rescue these poor classes of society.

Tax Year and Key Points For ITR Filing: Tax Year 2026-27

From 1st April 2027, the existing terminology of "Assessment Year" and "Financial Year" becomes void. They are replaced by a single term, "Tax Year".

For the 2026-27 tax year, you will file your ITR on or before July 31, 2027, if you are a salaried individual, pensioner, student without business income, or anyone else not subject to tax audit.

Those subject to Tax Audit have (time) until August 31.

The following are some of the salient features I observed for Tax Year 2026-27 onward.

Tax Filing Deadlines and Points to Note for "Tax Year 2026-27"

ITR due date/deadline: 

The due date for filing income tax returns is extended from 31 July to 31 August for non-audit business/professional taxpayers and partners of non-audit firms. For non-business assessees, the 31st July due date continues unchanged.

ITR-U (Updated Return) due date: 

Taxpayers can file an updated return even after receiving a reassessment notice, within the time allowed in that notice. This is allowed on payment of tax, interest, and an additional 10%, and the disclosed income will get immunity from under-reporting/misreporting penalty.

Revised ITR Filing: 

The time limit for filing a revised return has been extended from 9 months to 12 months from the end of the relevant year (or before assessment, whichever is earlier). 

However, if the revised return is filed after 9 months, a fee of Rs. 1,000 (for income up to Rs. 5 lakh) or Rs. 5,000 (for other cases) will be payable.

Quoting of PAN is Mandatory on Purchases: 

Section 262(10)(c) is amended to allow the CBDT (Central Board of Direct Taxes) to mandate quoting of PAN even for non-business/non-professional transactions. This aligns the ITA 2025 with the existing provisions of the ITA, 1961. For example, buying jewellery or other goods above Rs 2 lakh needs a PAN number.

Loss in ITR-U (Updated Return Filing for Corrections in Loss): 

The Finance Bill 2026 proposes that an updated return will be allowed even if the original return was a loss return, provided the updated return reduces the loss amount. This change enables voluntary correction, as reduced losses result in higher taxable income.

Key Changes in Income Tax Forms

Form 15G/H is merged and unified into Form 121

Form 16 is now Form 130

Form 26AS is Form 168

Tax Audit Forms 3CA, 3CB, and 3CD are merged into a single Form No. 26.

Important Changes in Tax Return Filing for AY 2026-27 (FY 2025-26) and Onward

What are the biggest changes to tax deductions this year, and how do they affect me?

Please remember that AY refers to the Assessment Year in taxation, not to the Accounting Year.

Accounting Year is known as the Financial Year (FY)

Important Changes in the Income Tax Act and Tax Filing

1) New Legislation: The Income Tax Act, 2025, replaces the 1961 Act starting April 1, 2026.

2) Deadline Changes: The filing deadline for non-audit business cases has been extended from July 31 to August 31. For Business entities and audit-mandated firms, the last date is 31st July 2026.

3) Terminology Shift: The new Act is moving toward the term "Tax Year" instead of "Assessment Year" for future filings.

4) Introduction of a simplified New Tax Regime, which will become the default Tax Regime from Financial Year 2026-27. So, if you prefer to be taxed under the Old Regime, you should voluntarily choose it each year. Otherwise, you will be taxed by default under the New Regime (if you forget to choose any particular year) and there will be no trace back to the Old Regime.

There is no change in the deadline for the salaried class. The last date, in their case, is 31st July, 2026 for Financial Year 2025-26.

For the 2025–26 filing season (income you earned in 2025-26), the biggest changes in deductions are higher standard deduction amounts, a much larger SALT (state and local tax) cap, several new or expanded special deductions, and the continued emphasis on the “New” simplified tax regime versus the traditional deduction-heavy regime.

The impact depends on your income level and whether you itemize or use the standard deduction.


For Indian residents, most changes in 2026 are about regime choice and gradual restructuring of deductions, not about big new individual deduction sections.

The new tax regime under section 115BAC continues as the default with simplified slabs and limited deductions, while the old regime with popular deductions like 80C (investments), 80D (health insurance), and 10(10D) (life insurance maturity) remains available if you opt for "Old" instead of the default "New Regime".

For Tax Year 2027-28 (Income earned during 2026-27)

Policy discussions and draft rules for FY 2026–27 point toward consolidating many scattered exemptions and deductions into fewer, broader categories over time, with an explicit push to make more people stay in the new regime. The final decisions are still under process.

Points to Consider While Filing the Return for AY 2026-27 (Income During FY 2025-26)

If you usually claim a lot of deductions (EPF/PPF/ELSS under 80C, medical premiums under 80D, home loan interest under 24(b), etc.), you may still save more by staying with the old regime for now, but you need to compare both regimes each year.


If your salary structure is simple and you don’t invest heavily just for tax saving, you may pay less tax or file more easily in the new regime, since rates are lower and compliance is lighter, even with fewer deductions.


From April 2026, some interest deductions against dividend and mutual fund unit income are being withdrawn, which can slightly increase tax if you borrow to invest.