New Income Tax Form Numbers 2026: Quick Guide for Banks
India’s Income Tax Department has released draft rules for 2026, renumbering key forms under the new Income-tax Act, 2025, effective April 1, 2026. This structural update simplifies form references without altering core compliance requirements. Key Form Renumbering The table below maps select old forms to their new numbers as per the draft Income-tax Rules, 2026,…
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Start-up Income Tax Exemptions: Unlocking Financial Benefits for Indian Entrepreneurs
The Government of India’s Startup India initiative offers a powerful financial incentive under Section 80-IAC of the Income Tax Act—a 100% income tax deduction on profits for eligible startups. This exemption applies for three consecutive financial years within the first ten years of incorporation, significantly easing the tax burden on young ventures and boosting their…
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Breaking from Parliament – The Income-Tax (No. 2) Bill, 2025 Passed in Lok Sabha
After more than six decades, India bids farewell to the Income-tax Act, 1961. On August 11, 2025, the Lok Sabha passed the Income-Tax (No. 2) Bill, 2025, marking the most sweeping tax reform in generations. The Bill—shaped by 285 recommendations from the Parliamentary Select Committee led by MP Baijayant Panda—promises **S.I.M.P.L.E.** compliance: *Streamlined, Integrated, Minimized…
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Government Withdraws Income-Tax Bill, 2025; Revised Draft to be Introduced on August 11
The Government of India has formally withdrawn the Income-Tax Bill, 2025, which was introduced in the Lok Sabha on February 13, 2025, to replace the six-decade-old Income-Tax Act, 1961. A revised draft, incorporating the recommendations of the Select Committee chaired by BJP MP Baijayant Panda, is scheduled to be presented in the House on August…
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Income Tax deduction and rebate available on Housing Loan
For the FY 2020-21, Salaried individuals, who have no business income, have the option to choose between the old (existing) and new tax regimes u/s 115BAC as per their convenience. There are different types of income allowed as deduction while computing the income chargeable under the old rule. There are different Sections of the Income…
Estate Planning in India: Structuring Wills, Trusts, and Understanding Tax Implications
IntroductionEstate planning involves the strategic organization and management of an individual’s assets to ensure an orderly transfer upon their incapacitation or death. The primary objectives of estate planning include preserving wealth, minimizing tax liabilities for beneficiaries, and facilitating the seamless distribution of assets. Key tax considerations in estate planning include capital gains tax and income…
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