The income tax slabs are specific ranges of income set by the government in such a manner that higher income is taxed at higher rates. While the tax slabs under the old regime offers a lot of tax saving deductions, the new regime offers more beneficial slab rates with limited deductions.Though the Income Tax Act 2025 takes effect from 01st April 2026, the provisions of the 1961 act applies for AY 2026-27, as it pertains to income earned up to 31st March, 2026.What are Income Tax Slabs?Income tax slabs are the income ranges used to determine how much tax an individual must pay in India. The tax system follows a progressive structure, meaning higher income levels are taxed at higher rates. Taxpayers can choose between the new tax regime and the old tax regime, each with different slab rates and deduction rules.Under the new tax regime, income up to Rs. 4 lakh is tax free, and tax rates gradually increase from 5% to 30% depending on the income slab.

Form 121 is the new self-declaration form under Section 393 of the Income Tax Act 2025 read with the Income Tax Rules 2026. The new Form 121 is a unified form which replaces both the old Form 15G and Form 15H effective from 1st April 2026 applicable for Tax Year 2026-27 and onwards. However, the purpose of Form 121 remains the same but simplifies the process by providing a single declaration form for all taxpayers instead of separate forms based on age.What is Form 121?Form 121 is the new unified self-declaration form in India that replaces Form 15G and 15H with effect from 1st April 2026 which allows resident individuals and HUFs to prevent TDS deduction on interest, dividends, and other income by declaring that their total income is below the taxable limit. Form 121 can be filed by resident taxpayers irrespective of their age. This is a major update from the old Income Tax Act 1961 which had two different forms based on the age of the taxpayer. ParticularsOld Income Tax FrameworkNew Income Tax FrameworkForm NumberForm No.

Now known as the Pluxee Meal Benefit in India, the Sodexo card is being accepted across 1,700 cities and towns at more than 1,00,000 establishments across the country. As the deduction is made from your hand salary, the card is provided by most employers as an optional benefit, which is not provided on request. Rs. 200 Meal Coupon Exemption under Income Tax Act, 2025As per the provisions of the Income Tax Rules, 2026, Meal coupon exemption has been increased from Rs. 50 to R. 200 per meal.

Capital gains as a result of transfer of a long-term capital asset are taxed as Long-Term Capital Gains (LTCG). Gains arising due to transfer of listed equity shares or units of equity oriented mutual funds held for more than 12 months are classified as LTCG. Whereas, other assets such as unlisted equity shares are classified as long-term when held for more than 24 months.Under Section 112A, the LTCG tax rate is 12.5% for listed equity shares and units of equity oriented mutual funds with and exemption of up to Rs. 1.25 lakh. However, LTCG from other stock and unlisted shares are taxed at 12.5% flat without indexation or 1.25 lakh exemption.What is Section 112A?Section 112A of the Income Tax Act is applicable for long-term capital gains on the sale of listed equity shares, equity-oriented mutual funds, and business trust units.

The Universal Account Number (UAN) is a 12-digit identification number assigned to every employee by the Employee's Provident Fund Organisations (EPFO). This links all your PF accounts across different jobs, making it easier to manage, transfer, and withdraw your PF balance.Universal Account Number - Quick HighlightsParticularsDetailsUAN Full FormUniversal Account NumberIssued ByEmployees' Provident Fund Organisation (EPFO)PurposeTo provide a single unique identity for an employee across multiple employers and PF accountsValidityRemains valid throughout the employee's lifetimeLinked ToEPF (Employees' Provident Fund), EPS (Employees' Pension Scheme), EDLI (Employees' Deposit Linked Insurance Scheme), and all PF Member IDsPortabilityContinues unchanged even when changing jobsActivation RequiredYes, through the EPFO Member Portal, UMANG App, or EPFO servicesWhat is UAN?The UAN is a 12-digit unique ID issued by the Employees’ Provident Fund Organization (EPFO), verified by the Ministry of Labour. It remains the same for an employee throughout their career, regardless of job changes.1. UAN Full FormUAN stands for Universal Account Number.2. Why is UAN Important?Each time an employee changes jobs, EPFO issues a new member ID (EPF account) linked to the same UAN. This helps to ease the process of EPF transfers and withdrawals. By sharing the UAN with a new employer, the member ID gets created and linked, making the UAN an umbrella for all EPF accounts across different jobs.3.

