Sample Read
REFERENCER
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R-1
Tax rates
R-1
ASSESSMENT YEAR 2026-27 AND TAX YEAR 2026-27
Tax liability - How to find out
Tax li a bili t y f or t he ass ess me nt year 2026- 27 a nd t ax year 2026- 27 s hall be cal c ul at e d as f oll o ws: Rs. Rs.
1 . Fi nd o ut gr oss t ot al i nc o me
2 Less : De ducti ons under s ecti ons 123 t o 154 ( c orr es pondi ng t o s ecs 80 C t o 80 U of t he 1961 Act)
3. Fi nd o ut net i nc o me [(1 ) - (2 )]
4. Di vi de t he net i nc o me i nt o t he f oll o w i ng
4.1 I nc o me s ubj ect t o s peci al t ax r at es me nti one d i n par a R1 1-
4.2 Re mai ni ng i nc o me s ubj ect t o nor mal r at es
5. Fi nd o ut i nc o me-t ax on net i nc o me
5.1 Tax on i nc o me s peci fi e d i n 4 1 ( supra ) at t he r at es gi ve n i n par a R1 1- 6
5.2 Tax on r e mai ni ng i nc o me at t he nor mal r at e gi ve n i n par a R1 1- 1 or R1 1- 2 or R1 1- 3 or R1 1- 4 or R1 1- 5
6 Less : Re bat e under s ecti on 156 ( c orr es pondi ng t o s ec 87 A of t he 1961 Act)
7 I nc o me-t ax aft er r e bat e under s ecti on 156 or 87 A [(5 ) - (6 )]
8 . Add : Sur c har ge @ 0 % , 2 % , 5 % , 7 % , 10 % , 12 % , 15 % , 25 % or 37 % of ( 7)
9. Fi nd o ut t he t ot al [(7 ) +(8 )]
10. Add : Heal t h a nd e ducati on cess ( HEC) [ 4 % of (9 )]
11. Fi nd o ut t he t ot al [(9 ) + (10 )]
12. De duct : Re bat e under s ecti on 310, 157, 159 or 160 ( c orr es pondi ng t o s ec 86, 89, 90, 90 A or 91 of t he 1961 Act)
13. Tax li a bili t y [(11 )-(12 )]2
14. Add : I nt er est /pe nal t y, et c
15. Less : Pr e pai d t axes [i.e. , a dva nce t ax, s el f- ass ess me nt t ax, T DS , TCS , MAT/ A MT cr e di t]
16. Tax paya bl e [(13 ) + (14 ) - (15 )]
Notes –
1. (2 ) ca nnot excee d (1 )
2. Sur c har ge i s appli ca bl e as a % of i nc o me-t ax [ i.e., (7 )].
Income-tax
R1.1 I nc o me-t ax r at es f or di ff er e nt e nti ti es f or t he ass ess me nt year 2026- 27 a nd t ax year 2026- 27 ar e as f oll o ws –
R1.1-1 Individuals, Hindu undivided families, AOPs, BOIs - The t ax r at es appli ca bl e t o i ndi vi dual s ar e al s o appli ca bl e t o a H i ndu undi vi de d f a mil y, a n ass oci ati on of pers ons, a body of i ndi vi dual s or a n
1 Thes e r at es ar e not appli ca bl e i n t he cas e of a n ass ess ee who wa nt s t o pay t ax under t he ne w t ax r egi me under s ecti ons 199 t o 205 ( c orr es pondi ng t o s ecs. 115 BA t o 115 BAE of t he 1961 Act). Tax r at es under t he ne w t ax r egi me, see Ref er e ncer 3
2. I n t he cas e of a c or por at e- ass ess ee, i t ca nnot be l ess t ha n t he m i ni mu mal t er nat e t ax I n t he cas e of a ny ot her t axpayer, i t ca nnot be l ess t ha n t he al t er nat e m i ni mu mt ax
R-2
Amendments at a glance
R-2 Amendments at a glance
This Referencer is structured into 3 parts:
l Part A: Amendments introduced by the Finance Bill, 2026 1 , in the 1961 Act and the 2025 Act.
