TNC Associates

Advisory to taxpayers and statkeholders-Enhancements in the e-Way Bill (EWB) portal.

TDS Rates for Tax Year 2026-27: Comprehensive Section-wise Chart with Thresholds.
Section-wise details (Old vs New Section, IT Act 2025)

𝐊𝐞𝐲 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐟𝐫𝐨𝐦 𝐀𝐩𝐫𝐢𝐥 𝟏, 𝟐𝟎𝟐𝟔:
• 𝐍𝐞𝐰 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐀𝐜𝐭 𝟐𝟎𝟐𝟓: Replaces the 1961 Act, aiming to simplify language and remove redundant provisions.
• 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐑𝐮𝐥𝐞𝐬 𝟐𝟎𝟐𝟔: Introduces higher exemption for allowances under the old regime, such as children’s education allowance(3000/month) and hostel allowance(9000/month).
• 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐑𝐞𝐠𝐢𝐦𝐞 𝐒𝐥𝐚𝐛𝐬 & 𝐑𝐞𝐛𝐚𝐭𝐞: The new regime remains the default. A rebate under Section 87A keeps income up to ₹12 lakh effectively tax-free.
• 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧: Salaried individuals get a standard deduction of ₹75,000.
• 𝐒𝐡𝐚𝐫𝐞 𝐁𝐮𝐲𝐛𝐚𝐜𝐤𝐬: Tax liability for share buybacks shifts to the investor, taxed as capital gains (STCG/LTCG) rather than being tax-free for the investor.
• 𝐏𝐞𝐫𝐪𝐮𝐢𝐬𝐢𝐭𝐞 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧: Valuation for employer-provided cars is revised, including new rates for electric vehicles.
• 𝐒𝐞𝐧𝐢𝐨𝐫 𝐂𝐢𝐭𝐢𝐳𝐞𝐧 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬: Enhanced deductions for senior citizens, rising to ₹1 lakh.
• 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐀𝐬𝐬𝐞𝐭𝐬 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: Increased focus on digital reporting of assets (crypto, e-money) and AI-driven scrutiny, per.
• 𝐏𝐞𝐧𝐚𝐥𝐭𝐲 𝐑𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Penalties for procedural non-compliance are replaced by fixed, graded fees.
𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬:
• 𝐓𝐚𝐱 𝐘𝐞𝐚𝐫 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞: "Assessment Year" and "Financial Year" are replaced by a unified "Tax Year 2026-27".
• 𝐎𝐥𝐝 𝐯𝐬. 𝐍𝐞𝐰 𝐑𝐞𝐠𝐢𝐦𝐞: While the new regime is designed to be the default and simplified, the improved exemptions (HRA, allowances) under the old regime may still benefit some taxpayers.
• 𝐁𝐮𝐲𝐛𝐚𝐜𝐤 𝐓𝐚𝐱 𝐂𝐡𝐚𝐧𝐠𝐞𝐬: Investors should note that company share buybacks are now taxed as capital gains, altering the investment return calculation.

Pre-deposit Percentage in the GST Portal
Apr 10th, 2026

While filing an appeal in Form APL-01 on the GST portal, the pre-deposit percentage is auto-populated as 10% in accordance with Section 107(6) of the CGST Act, 2017, and was previously non-editable. Due to this restriction, taxpayers faced difficulties in cases where the pre-deposit had already been made through other means or where the demand amount was incorrectly reflected under the appropriate head.

To address these issues, GSTN has now made the pre-deposit field editable at the time of filing the appeal, from April 6th, 2026. This allows taxpayers to modify the pre-deposit percentage as applicable to their specific case and calculate and pay the required amount accordingly while submitting the appeal. The appellate authority will subsequently verify the correctness of the pre-deposit amount and the mode of payment during the adjudication of the appeal.

Thanks,
Team GSTN

Wishing you all a very Happy Holi

CGST rule 14A withdrawal

🙏Happy Mahashivratri!🙏

Union Budget 2026 Highlights Point.
1. Highest-Ever Capital Expenditure: Capex is increased to ₹12.2 trillion for FY2026–27 to drive infrastructure development and economic growth.
2. India Semiconductor Mission 2.0: Enhanced focus on equipment, materials, and domestic IP design, strengthening the semiconductor manufacturing ecosystem.
3. Biopharma SHAKTI: A new ₹10,000 crore outlay over 5 years is established to boost the domestic biologics and biosimilars industry.
4. MSME Growth Fund: A new ₹10,000 crore fund for MSMEs is announced to create future industrial champions.
5. Electronics Manufacturing Boost: Outlay for the Electronics Components Manufacturing Scheme increased to ₹40,000 crore to strengthen domestic manufacturing.
6. Structural Reforms in Direct Tax: The budget introduced a foreign asset disclosure scheme for small taxpayers, TCS rate changes, and extensions for filing revised returns.
7. Infrastructure & Connectivity: A focus on high-speed rail corridors, coastal cargo promotion, and increased allocation for infrastructure to improve logistics.
8. AI & Technological Development: Promotion of cutting-edge technologies and AI applications to act as force multipliers for better governance.
9. "Kartavyas" (Duties) Focus: The budget is built on three pillars: enhancing productivity/competitiveness, building resilience to global dynamics, and fostering capacity building.
10. Tax Relief on Foreign Travel & Education: TCS on overseas tour packages slashed to 2%, with lower TDS for foreign education-related expenses.

Advisory on RSP-Based Valuation of Notified To***co Goods under GST.

EPF withdrawal-New Rules