Several income tax changes took effect from 1st April 2026 for FY 2026-27 and onwards. These include the implementation of the Income Tax Act 2025, introduction of the Tax Year concept, revised ITR filing deadlines, changes in TCS and STT rates, and new taxation rules for buybacks and Sovereign Gold Bonds. Ceiling limit of certain exempt allowances under the old regime has been increased under Income Tax Rules, 2026, reflecting the current inflation and price levels.Major income tax changes from 1 April 2026 include:Implementation of the Income Tax Act 2025Enhanced deduction limits under Income Tax Rules 2026Income Tax Slabs for Tax Year 2026-27Assessment Year & Financial Year replaced by Tax YearITR filing due date changed for ITR-3 & ITR-41. The New Income Tax Act, 2025Announced in the previous budget, the Income Tax Act 2025 will be effective from 1st April 2026 and will be applicable for FY 2026-27 onwards. The new Income Tax Act will replace the existing Income Tax Act, 1961, entirely with simplified language and the removal of redundant provisions. It aims to simplify taxation, ensure easier compliance and reduce legal disputes. 2.

Filing Income Tax Return (ITR) for FY 2025-26 requires taxpayers to maintain various documents such as PAN, Form 16, Form 26AS, Annual Information Statement (AIS), Taxpayer Information Statement (TIS) and other deduction proofs. These documents help verify income, taxes paid, and eligible deductions while filing the return.Additionally, NRE and NRO account details, residency certificate, income proofs, and books of accounts are required for ITR filing. Keeping these documents ready ensures accurate filing and helps avoid notices or discrepancies during processing.ITR Disclosure Updates FY 2025-26 (AY 2026-27)For section 80G (donations) deductions, taxpayers are required to disclose the transaction refernce number of donation payment and IFSC code of the recipient bank.For 80GGC (donations to political parties) deductions, taxpayers are required to disclose the name and PAN of the political party.ITR Filing Deadline for FY 2025-26 (AY 2026-27)The due date to file ITR for FY 2025-26 (AY 2026-27) is as follows:Income Tax ReturnDue DateITR-1 & ITR-231st July 2026ITR-3 & ITR-4 (Non-Audit)31st August 2026ITR-3 & ITR-4 (Tax Audit)31st October 2026Belated Return31st December 2026Documents Required for ITR FilingAny taxpayer, must ensure to have the following documents while filing an ITR:Document NameWhy is it required?Where to get It?Form 16Shows salary income and TDS deducted by employerEmployerForm 26ASConsolidated tax statement of TDS, TCS, and advance taxIncome Tax PortalAnnual Information Statement (AIS)Detailed view of all financial transactionsIncome Tax PortalTaxpayer Information Statement (TIS)Summarized version of AIS for easier reportingIncome Tax PortalBank StatementsTo verify interest income, transactions, and refundsBank or Net BankingInvestment Proofs (80C, 80D, etc.)To claim deductions and reduce taxable incomeFinancial Institution or Insurance providerSalary SlipsBreakdown of salary components and allowancesEmployerHome Loan StatementTo claim interest and principal deductionsBank or NBFCCapital Gains StatementsRequired for reporting gains from shares, mutual funds, propertyBroker, AMC, or RegistrarNRE or NRO Account DetailsFor reporting foreign income and interestBank Rent ReceiptsTo claim HRA exemptionSelf-maintained or LandlordBooks of AccountsMandatory for business or professional income reportingSelf-maintainedOther Income ProofsCovers FD interest, freelance income, etc.Banks, Companies, etc.Common Documents Required Across Different Categories of TaxpayersThe following are the required documents required for ITR filing, despite falling under various income and resident categories.Common RequirementApplicable CategoriesForm 26ASSalaried Employees, Self-Employed/Freelancers/Business Owners, Capital Gains, Rental/House Property Income,Interest/Dividend/Other Income, NRIsAnnual Information Statement (AIS)Taxpayer Information Summary (TIS) Documents Required for Salaried EmployeesIf you are a salaried employee, gather these documents to e-file your income tax returns in India. Go through this list to see the documents you’ll need to do your taxes.Form-16 Part A and B issued by your employerMonthly Salary SlipsHRA Documents (rent receipts, landlord PAN, rent agreement)Expense proofs to claim exemption on allowance and perquisitesIt is essential to gather information on all taxable allowances received and the amount claimed as an exemption from such allowances, e.g., house rent allowance, leave travel allowance, etc., and disclose the same in the IT return.Documents for Self-Employed, Freelancers & Business OwnersTaxpayers who are self-employed, freelancers or business owners should ensure that following documents are available while filing ITR:Sales invoices and books of accountsGST returns to match GST turnoverAdvance Tax ChallansProfessional income proofsDocuments for Capital Gains IncomeCapital gain includes proceeds from the sale of immovable properties such as land, building, house etc, also includes shares, debentures, mutual funds, jewellery etc., irrespective of gain or loss, the transactions must be reported.1. For Sale of Immovable PropertySales and purchase deeds, improvement cost details, transfer expenses Full Address of the Property.Details of the buyer, like PAN and Aadhaar.Necessary supporting document if you claiming exemption u/s 54 or 54EC2.