l Part B : Key changes brought in by the Income-tax Act, 2025.
l Part C : Key changes introduced by the Income-tax Rules, 2026
PART A - AMENDMENT INTRODUCED BY THE FINANCE BILL, 20261
Tax rates
R2.1 Tax r at es f or t he ass ess me nt years 2026- 27 a ndt ax year 2026- 27 ar e gi ve ni n Ref er e ncer 1 For i ndi vi dual s, HUFs, A OPs, B OI s, a nd arti fi ci al j uri di cal pers ons, t he ne wt ax r egi me i s t he def a ul t t ax r egi me. To avail t he be nefi t of t he ol d r egi me, t he t axpayer must exer ci s e t he opti on under s ecti on 202( 4) [ c orr es pondi ng t o s ec. 115 BAC( 6) of t he 1961 Act]. For do mesti c c o mpa ni es a nd do mesti c c o- oper ati ve s oci eti es, t he ol d t ax r egi me r e mai ns t he def a ul t t ax r egi me To opt f or t he ne w r egi me, t he t axpayer must exer ci s e t he opti on under s ecti on 199, 200, 201, 203, or 204 ( c orr es pondi ng t o s ecti on 115 BA , 115 BAA , 115 BAB , 115 BA D , or 115 BAE of t he Act)
R2.1-1 Income-taxThe f oll o w i ng ar e i nc o me-t ax r at es f or t he ass ess me nt year 2026- 27 a nd t ax year 2026- 27
R2.1-1a INDIVIDUAL/HUF/AOP/BOI/ARTIFICIAL JURIDICAL PERSON - Tax r at es pert ai ni ng t o t hes e ass ess ees ar e as f oll o ws
l NE W TA X RE GI MEFor a n i ndi vi dual / HUF/ A OP/ B OI /arti fi ci al j uri di cal pers on, t he ne w t ax r egi me i s t he def a ul t t ax r egi me One ca n exer ci s e t he opti on under s ecti on 202( 4) [ c orr es pondi ng t o s ec 115 BAC( 6) of t he 1961 Act] t o avail of t he be nefi t of t he ol d t ax r egi me [t hes e pr ovi si ons ar e di s c uss e d i n par as R3 17 t o R3 21, Ref er e ncer 3] Tax r at es under t he ne w t ax r egi me ar e as f oll o ws –
Rates given by sec. 115BAC(1A) of the 1961 Act for the assessment year 2026-27 and sec. 202(1) for the tax year 2026-27 Total income Rate of tax
Up t o Rs 4, 00, 000 Nil
Fr o m Rs 4, 00, 001 t o Rs 8, 00, 000 5 %2
Fr o m Rs 8, 00, 001 t o Rs 12, 00, 000 10 %2
Fr o m Rs 12, 00, 001 t o Rs 16, 00, 000 15 %
Fr o m Rs 16, 00, 001 t o Rs 20, 00, 000 20 %
Fr o m Rs 20, 00, 001 t o Rs 24, 00, 000 25 %
Above Rs. 24, 00, 000
l OL D TA X RE GI MEExe mpti on li m i t i s Rs 2, 50, 0003 A hi g her exe mpti on li m i t appli es t o a s e ni or ci ti z e n or a s uper s e ni or ci ti z e n
◊ Senior citizen - Se ni or ci ti z e n i s a r esi de nt i ndi vi dual who i s at l east 60 years of age at a ny ti me duri ng t he pr evi o us year or t ax year but l ess t ha n 80 years on t he l ast day of pr evi o us year or t ax year [ ass ess me nt
