Income Tax Updates-RS

A glimpse of various due dates under ROC for year ended 31.03.2026 (i.e. FY 2025-2026)

Old and New frequently used form are enumerated for your ready reference.

Budget Highlights (Direct Taxes)
1. New Tax Regime for AY 2026-2027 relevant to FY 2025-2026:

0-4,00,000 0%
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%

2. No change in Cess and Surcharge

3. Updated return under section 139 (8A) can be filed for 4 years now

4. Treshold limit for TDS under section 194-I (TDS on Rent) increased to 6,00,000

5. Employees with a Gross income of upto Rs. 12,75,000 per annum are now not liable to pay any Income Tax

6. No tax is payable on the income of Rs. 12,00,000 under New Regime.

7. For senior citizens:
Deduction under section 80TTB (interest from bank and post office) is now increased to Rs. 1,00,000

Ideal Direct Tax Slab for India:
0-10,00,000 ➡️ O %
10,00,001 to 25,00,000 ➡️ 10 %
25,00,001 to 50,00,000 ➡️ 20 %
Above 50,00,000 ➡️ 30 %
* 10% Surcharge on Income above 5,00,00,000/-
* No cess

Ideal Indirect Tax rates:
1. No tax on essentials
2. 2.5% on Goods
3. 7.5% on services
4. 10% on luxury items

Other recommendations:
1. No road tax on purchase of New Vehicles
2. No Indirect tax on Life and medical Insurance premiums
3. No special exemptions to politicians

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