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Category: Income Tax

Old vs New Tax Regime FY 2025-26: Complete Comparison for Clients

Old vs New Tax Regime FY 2025-26: Complete Comparison for Clients Quick Summary Box Particulars New Regime (Default) Old Regime (Optional) Basic exemption limit ₹4 lakh (up from ₹3 lakh) ₹2.5 lakh (₹3 lakh for seniors, ₹5 lakh for super seniors) Section 87A rebate ₹60,000 (income up to ₹12 lakh) ₹12,500 (income up to ₹5 […]

Capital Gains Under the Income Tax Act 2025: What’s Actually Changed

Quick Summary Box Particulars Position Core framework Reorganised, not overhauled — classification, holding periods, and reinvestment logic largely preserved LTCG rate (most assets) Uniform 12.5%, replacing the earlier 20%-with-indexation route for most categories Property transactions May still permit a choice between the older indexation-based method and the flat rate — confirm current applicability before advising […]

Faceless Assessment Under the New Income Tax Act 2025: What Changed

Faceless Assessment Under the New Income Tax Act 2025: What Changed Quick Summary Box Particulars Position Under 1961 Act Position Under Income-tax Act, 2025 Legal basis Executive scheme/notification under Section 144B Codified as statutory framework (Chapter VIII) Personal hearing Discretionary Statutory right — can be requested before designated NFAC officer Central body National Faceless Assessment […]

New ITR Forms AY 2026-27: Every Change CAs Need to Know

New ITR Forms AY 2026-27: Every Change CAs Need to Know Quick Summary Box Change ITR-1 ITR-2 ITR-3 ITR-4 House property eligibility Now up to 2 (was 1) No change No change Now up to 2 (was 1) Dual contact details (2 mobile/email) Yes Yes Yes Yes Simplified representative filing Yes Yes Yes Yes New […]

Belated, Revised & Updated ITR Deadlines for AY 2026-27 Explained

Belated, Revised & Updated ITR Deadlines for AY 2026-27 Explained Quick Summary Box Return Type Deadline for AY 2026-27 Governing Provision Original Return 31 July 2026 (non-audit) / 31 October 2026 (audit cases) Section 263(1), Income-tax Act 2025 Belated Return 31 December 2026, or before assessment completion, whichever is earlier Section 263(4), Income-tax Act 2025 […]

New PAN Quoting Rules 2026: Full List of Revised Thresholds Explained

Quick Summary Box Particulars Details Governing Rules Rules 161/162 (replacing old Rule 114B), Income-tax Rules, 2026 Notified Via Notification No. 22/2026, dated 20 March 2026 Effective From 1 April 2026 Core Shift Daily transaction limits → Annual aggregate thresholds Form 60 Replacement Form No. 97 (for persons without PAN) Penalty for Non-Compliance ₹10,000 under Section […]

No TDS on Payments to IFSC Units: CBDT Notification 80/2026 Explained

Quick Summary Box Particulars Details Notification No. 80/2026 [S.O. 3743(E)], dated 10 July 2026 Issued Under Section 400(1) read with Section 147, Income-tax Act, 2025 Effective From 1 April 2026 (retrospective; notified 10 July 2026) Relief No TDS required on specified payments to eligible IFSC units Eligible Categories 14 types of IFSC entities (GIFT City) […]

HRA Exemption Now Covers 4 More Cities Under IT Rules 2026: What Changed and Who Benefits

Quick Summary Box Particulars Details Governing Provision House Rent Allowance exemption rules under Income-tax Rules, 2026 (replacing IT Rules, 1962) Effective From 1 April 2026 (Tax Year 2026-27 onward) Old Position 50% of salary exemption limited to Delhi, Mumbai, Kolkata, Chennai only; 40% for all other cities New Position 50% exemption band expanded to include […]