1 As pass e d by Lok Sa bha
2. Re bat e under s ecti on 156 ( c orr es pondi ng t o s ec 87 A of t he 1961 Act) i s avail a bl e i n t he cas e of a r esi de nt i ndi vi dual i f hi s / her t axa bl e i nc o me does not excee d Rs 12, 00, 000 The r e bat e has bee n di s c uss e d i n par a 182
3. Re bat e under s ecti on 156 i s avail a bl e i n t he cas e of a r esi de nt i ndi vi dual i f hi s / her t axa bl e i nc o me does not excee d Rs 5, 00, 000 The r e bat e has bee n di s c uss e d i n par a 182
Para R2.1
Amendments at a glance 38
year 2026- 27 ( dat e of bi rt h: on or aft er April 2, 1946, but bef or e April 2, 1966) or t ax year 2026- 27 ( dat e of bi rt h: on or aft er April 2, 1947 but bef or e April 2, 1967)]
For a s e ni or ci ti z e n, t he exe mpti on li m i t i s Rs. 3, 00, 000. Net i nc o me i n t he r a nge of Rs. 3, 00, 000 t o Rs. 5, 00, 000 i s t axa bl e at 5 per ce nt. Bet wee n Rs. 5, 00, 000 a nd Rs. 10, 00, 000, t he sl a b r at e i s 20 per ce nt, a nd i nc o me excee di ng Rs 10, 00, 000 i s t axa bl e at 30 per ce nt Thes e r at es appl y onl y t o a r esi de nt ( or di naril y or ot her w i s e) s e ni or ci ti z e n For a non- r esi de nt s e ni or ci ti z e n, t he exe mpti onli m i t i s Rs 2, 50, 000, as gi ve n bel o w
◊ Super senior citizen - A s uper s e ni or ci ti z e n i s a r esi de nt i ndi vi dual who i s at l east 80 years of age at a ny ti me duri ng t he pr evi o us year /t ax year [ ass ess me nt year 2026- 27 ( dat e of bi rt h: bef or e April 2, 1946) or t ax year 2026- 27 ( dat e of bi rt h: bef or e April 2, 1947)].
For a s uper s e ni or ci ti z e n, t he fi rst Rs 5, 00, 000 of net i nc o me i s exe mpt f r o mt ax Net i nc o me i n t he r a nge of Rs 5, 00, 000 t o Rs 10, 00, 000 i s t axa bl e at 20 per ce nt Net i nc o me excee di ng Rs 10, 00, 000 i s t axa bl e at 30 per ce nt Thes e r at es appl y onl y t o a r esi de nt ( or di naril y or ot her w i s e) s uper s e ni or ci ti z e n For a nonr esi de nt, t he exe mpti on li m i t i s Rs. 2, 50, 000, as gi ve n bel o w .
◊ Any other individual, any HUF/AOP/BOI - Thi s cat egor y i ncl udes t he f oll o w i ng t axpayers –
1 Any ot her r esi de nt i ndi vi dual [ ass ess me nt year 2026- 27 ( dat e of bi rt h: on or aft er April 2, 1966) or t ax year 2026- 27 ( dat e of bi rt h: on or aft er April 2, 1967)].
