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Tax planning, return filing, assessments and representation.
Learn More →Registration, filing, ITC reconciliation and litigation support.
Learn More →ROC filings, compliance management and secretarial services.
Learn More →MIS reporting, budgeting and strategic financial advisory.
Learn More →Estimate your liability under the new vs old regime for FY 2026-27, in seconds. No sign-up. Works for salaried individuals, HUFs and firms / LLPs.
Separate calculators for the asset classes the main tax calculator above does not cover: crypto / VDA, debt mutual funds, Sovereign Gold Bonds, bonds & debentures, and Gold ETF / Gold mutual funds.
Rules are for FY 2026-27 and reflect the Finance (No. 2) Act 2024 and Budget 2026 amendments. These give an indicative tax figure on the single asset only — for a full return-level view combining slab income, deductions and surcharge, use the main Tax Calculator above.
Sec 115BBH: 30% flat rate + 4% cess (+ surcharge if applicable) on the gain, regardless of holding period. Only cost of acquisition is deductible — no fees, gas, brokerage, or exchange charges. Losses cannot be set off against any income (not even against other VDAs) and cannot be carried forward. Sec 87A rebate is not available on this income. A 1% TDS u/s 194S applies separately at transaction level and can be adjusted against final liability.
Quick estimators for everyday queries. All are indicative — confirm specifics with us before relying on them.
HRA exemption is the least of: actual HRA received; rent paid minus 10% of (basic + DA); or 50% of (basic + DA) for the eight 50%-cities (Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad) / 40% elsewhere. Available under the old regime only.
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A description of each practice area is set out below. Engagement scope is tailored to each client; please get in touch to discuss your specific requirements.
End-to-end income-tax support for individuals, professionals, firms, LLPs and companies.
Comprehensive GST compliance and advisory across your registrations.
Accurate deduction, timely deposit and clean quarterly statements.
Reliable books that make every other compliance easier.
Incorporation through ongoing corporate compliance under the Companies Act, 2013 and LLP Act, 2008.
Recurring statutory due dates under GST, income-tax, TDS/TCS and company law. Use this as a working reference for routine filings.
Grouped by authority for quick reference. "Monthly" items recur every month; quarterly and annual items fall on the dates shown.
A single-view calendar of recurring due dates across the financial year (April–March), colour-coded by authority. A downloadable image version is provided with your files for printing or sharing on WhatsApp.
Indicative dates only — the Government revises or extends dates by notification, and dates falling on holidays may shift. Confirm the applicable date before filing. Not professional advice.
Subscribe and we'll send timely alerts ahead of each applicable due date.
Curated notes on developments from the Central Board of Direct Taxes, the GST portal and the Ministry of Corporate Affairs — with our reading of what they mean in practice.
Foundational notes from earlier filing seasons — referenced often.
For returns of FY 2025-26 filed in 2026, the Income-tax Act, 1961 and its familiar section numbers and forms continue to apply; the Income-tax Act, 2025 numbering applies only from Tax Year 2026-27 (filed in 2027). The income-tax portal carries references for both, so confirm you are filing under the correct framework for the year — particularly where accounting software has begun displaying the new section numbers.
The CBDT has notified the Income-tax Rules, 2026 (replacing the 1962 Rules) and a revamped set of ITR forms, giving practical effect to the Income-tax Act, 2025 from 1 April 2026. A welcome point for salaried clients: the 50% HRA exemption has been extended to four further cities — Bengaluru, Pune, Hyderabad and Ahmedabad — taking the list to eight. The due date for ITR-3 and ITR-4 in non-audit cases has been extended to 31 August, although ITR-1 and ITR-2 remain at 31 July and the tax-audit date stays 31 October. We're glad to confirm which forms and dates apply to you.
The Invoice Management System (IMS) has become the pivot of input-tax-credit claims. Inaction is treated as deemed acceptance — invoices you don't act on flow automatically into your GSTR-2B — and a mismatch between GSTR-2B and GSTR-3B can now hold up return filing rather than merely raise a warning. With e-invoicing also mandatory for businesses whose aggregate turnover exceeds ₹5 crore, the practical message is the same for everyone: review the IMS dashboard regularly and reconcile credit before filing GSTR-3B, not after.
A GSTN advisory introduces a mandatory "Ship To GSTIN" field for Bill-To / Ship-To transactions, alongside a voluntary e-way-bill closure facility, with deployment to production targeted by mid-June 2026. Businesses that raise such consignments should update their e-way-bill and ERP processes ahead of the cut-over to avoid generation failures.
