Income Tax Guides

Arrears of Salary – Relief under Section 157, Rule 73 and Form No. 39 (Old 89(1))

If you receive salary arrears, DA arrears or family pension arrears and your tax rate goes up, section 157 gives relief. How it works under Rule 73, …

5 min read →

Capital Gains Tax Rates 2026-27 – Shares, Mutual Funds and Property under the New Act

Capital gains tax under the Income-tax Act 2025: 12.5% long-term rate, ₹1,25,000 exemption on listed equity, 20% short-term rate, land and building b…

6 min read →

Clubbing of Income – Section 99: When Spouse or Minor Child Income Is Added to Yours

Section 99 of the Income-tax Act 2025 explained: income of a spouse from your concern, income from assets gifted to spouse or daughter-in-law, and mi…

5 min read →

Filing Income Tax Return Late – Fee under Section 428 and Interest under Sections 423 to 425

What happens if you file late under the Income-tax Act 2025: the ₹1,000 or ₹5,000 fee, 1% monthly interest on unpaid tax, advance-tax interest, and h…

5 min read →

HRA Exemption under the Income-tax Act 2025 – Schedule III Sl. 11 and Rule 279 Explained

How House Rent Allowance exemption works now: Schedule III serial 11, Rule 279 least-of-three formula, 50% for eight metro cities including Hyderabad…

5 min read →

Health Insurance and Medical Expenses Deduction – Section 126 Explained (Old 80D)

Section 126 of the Income-tax Act 2025 explained: ₹25,000 and ₹50,000 limits for self, family and parents, preventive health check-up, senior citizen…

5 min read →

Home Loan Interest Deduction under the Income-tax Act 2025 – Self-Occupied and Let-Out House

How the home-loan interest deduction works in the Income-tax Act 2025: section 22 limits of ₹2,00,000 and ₹30,000, let-out property, the ₹2 lakh loss…

6 min read →

Income Tax Appeal Process – Commissioner (Appeals), Tribunal and High Court under the Act 2025

The appeal ladder in the Income-tax Act 2025: appeal to Commissioner (Appeals) within 30 days with a fee of ₹250, ₹500 or ₹1,000, then Appellate Trib…

6 min read →

Income-tax Act 1961 vs Income-tax Act 2025 – What Has Actually Changed

A plain comparison of the old Income-tax Act 1961 and the new Income-tax Act 2025: tax year, default new regime, rebate, TDS, return, penalties, appe…

7 min read →

NPS and Employer Pension Contribution – Section 124 Deduction Explained

Section 124 of the Income-tax Act 2025 (old 80CCD): employer contribution up to 14% of salary, your own ₹50,000, minor accounts, and how withdrawals …

5 min read →

Old Income-tax Act 1961 to New Act 2025 – Section, Rule and Form Mapping Cheat Sheet

Where did section 80C, 87A, 115BAC, 16(ia), 192, 139 and Form 16 go? A subject-wise cheat sheet from the Income-tax Act 1961 to the Income-tax Act 20…

4 min read →

Old Income-tax Form Numbers vs New Form Numbers – 16, 16A, 12BB, 15G, 26Q, 3CD and More

Which new form number replaces the old one under the Income-tax Rules 2026: Form 16 is Form 130, 12BB is 124, 15G is 121, 15H is 125, 24Q is 138, 3CD…

6 min read →

Residential Status under Section 6 – Resident, Not Ordinarily Resident and Non-Resident

How residential status is decided under section 6 of the Income-tax Act 2025: the 182-day and 60-day tests, the 120-day rule, deemed residents with i…

5 min read →

Section 123 and Schedule XV – The ₹1,50,000 Savings Deduction (Old 80C) in the New Act

Section 123 of the Income-tax Act 2025 gives up to ₹1,50,000 for life insurance, provident fund, tuition fees, home loan principal and more, listed i…

6 min read →

Set-off and Carry Forward of Losses – Sections 108 to 121 of the Income-tax Act 2025

How a loss is adjusted: same-head and other-head set-off, house property loss limit of ₹2 lakh, business and capital-loss carry forward for eight yea…

6 min read →

TDS on Salary under Section 392 – How Your Employer Calculates It and Which Forms You Give

Section 392 of the Income-tax Act 2025 explained: average-rate TDS on salary, what you can tell your employer, the new Forms 122, 123, 124 and 130, a…

6 min read →

Unexplained Cash Credits, Investments and Expenditure – Sections 102 to 106 and the 30% Tax

What the Income-tax Act 2025 says about unexplained credits, investments, assets and expenditure (old sections 68 to 69D): burden of explanation, 30%…

5 min read →

Updated Return (ITR-U) under Section 263(6) – 48 Months, Additional Tax of 25% to 70%

How to file an updated return under the Income-tax Act 2025: time limit of 48 months from the end of the financial year after the tax year, additiona…

5 min read →

Advance Tax under the Income-tax Act 2025 – Who Pays, Due Dates and Instalments

Sections 404 to 408 explained: advance tax is payable when tax for the year is ₹10,000 or more, in four instalments (15%, 45%, 75%, 100%) due 15 June…

4 min read →

Form 16 Is Now Form No. 130 – The New TDS Certificate on Salary Explained

What replaces Form 16 under the Income-tax Rules 2026? Form No. 130 under section 395 - due date, what it contains, multiple employers, and the relat…

4 min read →

Income Tax Return Due Date, Belated and Revised Return – Section 263 Explained

Section 263 of the Income-tax Act 2025: who must file a return, due dates (31 July, 31 August, 31 October, 30 November), belated return within nine m…

5 min read →

Is Income up to ₹12 Lakh Really Tax-Free? Section 156 Rebate Explained

How the section 156 rebate and the section 202 slabs make income up to ₹12 lakh tax-free for a resident individual in Tax Year 2026-27 - with worked …

5 min read →

New vs Old Tax Regime for Salaried Employees – What Section 202 Allows and Disallows

The new tax regime is the default under section 202(1) of the Income-tax Act 2025. See how to opt out, which deductions are given up, which remain, a…

6 min read →

Standard Deduction and Other Salary Deductions – Section 19 Explained

Section 19 of the Income-tax Act 2025 in plain English: ₹75,000 / ₹50,000 standard deduction, gratuity, leave encashment, commutation of pension and …

6 min read →

Tax Year vs Assessment Year vs Financial Year – What Changed in the Income-tax Act 2025

The Income-tax Act 2025 replaces "previous year" and "assessment year" with a single "tax year". Section 3 explained with examples for Tax Year 2026-…

3 min read →