2. Any non- r esi de nt i ndi vi dual, i rr es pecti ve of age
3. Any HUF , A OP , B OI, or arti fi ci al j uri di cal pers on.
I n t he cas e of a ny of t hes e ass ess ees, fi rst Rs 2, 50, 0003a of net i nc o me i s exe mpt f r o m t ax Net i nc o me i n t he r a nge of Rs 2, 50, 000 t o Rs 5, 00, 000 i s t axa bl e at 5 per ce nt For net i nc o me bet wee n Rs 5, 00, 000 a nd Rs 10, 00, 000, t he sl a b r at e i s 20 per ce nt, a nd i nc o me excee di ng Rs 10, 00, 000 i s t axa bl e at 30 per ce nt
R2.1-1b FIRM - Ther e i s no c ha nge i n t he t ax r at e A part ners hi p fi r m(i ncl udi ng a li m i t e dli a bili t y part ners hi p fi r m ) i s t axa bl e at t he r at e of 30 per ce nt
R2.1-1c COMPANY - A do mesti c c o mpa ny i s t axa bl e at t he r at e of 30 per ce nt Ho wever, t he t ax r at e i s 25 per ce nt i n t he f oll o w i ng cas es –
1. A do mesti c c o mpa ny whos e t ot al t ur nover or gr oss r ecei pt s i n t he pr evi o us year 2023- 24 do not excee d Rs 400 cr or e s hall be t axa bl e at t he r at e of 25 per ce nt (i nst ea d of 30 per ce nt) f or t he ass ess me nt year 2026- 27
2. A do mesti c c o mpa ny whos e t ot al t ur nover or gr oss r ecei pt s i n t he fi na nci al year 2024- 25 do not excee d Rs. 400 cr or e s hall be t axa bl e at t he r at e of 25 per ce nt (i nst ea d of 30 per ce nt) f or t he t ax year 2026- 27.
A non- do mesti c c o mpa ny i s t axa bl e at t he r at e of 35 per ce nt
l New tax regime for a domestic companyA do mesti c c o mpa ny ca n opt f or t he ne w t ax r egi me pr ovi de d under s ecti on 199 or 200 or 201 ( c orr es pondi ng t o s ec 115 BA or 115 BAA or 115 BAB of t he 1961 Act) [t hes e pr ovi si ons ar e di s c uss e d i n par as R3 2 t o R3 15, Ref er e ncer 3]
R2.1-1d CO-OPERATIVE SOCIETY AND LOCAL AUTHORITY - I nt he cas e of a c o- oper ati ve s oci et y/l ocal a ut hori t y, t her e i s no c ha nge i n t he i nc o me-t ax r at es. Thes e r at es ar e gi ve n i n par a R1. 1- 4, Ref er e ncer 1.
l New tax regime for a resident co-operative societyA r esi de nt c o- oper ati ve s oci et y ca n opt f or t he ne w t ax r egi me pr ovi de d under s ecti on 203 or 204 ( c orr es pondi ng t o s ec 115 BA D or 115 BAE of t he 1961 Act) [t hes e pr ovi si ons ar e di s c uss e d i n par as R3 22 t o R3 30, Ref er e ncer 3]
R2.1-2 Surcharge on income-taxAppli cabl e s ur c har ge( as a per ce nt age of i nco me-t ax) f or t he ass ess me nt year 2026- 27 a nd t ax year 2026- 27 i s as f oll o ws3 b –
Net income range Surcharge as a % of income-tax
I ndi vi dual s / HUF/ A OP/ B OI /arti fi ci al j uri di cal pers on 0 – Rs 50 l akh Nil Rs. 50 l akh – Rs. 1 cr or e 10 % Rs 1 cr or e – Rs 2 cr or e 15 % Rs. 2 cr or e – Rs. 5 cr or e 25 % [ see par a R2. 1- 2a]
Above Rs 5 cr or e 37 % [ see par a R2 1- 2a]
Fi r m/l ocal a ut hori t y 0 – Rs 1 cr or e Nil
Above Rs 1 cr or e 12 %
3a. Re bat e under s ecti on 156 i s avail a bl e i n t he cas e of a r esi de nt i ndi vi dual i f hi s / her t axa bl e i nc o me does not excee d Rs. 5, 00, 000. The r e bat e has bee n di s c uss e d i n par a 182.
3b Wher e t he t ot al i nc o me of a “ s peci fie d f und” [ as r ef err e d t o i n Sc he dul e VI ( Not e 1), c orr es pondi ng t o s ec 10(4D ) of t he 1961 Act] i ncl udes a ny i nc o me i n r es pect of s ec uri ti es [ as gi ve n under s ecti on 210( 1) ( Ta bl e Sl No 1), c orr es pondi ng t o s ec 115 A D( 1)( a ) of t he 1961 Act], t he r at e of s ur c har ge/ heal t h a nd e ducati on cess i s nil.
