Quick Summary
The Income-tax Act, 2025 has introduced a new statutory framework for determining taxable income from Tax Year (TY) 2026-27 onwards. With the transition to the new Act, taxpayers need to understand the allowances, deductions and exemptions available under different heads of income. The Income Tax Department has published a category-wise document outlining the allowances available to different categories of taxpayers for TY 2026-27, incorporating amendments made by the Finance Act, 2026. The doc
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
From Tax Year 2026-27 onwards, taxable income will be determined under the new statutory framework introduced by the Income-tax Act, 2025.
The available benefits cover income from salaries, house property, business or profession, capital gains, and income from other sources.
Under the regular tax regime, the standard deduction is £50,000 or the amount of salary, whichever is lower. Under the alternative tax regime, it is £75,000 or the amount of salary, whichever is lower.
Yes, for self-occupied property, the deduction can be up to £2 lakh for acquisition/construction or £30,000 for repair/renewal. For let-out property, actual interest paid is deductible, with pre-construction interest claimable over five years.
If an asset is acquired and used for less than 180 days in a tax year, depreciation is restricted to 50% of the otherwise allowable amount.
Yes, various exemptions are available for capital gains, including those from the transfer of residential property, investment in new residential properties or bonds, and shifting industrial undertakings.
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