MISTY
UNDER CONSTRUCTION
INCOME TAX - FY 2025-26
INCOME TAX - FOR FY 2025-26 (AY 2026-27)- CURRENT FOR ITR JUL-26 This post is in continuation of our last post CLICK HERE TO OPEN . For Financial Year 2025-26 (AY 2026-27), the New Tax Regime (Section 115BAC) remains the default option, featuring lower tax rates but no deductions. Income up to ₹4 lakh is tax-free, with a rebate under Section 87A making income up to ₹12 lakh effectively tax-free. The ₹75,000 standard deduction applies for salaried individuals/Pensioners. For the Family pensioners opting for NEW REGIME the deduction under Sec 57(III) has been increased from 15000 to 25000 or 30% of Family pension which ever is lower. The New Regime has further been made more attractive and beneficial for a larger segment of Middle Class Tax payers. As regards the choice of OLD Vs NEW one need to specifically calculate the payable taxes under both regimes after taking into consideration the entitled deductions in the REGIMES. No thumb Rule can be made for this as the balance tilt...
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