R-18
Dates with direct taxes
R-18
Date
Dates with direct taxes
Obligation
April 7, 2026 l Upl oa d decl ar ati ons r ecei ve d f r o mr eci pi e nt s i n For m No 15 G/15 H of t he 1962 Rul es duri ng Mar c h 2026
April 15, 2026 l Upl oa d q uart erl y st at e me nt under r ul e 37 BB( 7) of t he 1962 Rul es ( by a n a ut hori s e d deal er or a uni t of a n I nt er nati onal Fi na nci al Ser vi ces Ce nt r e) i n r es pect of f or ei g n r e m i tt a nces ma de duri ng t he q uart er e ndi ng Mar c h 31, 2026
l Upl oa d q uart erl y st at e me nt under r ul e 114 AAB of t he 1962 Rul es ( by s peci fie d f und) f or t he q uart er e ndi ng Mar c h 31, 2026
April 30, 2026 l Upl oa d st at e me nt c ont ai ni ng parti c ul ars of decl ar ati ons r ecei ve d i n For m No 60 of t he 1962 Rul es duri ng Oct ober 1, 2025 a nd Mar c h 31, 2026 t o Di r ect or /J oi nt Di r ect or (I nt elli ge nce a nd Cri m i nal I n - vesti gati on)
Form of the 1962 Rules Form of 2026 Rules
For m No 15 CC/15 C D –
For m No 49 BA –
For m No 61 –
l Fur ni s hi ng t he st at e me nt of fina nci al t r a ns acti ons pert ai ni ng t o capi t al gai ns on t r a nsf er of li st e d s ec uri ti es / mut ual f und, di vi de nd a ndi nt er est i nc o me as pr es cri be d by r ul e 114 E( 5 A) of t he 1962 Rul es f or t he hal f- year e ndi ng on Mar c h 31, 2026 – –l Fur ni s hi ng det ail s by pe nsi on f und i n r es pect of eac h i nvest me nt ma de by i t i n I ndi a duri ng t he q uart er e ndi ng Mar c h 31, 2026
For m No. 10 BBB –
May 7, 2026 l Upl oa d decl ar ati ons r ecei ve d f r o m r eci pi e nt s i n For m No 121 duri ng April 2026 – –
May 15, 2026 l Quart erl y st at e me nt of TCS f or t he q uart er e ndi ng Mar c h 31, 2026
May 30, 2026 l Quart erl y TCS certi ficat es i n r es pect of t ax c oll ect e d duri ng t he q uart er e ndi ng Mar c h 31, 2026
For m No 27 E Q –
For m No 27 D –
May 31, 2026 l Ret ur n of t ax de ducti on f r o m c ont ri buti ons pai d by t he t r ust ees of a n appr ove d s uper a nnuati on f und – –l Annual st at e me nt of fina nci al t r a ns acti on under s ecti on 285 BA( 1) of t he 1961 Act t o be f ur ni s he d el ect r oni call y f or t he fina nci al year 2025- 26
l El ect r oni c s ub m i ssi on of a nnual st at e me nt of r e port a bl e acc o unt r e q ui r e d t o be f ur ni s he d under s ecti on 285 BA( 1)(k ) of t he 1961 Act by r e porti ng fina nci al i nsti t uti on pert ai ni ng t o cal e ndar year 2025
l El ect r oni c s ub m i ssi on of a nnual st at e me nt of donati on/c ont ri - buti on r ecei ve d by r es ear c h ass oci ati on/ uni versi t y/c oll ege/ot her i nsti t uti on/c o mpa ny/f und under s ecti on 80 G( 5)(vii ) /35( 1 A)(i ) of t he 1961 Act f or t he year e ndi ng Mar c h 31, 2026
l Certi ficat e of donati on/c ont ri buti on t o donors or c ont ri but ors (t o be s ub m i tt e d aft er ge ner ati ng a nd do wnl oa di ng f r o m we b port al ) f or t he fina nci al year 2025- 26
l Quart erl y st at e me nt of t ax de duct e d f or t he q uart er e ndi ng Mar c h 31, 2026