Under the Companies (Appointment and Qualification of Directors) Amendment Rules, 2025 (notified 31 December 2025), DIR-3 KYC is no longer an annual filing — a director holding a DIN now completes KYC once every three financial years through the unified DIR-3 KYC Web form, due by 30 June. Directors who completed KYC up to FY 2025-26 will next file by 30 June 2028. Two cautions remain: any change in registered mobile, email or address must still be updated within 30 days, and a missed cycle still leads to DIN deactivation.
With the V2 portal retired, the full set of company and LLP forms now operates on MCA21 V3, with real-time validation and pre-fill. Ensure each signatory's digital signature (DSC) is registered on V3 and that DIN / DPIN particulars are current, since mismatches and lapsed registrations are the most common cause of rejected filings on the new platform.
Practical perspectives on taxation, GST, corporate compliance and the discipline of running a clean business — written by us, for our clients.
A working overview of India's new direct-tax statute, which replaces the Income-tax Act, 1961.
The Income-tax Act, 2025 received Presidential assent on 21 August 2025 and came into force on 1 April 2026, consolidating and replacing the Income-tax Act, 1961 that had governed direct taxation in India for over six decades. The new law is presented as a structural re-write rather than a fresh round of amendments — the aim being clearer language, fewer provisions and a more digital, faceless administration.
Enter an old Income-tax Act, 1961 section (e.g. 80C, 24(b), 139, 194A, 148, 270A) to see its 2025 equivalent and what changed. Sub-section formats like 139(1) and 80CCD(1B) work too.
Common provisions return a precise new section number (verified); every other 1961 section resolves to its topic and the corresponding area of the 2025 Act. Some provisions were merged, split or omitted, so for the exact new section number always confirm against the official utility on incometax.gov.in.
| Feature | Income-tax Act, 1961 | Income-tax Act, 2025 |
|---|---|---|
| In force | 1 April 1962 to 31 March 2026 | From 1 April 2026 |
| Sections | Over 800 (after decades of amendments) | 536 sections |
| Chapters | 47 chapters | 23 chapters |
| Year concept | "Previous Year" + "Assessment Year" | Single unified "Tax Year" |
| Drafting | Dense, with alphabetical suffixes (80C, 80CCD…) | Plain language, sequential numbering |
| Exemptions | Listed mainly under Section 10 | Moved to Schedule II |
| TDS / TCS | Scattered across 60+ sections (192, 194-series, 206C) | Consolidated into Sections 392 / 393 / 394 |
| Administration | Faceless schemes via amendments | Digital-first, faceless framework codified |
| Tax rates & regimes | Old & new regimes | Unchanged — both regimes continue |
The five heads of income are conceptually identical under both Acts; only the section ranges have been reorganised.
| Head of income | 1961 (sections) | 2025 (sections) |
|---|---|---|
| Salaries | 15 – 17 | 15 – 19 |
| Income from House Property | 22 – 27 | 20 – 25 |
| Profits & Gains of Business / Profession | 28 – 44 | 26 – 66 |
| Capital Gains | 45 – 55 | 67 – 91 |
| Income from Other Sources | 56 – 59 | 92 – 95 |
| Provision | 1961 | 2025 |
|---|---|---|
| Return of income | 139 | 263 |
| New tax regime (default) | 115BAC | 202 |
| Deductions — LIC / PPF / ELSS etc. (₹1.5 lakh) | 80C | 123 |
| Health insurance deduction | 80D | 124 |
| Tax audit | 44AB | 63 |
| Capital gains (charging) | 45 | 67 |
| Exemptions (erstwhile Section 10) | 10 | Schedule II |
| TDS on salary | 192 | 392 |
| TDS — all non-salary payments | 194-series | 393 |
| Tax Collected at Source (TCS) | 206C | 394 |
| Declaration for nil deduction | 15G / 15H | Form 121 |
Both frameworks run in parallel during the changeover. Income and proceedings up to 31 March 2026 continue to be governed by the 1961 Act and its section numbers — so the ITR for FY 2025-26 (filed in 2026) still uses the old references. The 2025 Act and its new numbering apply to income from 1 April 2026 (Tax Year 2026-27) onwards, with those returns filed in 2027. Pending assessments, appeals and litigation relating to earlier years remain under the 1961 Act.
Section mappings are indicative and provided for general guidance only; this is not professional advice. Some provisions have been merged, split or restructured. Please verify against the bare Act and consult us for application to your circumstances.