Buyback of shares is a process whereby a company repurchases its own shares form existing shareholders by paying them the prevailing market value. In this process the company reduces the number of outstanding shares and regains ownership previously held by investors. Buybacks are generally used to improvise financial ratios, consolidate ownership, and increases shareholder value. Budget 2026 - Changes in Buyback TaxationIn Budget 2026, it was proposed by the finance mister to tax buyback of shares as capital gains in the hands of the investors. Previously buyback of shares were taxed at applicable slab rates and not as capital gains. As per the changes, LTCG and STCG will be levied on gains from buyback accordingly. Income Tax Provisions For Buyback of SharesAny gains from buyback of shares will be treated as capital gains with effect from 1st April 2026 i.e., for FY 2026-27 and onwards. Shares bought back that were held for more than 12 month will attract long term capital gains at 12.5% with an exemption of up to Rs. 1.25 lakhs.

Tax Deducted at Source (TDS) is a mechanism in which the payer deducts tax, before it reaches the recipient. As per the Income Tax Act, 2025, all TDS provisions are consolidated under Section 393, which replaces the scattered sections of the Income Tax Act, 1961.Whether you’re a salaried person, a business owner or a CA, knowing the applicable TDS rate, threshold limit and the right section code would be essential to avoid penalties. If the TDS deducted exceeds your tax liability, you may claim the difference as a refund while filing Income Tax Returns (ITR)If your income is below the taxable threshold, you can submit Form 15G (for individuals below 60 years of age) or Form 15H (for senior citizens) in order to prevent TDS deduction. As per the Income Tax Act 2025, Form 121 has replaced these forms. Form 26A provides a consolidated view of all TDS against your PAN during a financial year. As per the Income Tax Act 2025, Form 149 has been introduced as replacement for Form 26A. TDS Rates for Residents*-Section numbers as per Income Tax Act, 1961 are provided only for reference purposes.Section*Nature of TransactionThreshold Limit (Rs) TDS Rate (%)192SalaryBasic exemption limit of employeeSlab rates192APremature withdrawal from EPFRs. 50,00010%193Interest on SecuritiesRs.

The new tax regime offers beneficial slab rates but limited tax-saving deductions. However, with a prudent tax strategy, the tax payable can be brought to zero, even for a salary level of ₹ 20 lakhs, under the new regime.Tax Saving Options under a Salary level of Rs 20 lakhsCar Leasing OptionWhen your employer provides a car leasing policy, and you opt for it, the zero tax option for an income level of ₹ 20 lakhs is available under the new regime as well. Through the car leasing policy, the employer leases a car from a car leasing company, and deducts the lease rent from your gross salary. This way, even when the car is technically owned by the car leasing company or the employer, you can be the beneficial owner and enjoy tax benefits from them. The perquisite value of the car is provided below:Engine CapacityExpenses Met By Employer (Partly Official + Partly Personal Use)Chauffeur ProvidedUp to 1.6L₹5,000 per monthAdd ₹3,000 per monthAbove 1.6L₹7,000 per monthAdd ₹3,000 per monthUsually, the perquisite value mentioned above will be used in tax calculation, since the car provided by the employer is often used for both official and personal purposes, and expense here is fully met by employer. When driver is not provided, ₹3,000 is ignored.However, since the employer provides you with a car, it is treated as a perquisite, and gets added to your taxable salary.