For m No 61 A –
For m No 61 B –
For m No 10 B D –
For m No 10 BE –
T DS s al ar y : For m No 24 Q –
T DS ot her : For m No 26 Q
T DS non- r esi de nt : For m No 27 Q ––
175
Date
Dates with direct taxes
Obligation
May 31, 2026 l Upl oa d opti on avail a bl e under Explanation t o s ecti on 11( 1) of t he 1961 Act t o appl y i nc o me of pr evi o us year i n t he next year or i n f ut ur e (i f t he ass ess ee i s r e q ui r e d t o s ub m i t r et ur n of i nc o me on J ul y 31, 2026)
l Upl oa d st at e me nt t o acc u mul at e/s et apart i nc o me f or f ut ur e ap - pli cati on under s ecti on 10(23C ) /11( 2) of t he 1961 Act (i f t he ass ess ee i s r e q ui r e d t o s ub m i t r et ur n of i nc o me on J ul y 31, 2026)
Form of the 1962 Rules Form of 2026 Rules
For m No 9 A1 –
For m No 101 –
J une 7, 2026 l Upl oa d decl ar ati ons r ecei ve d f r o m r eci pi e nt s i n For m No 121 duri ng May 2026 – –
J une 15, 2026
l Fi rst i nst al me nt of a dva nce i nc o me-t ax f or t he t ax year 2026- 27 ( f or a ny ass ess ee ot her t ha n t he pers on who i s c over e d by s ecti on 58( 2), Ta bl e Sl Nos 1 a nd 3 ( c orr es pondi ng t o s ec 44 A D or 44 A DA of t he 1961 Act) – –
l Certi ficat e of t ax de duct e d at s o ur ce t o e mpl oyees i n r es pect of s al ar y pai d a nd t ax de duct e d duri ng t he fina nci al year 2025- 26
l Quart erl y T DS certi ficat e (i n r es pect of t ax de duct e d f or pay me nt s ot her t ha n s al ar y) f or t he q uart er e ndi ng Mar c h 31, 2026
l Annual st at e me nt ( of i nc o me di st ri but e d duri ng t he fina nci al year 2025- 26) by a busi ness t r ust t o be el ect r oni call y s ub m i tt e d t o t he Pri nci pal Co mm i ssi oner / Co mm i ssi oner
l Annual st at e me nt of i nc o me di st ri but e d duri ng t he fina nci al year 2025- 26 by i nvest me nt f und t o be el ect r oni call y s ub m i tt e d t o t he Pri nci pal Co mm i ssi oner / Co mm i ssi oner
l Annual st at e me nt of i nc o me di st ri but e d duri ng t he fi na nci al year 2025- 26 by a s ec uri ti s ati on t r ust t o i t s i nvest ors t o be f ur ni s he d el ect r oni call y w i t h di gi t al si g nat ur e t o t he P CI T/ CI T
J une 29, 2026 l El ect r oni call y s ub m i ssi on of i nf or mati on pert ai ni ng t o a ny t r a nsf er of t he s har e of, or i nt er est i n, a f or ei g n c o mpa ny/e nti t y as r ef err e d t o i n Explanation 5 t o s ecti on 9( 1)(i ) of t he 1961 Act whi c h t akes pl ace duri ng t he fina nci al year 2025- 26
l Upl oa d st at e me nt of t he fina nci al year 2025- 26 under s ecti on 9 A( 5) of t he 1961 Act w i t h di gi t al si g nat ur e pert ai ni ng t o eli gi bl e i nvest me nt f und
J une 30, 2026 l Ret ur ni n r es pect of s ec uri ti es t r a ns acti on t ax f or t he fina nci al year
l Quart erl y r et ur n of non- de ducti on of t ax at s o ur ce by a ba nki ng c o mpa ny f r o m i nt er est on ti me de posi t i n r es pect of t he q uart er e ndi ng Mar c h 31, 2026
l Annual st at e me nt of i nc o me di st ri but e d by a busi ness t r ust t o uni t hol ders f or t he fina nci al year 2025- 26