Quick-reference rates for income-tax, TDS and GST. Figures reflect the position for FY 2026-27 unless stated; please confirm applicability to your case before acting.
The new tax regime is the default. The old regime remains available to those who opt in. Slabs below are unchanged from FY 2025-26.
| Total income | Rate |
|---|---|
| Up to ₹4,00,000 | Nil |
| ₹4,00,001 – ₹8,00,000 | 5% |
| ₹8,00,001 – ₹12,00,000 | 10% |
| ₹12,00,001 – ₹16,00,000 | 15% |
| ₹16,00,001 – ₹20,00,000 | 20% |
| ₹20,00,001 – ₹24,00,000 | 25% |
| Above ₹24,00,000 | 30% |
Rebate u/s 87A makes income up to ₹12,00,000 effectively tax-free (max rebate ₹60,000). Standard deduction for salaried: ₹75,000. Surcharge capped at 25%. Health & education cess: 4%.
| Total income | Below 60 yrs | 60–80 yrs | 80+ yrs |
|---|---|---|---|
| Basic exemption up to | ₹2,50,000 | ₹3,00,000 | ₹5,00,000 |
| Exemption limit – ₹5,00,000 | 5% | 5% | — |
| ₹5,00,001 – ₹10,00,000 | 20% | 20% | 20% |
| Above ₹10,00,000 | 30% | 30% | 30% |
Rebate u/s 87A up to ₹12,500 (taxable income up to ₹5,00,000). Standard deduction for salaried: ₹50,000. Surcharge: 10% (>₹50L), 15% (>₹1Cr), 25% (>₹2Cr), 37% (>₹5Cr). Health & education cess: 4%. Most deductions (80C, 80D, HRA, etc.) apply only under this regime.
Threshold limits shown reflect the revisions effective 1 April 2025. Rates apply where the payee furnishes a valid PAN; absent PAN, a higher rate applies.
| Section (1961) | Section (2025) | Nature of payment | Rate | Threshold (₹) |
|---|---|---|---|---|
| 192 | 392 | Salary | Slab rates | Basic exemption |
| 193 | 393(2) | Interest on securities | 10% | 10,000 |
| 194 | 393(3) | Dividend | 10% | 10,000 |
| 194A | 393(4) | Interest (banks / post office) | 10% | 50,000 · 1,00,000 (senior) |
| 194C | 393(6) | Contractor / sub-contractor | 1% indiv · 2% other | 30,000 single · 1,00,000 p.a. |
| 194H | 393(8) | Commission / brokerage | 2% | 20,000 |
| 194I | 393(9) | Rent — plant & machinery | 2% | 50,000 / month |
| 194I | 393(9) | Rent — land / building / furniture | 10% | 50,000 / month |
| 194J | 393(10) | Professional fees / royalty | 10% | 50,000 |
| 194J | 393(10) | Technical services / call centre | 2% | 50,000 |
| 194Q | 393(18) | Purchase of goods | 0.1% | 50,00,000 |
| 194IA | Transfer of immovable property | 1% | 50,00,000 | |
| 194S | Virtual digital assets | 1% | As specified | |
| 195 | Payments to non-residents | As applicable / DTAA | — |
Following the GST 2.0 rationalisation effective 22 September 2025, the earlier 12% and 28% slabs were removed, leaving a simplified structure.
| Slab | Applies broadly to |
|---|---|
| 0% — Nil | Unbranded staples, fresh produce, milk, bread; education and health services; individual life & health insurance; many lifesaving medicines |
| 5% — Merit | Essentials and most packaged food, the bulk of medicines, electric vehicles and other mass-use items |
| 18% — Standard | Most goods and services — consumer electronics and durables, small cars, cement, apparel, the majority of services |
| 40% — Sin / luxury | Pan masala, tobacco products, aerated drinks, large & luxury cars, yachts and similar items |
Special rates continue for certain items (for example, precious metals such as gold at 3% and rough diamonds at 0.25%). Item-wise classification should always be confirmed against the latest rate notifications, as some goods carry conditions or cess.
Rakesh Baid Management Services LLP is a Kolkata-based advisory firm serving businesses, professionals and individuals across taxation, accounting, GST, TDS and company-law matters. The LLP was incorporated in 2010 and is led by its Designated Partner, Rakesh Baid.
From routine monthly filings to year-end audits, assessments and corporate compliance, we act as a single, dependable point of contact for our clients' financial and statutory needs — combining technical rigour with a genuinely responsive, personal relationship.
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