The Taxpayer Charter in IT Act 2025: Your Statutory Rights Against the Income Tax Department
Quick Summary Box Right Old Position (IT Act 1961) New Position (IT Act 2025) Fair and impartial treatment Administrative policy only Statutory guarantee Timely communication No specific statutory guarantee Statutory obligation on department Privacy of information Sec 138 (limited) Statutory + expanded scope Right to be heard Available in law; often violated Strengthened + personal […]
Updated Return (ITR-U) Extended to 48 Months: The Biggest Taxpayer Benefit in IT Act 2025 — Practical Guide
Quick Summary Box Parameter Old Position (Section 139(8A), IT Act 1961) New Position (Section 263, IT Act 2025) Window for filing updated return 24 months from end of relevant AY 48 months from end of relevant Tax Year Additional tax for filing at 12 months 25% of tax + interest 25% of tax + interest […]
Old Tax Regime vs New Tax Regime Under IT Act 2025: The Complete Comparison for Tax Year 2026-27
Quick Summary Box Parameter Old Tax Regime New Tax Regime (Section 202) Default regime No — must opt in Yes — default from Tax Year 2026-27 Basic exemption limit ₹2.5 lakh (general) / ₹3 lakh (senior) ₹4 lakh (all individuals) Rebate u/s 87A equivalent Up to ₹5 lakh total income Up to ₹12 lakh total […]
How to Cite Income Tax Sections in Court After 01 April 2026: The Practitioner’s Protocol for Two-Act Litigation
Quick Summary Box Forum Proceeding Type Governing Act Section to Cite AO Office Assessment for AY 2024-25 IT Act, 1961 Old section numbers CIT(A) Appeal for AY 2022-23 IT Act, 1961 Old section numbers ITAT Appeal for AY 2020-21 IT Act, 1961 Old section numbers High Court Reference for AY 2018-19 IT Act, 1961 Old […]
Tax Year vs Previous Year vs Assessment Year: Ending 65 Years of Confusion — A Complete Professional Guide
Quick Summary Box Concept Under IT Act, 1961 Under IT Act, 2025 Income earning period Previous Year (PY) Tax Year Tax filing/assessment period Assessment Year (AY) Subsequent Tax Year Duration 12 months (April–March) 12 months (April–March) Example PY 2024-25 → AY 2025-26 Tax Year 2026-27 → Return filed in 2027 Confusion factor HIGH (two different […]
Income Tax Act 2025 Has Replaced the 1961 Act: What Every Tax Professional Must Know
Quick Summary Box Particulars Details Old Act Income Tax Act, 1961 New Act Income Tax Act, 2025 Date of Presidential Assent 21 August 2025 Effective Date 01 April 2026 Old Act Sections 819 sections + 14 schedules New Act Sections 536 sections + 16 schedules Old Rules IT Rules, 1962 (511 rules, 399 forms) New […]