l Annual st at e me nt of i nc o me di st ri but e d by i nvest me nt f und t o uni t hol ders f or t he fina nci al year 2025- 26
l Annual st at e me nt pert ai ni ng t o i nc o me di st ri buti on duri ng 202526 by a s ec uri ti s ati on t r ust t o be pr ovi de d t o i nvest or under s ecti on 115 TCA of t he 1961 Act
For m Nos 12 BA a nd 162 –
For m No 16 A3 –
For m No. 64 A –
For m No 64 D –
For m No 64 E –
For m No 49 D4 –
For m No 3 CE K –
For m No 1 ( f or st oc k exc ha nge),
For m No. 2 ( f or mut ual f und) –
For m No 26 QAA –
For m No 64 B –
For m No 64 C –
For m No 64 F –
J ul y 7, 2026 l Upl oa d decl ar ati ons r ecei ve d f r o m r eci pi e nt s i n For m No 121 duri ng J une 2026 – –
1. Ho wever, vide Ci r c ul ar No 6/2023, dat e d May 24, 2023, t he Boar d has cl ari fie d t hat t he acc u mul ati on/ dee me d appli - cati on s hall not be de ni e d t o a t r ust i f t he st at e me nt of acc u mul ati on ( For m No 10) / dee me d appli cati on ( For m No 9 A) i s f ur ni s he d on or bef or e t he due dat e of f ur ni s hi ng t he r et ur n as pr ovi de d i n s ecti on 139( 1) of t he 1961 Act
2. Part A a nd Part B of T DS certi ficat e i n For m No 16 s hall be i ss ue d by do wnl oa di ng f r o m T RACES Port al
3. T DS certi ficat e i n For m No 16 A s hall be i ss ue d aft er do wnl oa di ng i t f r o m T RACES Port al by all de duct ors (i ncl udi ng Gover n me nt de duct ors who de posi t T DS i n t he Ce nt r al Gover n me nt Acc o unt t hr o ug h book e nt r y)
4. For m No. 49 D s ho ul d be upl oa de d w i t hi n 90 days of t he t r a ns acti on wher e t he t r a ns acti on has t he eff ect of di r ectl y or i ndi r ectl y t r a nsf erri ng t he ri g ht s of ma nage me nt i n r el ati on t o t he I ndi a n c oncer n
Para 47 Profits and gains of business or profession A-78
Profits and gains of business or profession
SectionCorresponding section of the 1961 Act Para No.
Chargeability [Sec. 26 (corresponding to sec. 28 of the 1961 Act)] 47.
47.1 Income from letting of residential property -
Expenses expressly allowed as deduction [Sec. 27 (corresponding to sec. 29 of the 1961 Act)]
48.
Rent, rates, taxes, repairs and insurance [Sec. 28 (corresponding to secs. 30 and 31 of the 1961 Act)]
49.
Direct Taxes Ready Reckoner
AUTHOR : Vinod K. Singhania
PUBLISHER :
Taxmann
DATE OF PUBLICATION : March 2026
EDITION : 50th Edition | Tax Year 2026-27
ISBN NO : 9789371264044
No. of Pages : 712
BINDING TYPE : Paperback
Rs. 2,695
DESCRIPTION
Direct Taxes Ready Reckoner (DTRR) is Taxmann’s flagship annual reference on Indian direct tax law—first published in May 1978 and now in its 50th Golden Jubilee Edition. This single-volume guide maps, cross-references, and illustrates the law across all heads of income, procedural obligations, and compliance requirements. All section references default to the Income-tax Act 2025, and all rule references to the Income-tax Rules 2026—a deliberate editorial choice that accelerates the profession’s transition to the new framework.
