The Direct Tax Ready Reference prepared by CA Sanjay K. Agarwal provides a consolidated one-page guide covering important provisions of the Income-tax law applicable after the Finance Act, 2026. The reference includes tax rates under different regimes, basic exemption limits, surcharge, rebate provisions, depreciation rates, capital gains taxation, TDS and TCS provisions, advance tax schedule, due dates for filing returns, tax audit thresholds, carry forward and set-off of losses, deductions, important prescribed forms, mandatory return filing conditions, interest provisions, cash transaction limits, and other frequently referred statutory provisions. It is designed as a quick-reference chart for tax professionals, chartered accountants, tax practitioners, students, and businesses.

Key Highlights

1. Income Tax Rates

The chart provides comparative tax rates applicable under different assessment years and tax regimes, including:

• Individual tax slabs
• Firm and LLP taxation
• Domestic company tax rates
• MAT and AMT provisions
• Special tax rates
• Surcharge and Health & Education Cess

It also incorporates changes introduced through the Finance Act, 2026.

2. Capital Gains

A dedicated section summarises:

• Short-term capital gains
• Long-term capital gains
• Listed and unlisted securities
• Equity shares
• Mutual funds
• Bonds
• REITs and InvITs
• Gold ETFs
• Foreign securities
• Holding periods
• Applicable tax rates
• Exemption provisions

The chart also includes a separate capital gains rate table applicable after amendments effective from 23 July 2024.

3. Deductions and Rebates

The reference summarises major deductions including:

• Standard deduction
• House property deductions
• Mediclaim deductions
• Preventive health check-up
• NPS deduction
• Rebate provisions
• Other commonly claimed deductions

Relevant limits and conditions are presented in tabular form for quick reference.

4. TDS and TCS

One of the most comprehensive parts of the chart covers:

• TDS rates
• Threshold limits
• Applicable sections
• Interest
• Dividend
• Professional fees
• Contractor payments
• Commission
• Brokerage
• Rent
• Purchase of goods
• Property transactions
• E-commerce transactions
• TCS on sale of goods
• Overseas tour packages
• Liberalised Remittance Scheme (LRS)

It also reflects changes applicable from 1 April 2026.

5. Depreciation

The chart lists depreciation rates applicable for:

• Plant and Machinery
• Furniture
• Computers
• Buildings
• Vehicles
• Intangible assets
• Temporary erections

It also notes that only 50% depreciation is available where the asset is used for less than 180 days.

6. Advance Tax

The chart summarises advance tax instalments:

• By 15 June
• By 15 September
• By 15 December
• By 15 March

with the applicable percentage of tax payable.

7. Return Filing Due Dates

The ready reference specifies due dates for:

• Company assessees
• Tax audit cases
• Transfer pricing cases
• Other assessees
• Belated return
• Revised return

along with important statutory timelines.

8. Carry Forward and Set-off of Losses

The chart provides a concise table showing:

• Eligible set-off
• Carry forward period
• Income against which losses can be adjusted

for salary, house property, speculation business, business losses, capital losses and other categories.

9. Tax Audit

The publication summarises audit applicability based on:

• Business turnover
• Professional receipts
• Presumptive taxation
• Cash receipt/payment conditions

along with audit due dates.

10. Other Important Topics Covered

The chart additionally covers:

• Cost Inflation Index
• Gift taxation
• Interest provisions
• Cash transaction limits
• Wealth tax history
• Mandatory return filing
• Prescribed forms
• Income-tax challans
• Appeal forms
• Investment schemes
• Tax-saving instruments
• Important compliance provisions under the Income-tax Act.

Analysis

The Direct Tax Ready Reference 2026 serves as a consolidated compliance and reference tool by bringing together multiple frequently used provisions of the Income-tax law in a single-page format. Rather than providing detailed statutory explanations, it functions as a practical quick-reference chart for day-to-day professional use. It combines information relating to tax rates, deductions, capital gains, TDS/TCS, depreciation, advance tax, return filing, tax audit, interest, prescribed forms and compliance timelines into one document, enabling users to access commonly referred provisions without consulting multiple statutory sources. The chart is particularly useful as a desktop reference for tax practitioners, chartered accountants, finance professionals, businesses and students seeking a concise overview of key provisions applicable after the Finance Act, 2026.

Who Should Refer This Chart?

• Chartered Accountants
• Tax Consultants
• Advocates
• Company Secretaries
• Cost Accountants
• Finance Professionals
• Businesses
• Students preparing for professional examinations
• Income-tax practitioners

Conclusion

The Direct Tax Ready Reference – Covering Finance Act, 2026 compiles numerous frequently used provisions of the Income-tax law into a single ready reckoner. Covering tax rates, deductions, capital gains, TDS/TCS, depreciation, advance tax, due dates, return filing, tax audit and other important compliance provisions, it serves as a practical quick-reference guide for professionals and taxpayers.