The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified language, reduced litigation, and easier tax compliance without introducing new taxes.
The article highlights that taxpayers seeking carry-forward of business or capital losses must file returns within the due date under Section 139(1). Failure to file on time may result in loss of carry-forward benefits.
Budget 2026 introduces the new Income Tax Act, 2025 effective 1 April 2026. The existing law will continue for FY 2025-26, with major structural and compliance reforms ahead.
India’s 89th Union Budget was presented on a Sunday for the first time, marking a historic departure from tradition and setting the stage for major tax law reforms.
The issue covered is how and when India’s Budget is presented and who set major records. The takeaway is an overview of important milestones, from timing changes to paperless budgets.
The article breaks down salary components such as basic salary, allowances, and perquisites. It highlights which parts are fully taxable and which may qualify for exemptions.
The rules clarify how rent-free or concessional housing is taxed differently for government and private employees, depending on location and salary structure.
Explains how gratuity exemptions differ for government, private, and Gratuity Act–covered employees. Key takeaway: exemption is capped at ₹20 lakh, and excess becomes taxable.
Explains how salary is defined under tax law, including employer–employee requirements, included payments, and taxable perquisites. Highlights key distinctions from professional and business income.
This article clarifies whether filing an ITR is necessary even without tax liability. It explains the major non-tax benefits and legal requirements of submitting an income tax return, including loan applications and loss carry-forward.
