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 […]
KISHOR KUMAR MOOLANI v. STATE OF RAJASTHAN & ORS – RAJASTHAN HIGH COURT
High Court, Rajasthan Maneesh Sharma, Justice KISHOR KUMAR MOOLANI v. STATE OF RAJASTHAN & ORS S.B. CRIMINAL MISCELLANEOUS BAIL APPLICATION No. 7338/2025 dated 18.06.2025 Law : GST Act Name : Central Goods & Services Tax Act, 2017 Relevant Section : Section 132 Decision : In favour of assessee Bail application – Tax evasion – Bogus supply – Judicial custody […]
INCOME TAX ACT 2025
CHAPTER I: Preliminary Section 1: Title, Extent & Commencement Name: This law is called the Income-tax Act. Coverage: It applies across all of India. Effective Date: Unless stated otherwise, it will begin on 1st April 2026. Section 2: Key Definitions Roles & Authorities Accountant: Defined in section 515(3)(b). Additional Commissioner/Director: Senior tax officials appointed under […]
Penalty and Compliance FAQs for Professionals
Quick Reference Box Default Penalty / Consequence Section Under-reporting of income 50% of tax on under-reported income 270A Misreporting of income 200% of tax on under-reported income 270A(9) Cash loan above ₹20,000 received 100% of amount received 271D Cash loan above ₹20,000 repaid 100% of amount repaid 271E Cash receipt above ₹2 lakh 100% of […]
Assessment and Notice FAQs for Professionals
Quick Reference Box Notice Type Section Time Limit for Reply Governing Act Reassessment show-cause 148A(b) 7–30 days IT Act 1961 (old AYs) Scrutiny selection 143(2) As specified IT Act 1961 / IT Act 2025 Information demand 142(1) As specified (usually 15–30 days) Governing Act for that AY Third-party information 133(6) As specified Governing Act for […]
Capital Gains FAQs for Tax Year 2026-27
Quick Reference Box Asset Holding Period (LTCG) LTCG Rate STCG Rate Listed equity / equity MF 12 months 12.5% (gains > ₹1.25 lakh) 20% Property (sold after 23 July 2024) 24 months 12.5% (no indexation) Slab rate Property (purchased before 23 July 2024) 24 months Lower of: 12.5% (no indexation) OR 20% (with indexation) Slab […]