This Edition operates amid unprecedented regulatory complexity. The Income-tax Act 2025 and the Income-tax Act 1961 run concurrently. The Finance Bill 2026 amends both simultaneously with differing effective dates. The Income-tax Rules 2026 replaces the 1962 Rules entirely—renumbering sections, redesignating forms, and restructuring procedural timelines.
The DTRR 50th Edition addresses all three layers in a single volume, making it the only reference a practitioner needs irrespective of which year, which Act, or which rule governs any matter on their desk. This book is designed for practitioners and professionals who require both depth and immediacy—those for whom accuracy is non-negotiable and lookup speed is operationally critical. The primary readership includes: Chartered Accountants and Tax Consultants
• Advocates and Legal Professionals
• Corporate Tax Managers and CFOs
• Company Secretaries and Cost Accountants
• Finance and Accounts Professionals
• Tax Officers and Revenue Officials Academicians and Students of Advanced Taxation
The Present Publication is the 50th Edition | Golden Jubilee Edition, updated to incorporate all amendments introduced by the Finance Bill 2026 (as passed by Lok Sabha). Applicable for Assessment Year 2026-27 and Tax Year 2026-27, this Edition is authored by Dr Vinod K. Singhania, whose five decades of authoritative annual commentary have established this book as the definitive desk reference in Indian direct taxation. The key highlights of this Edition include:
• [Finance Bill 2026—Fully Integrated] All amendments incorporated chapter-by-chapter and highlighted at the point of relevance—practitioners always see current law
• [Amendments at a Glance with Case Studies] Three-part Referencer—Finance Bill 2026 amendments to both Acts (Part A); structural changes under the 2025 Act (Part B); and procedural changes under the 2026 Rules (Part C)— each with numerical case studies
• [Section-wise Cross-Reference Index] Bidirectional mapping of every 1961 Act section to its 2025 Act equivalent at the paragraph level
• [New vs. Old Tax Regime—Parallel Analysis] Complete treatment for all assessee categories, including four corporate tax regimes—section 199 (25%), section 200 (22%, fixed surcharge, no MAT), section 201 (15%), and section 202 (default individual/HUF new regime)
• [Salaries—Revised Allowance Tables] Updated AY 2026-27 quantum limits, including children’s education allowance (₹3,000/month), hostel allowance (₹9,000/month), and transport system allowance (70%, max ₹25,000/ month); HRA reclassification of Hyderabad, Pune, Ahmedabad, and Bengaluru to the 50% metro tier
• [Presumptive Taxation—1961 Act vs. 2025 Act] All three sub-schemes under section 58 covered with critical differences highlighted, including the stricter audit obligation under the 2025 Act irrespective of prior-year history
• [Updated Return—Multi-Scenario Analysis] Covers loss-reduction filings and post-reassessment-notice updated returns, with graded additional tax of 34%–70% and a four-scenario tax burden comparison with full rupee computations
• [TDS/TCS—100+ Provisions] Complete rate tables, thresholds, surcharge overlays, form references, and scenariobased illustrations across all withholding provisions, supported by CBDT circulars and judicial rulings
• [Penalty Tables—Consolidated] Every default listed with sections under both Acts and minimum/maximum penalties—including crypto asset reporting (₹50,000), SFT defaults (₹1,000/day from April 1, 2026), and cash transaction violations
• [Life Insurance Policy Taxation] Four-regime taxability matrix with multi-variable case studies, including moneyback policies with staggered payouts under Rule 49 of the 2026 Rules