INCOME TAX INFO AY 2026-27

Income Tax Act 2025 · New Tax Regime (Default)

Finance Act 2025 notified — Enhanced slabs, increased standard deduction, simplified compliance.

Annual Income Slab (₹)Tax Rate
Up to ₹4,00,000NIL
₹4,00,001 – ₹8,00,0005%
₹8,00,001 – ₹12,00,00010%
₹12,00,001 – ₹16,00,00015%
₹16,00,001 – ₹20,00,00020%
₹20,00,001 – ₹24,00,00025%
Above ₹24,00,00030%

Standard deduction: ₹75,000 (new regime) | Surcharge rationalized, marginal relief available. Corporate tax: domestic companies @22% (opt) / 30% default.

Capital Gains (AY 26-27): LTCG on listed securities: 12.5% above ₹1.25L exemption; STCG: 20% on specified assets.

Individual Tax Types

  • New Regime (Default): Slab rates + ₹75k deduction
  • Old Regime: Deductions u/s 80C, 80D, HRA – opt-out available
  • Super Senior Citizens (80+): Basic exemption ₹5,00,000
  • Rebate u/s 87A: Up to ₹25,000 (income ≤ ₹7,00,000)

ITR Forms (AY 26-27)

  • ITR-1 (Sahaj): Salary/pension ≤ ₹50L, one house property
  • ITR-2: Capital gains, foreign assets, multiple house property
  • ITR-3: Business / profession income
  • ITR-4 (Sugam): Presumptive business up to ₹3 Cr
Key Update: TDS on e-commerce reduced to 0.1%; Form 26AS enriched with AIS

Critical Deadlines · AY 2026-27

Timely compliance avoids interest & penalties. All dates for ITR Filing (FY 2025-26).

  • 31st July 2026 – Individuals, HUF, AOP (non-audit cases)
  • 31st October 2026 – Tax audit applicable cases
  • 31st December 2026 – Belated / revised return
  • Tax Audit Report: 30th September 2026
Non-compliancePenalty / Consequence
Late filing fee u/s 234F₹5,000 (income > ₹5L) / ₹1,000 (≤ ₹5L), max ₹10,000 after Dec
Interest u/s 234A1% per month on unpaid tax
Failure to file ITRup to ₹10,000 + possible prosecution

E-verification mandatory within 30 days — Aadhaar OTP, net banking or digital signature.

New Reporting

Foreign assets disclosure mandatory for income > ₹50L. Schedule FA expanded.

TDS/TCS Updates

New sections: 194T (partnership remuneration), TCS on LRS increased to 20%.

Advisory: Advance tax instalments: 15th June, Sept, Dec & March. Use Form 26AS & AIS to verify TDS credits.
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