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Tax Publishers Direct Taxes Ready Reckoner Updated Upto Finance Act 2026 Edition 2026
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Tax Publishers Direct Taxes Ready Reckoner Updated Upto Finance Act 2026 Edition 2026
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Tax Publishers Direct Taxes Ready Reckoner Updated Upto Finance Act 2026 Edition 2026
Subjectwise Contents
[Updated upto Finance Act, 2026]
| Cross Reference Tables for Rules & Forms and Repeal Savings Provision | ||
| 1. | Navigator Income Tax Rules, 2026 | xxxiii |
| 2. | Navigator Income Tax Forms | xlv |
| 3. | Repeal and Savings Provision | lvi |
| Section A — Amendments by the Finance Act, 2026 | ||
| Income Tax Act, 1961 | 1 | |
| Section B — Ready Referencer | ||
| A. | Tax Rates for Assessment Year 2026-27 and Tax year 2026-27 | 65 |
| B. | Specified Tax Rates Under ITA, 1961 and Under ITA 2025 | 70 |
| C. | TDS Rates [For Tax Year 2026-27] | 77 |
| D. | Rates for Tax Collection at source [For Tax Year 2026-27] | 90 |
| E. | Rates for Minimum Alternate Tax | 92 |
| F. | Tax Rates for Last Ten Assessment Years | 92 |
| G. | Market Rates of Gold and Silver from 31-3-2008 to 31-3-2026 and on 1-4-1981 | 98 |
| H. | TDS Chart | 99 |
| I. | Rates of Depreciation as per Income-Tax Rules, 2026 | 109 |
| J. | Fee Structure for Filing Appeals | 114 |
| K. | Tax Saving Schemes | 114 |
| L. | Accrued Interest on NSC (VIII Issue) | 119 |
| M. | Tax Calendar for Recurring Work | 120 |
| N. | Audit Reports Under Income Tax Act, 2025 | 128 |
| O. | Withholding Tax Rates Under DTAA | 129 |
| Section C — Basic Concepts | ||
| 1. | Definition of Assessee, Assessment Year, Books of Accounts, Income, Interest, liable to Tax, Manufacture, Maximum Marginal Rate, Person, Tax and Previous Year | 139 |
| 2. | Chargeability of Income, Scope of Total Income and Income deemed to be received | 143 |
| 3. | Residential status [Section 6, corresponding to section 6 of ITA, 2025] | 144 |
| 4. | Income deemed to accrue or arise in India [Section 9, corresponding to section 9 of the Income Tax Act, 2025] | 155 |
| 5. | Income on Receipt of Capital Asset or Stock-In-Trade by Specified Person from Specified Entity [Section 9B corresponding to section 8 of Income Tax Act, 2025] | 170 |
| 6. | Heads of Income [Section 14] | 171 |
| 7. | New taxation regime [Section 115BAC, corresponding to section 202 of Income Tax Act, 2025] | 171 |
| Section D — Exempt Incomes | ||
| 8. | Generally Exempt Incomes [Section 10] | 178 |
| 9. | Taxation of ULIPS and other insurance policies [Section 10(10D) corresponding to Schedule II, Item 2] | 193 |
| 10. | Agricultural Income [Section 2(1A), corresponding to section 2(5) of ITA, 2025] | 202 |
| 11. | Deduction to Units Located in Special Economic Zone [Section 10AA, corresponding to section 144 of ITA, 2025] | 207 |
| Section E — Taxation of Salary Income | ||
| 12. | SalaryMeaning and Chargeability | 211 |
| 13. | Special Receipts Taxable as Salary | 216 |
| 14. | Taxability issues regarding various funds | 227 |
| 15. | Limitation on exemption regarding Interest from Provident Funds [Section 10(11) and 10(12), corresponding to schedule II(3) and (4) of Income Tax Act, 2025] | 230 |
| 16. | Tax Treatment of Allowances | 232 |
| 17. | Perquisites : General [Sections 10(10CC) and 17] | 237 |
| 18. | Valuation of Perquisites [Section 17 r/w rule 3] | 242 |
| 19. | Perquisite and Stock Options [Section 17(2)(vi)] | 264 |
| 20. | Deductions from Salary Income [Section 16, corresponding to section 19 of Income Tax Act, 2025] | 271 |
| 21. | Profits in Lieu of Salary [Section 17(3), corresponding to section 18 of Income Tax Act, 2025 ] | 272 |
| 22. | Individuals Filing ITR As Per New Regime Provided Under Section 115BAC and salary income | 273 |
| 23. | Relief under section 89 r/w rule 21A [Corresponding to section 157 of Income Tax Act, 2025 r/w rule 73 of Income Tax Rules, 2026] | 274 |
| 24. | Relief from Taxation on Income from Retirement Benefit Account Maintained in a Notified Country [Section 89A, corresponding to section 158 of Income Tax Act, 2025] | 276 |
| 25. | Tax Planning and Salary Income | 276 |
| 26. | General Illustrations applicable for assessment year 2026-27 | 278 |
| Section F — Income from House Property | ||
| 27. | Charge of Tax on Income from House Property | 283 |
| 28. | Annual Value of let out Property [Section 23] | 286 |
| 29. | Deductions from Annual Value [Section 24] | 297 |
| 30. | Other Issues [Sections 25, 25A and 26] | 300 |
| 31. | Planning in Respect of Property Income | 302 |
| 32. | Illustrations of income from house property | 303 |
| Section G — Profits and Gains of Business or Profession | ||
| 33. | Business and Business Income | 311 |
| 34. | Rent, Rates, Taxes, Repairs and Insurance [Sections 30 and 31] | 314 |
| 35. | Depreciation allowance and Investment allowance [Sections 2(11), 32, 32AC, 32AD, 43A and 43C] | 316 |
| 36. | Business Deductions in respect of specified businesses/ activities [Sections 33AB to 35E] | 337 |
| 37. | Specific Business Deductions [Section 36 and 94B] | 355 |
| 38. | Disallowance of expenditure Against Exempt Income [Section 14A, corresponding to section 14 of Income Tax Act, 2025] | 365 |
| 39. | Business Expenditure [Section 37(1) & 37(2B), corresponding to section 34 of Income Tax Act, 2025] | 366 |
| 40. | CBDTs clarifications as to allowability of Certain business expenses [Section 37(1)] | 366 |
| 41. | Special deductions for agents of insurance, mutual funds, etc. | 369 |
| 42. | Amounts not deductible [Sections 40(a) and 40(b)] | 370 |
| 43. | Expenditures not Deductible [Sections 40A and 43B] | 377 |
| 44. | Special Provisions [Sections 41, 43(5), 43AA, 43CA, 43CB, 43D, 44D, 44DA and 44DB] | 388 |
| 45. | Accounts and audit [Sections 44AA and 44ab] | 400 |
| 46. | Presumptive Taxation Schemes | 407 |
| Section H — Capital Gains | ||
| 47. | Chargeability and Capital asset [Sections 2(14) and 45(1)] | 419 |
| 48. | Transfer, Transactions Not Regarded as Transfer and Withdrawal of Exemption from Transfer [Sections 2(47), 47 and 47a] | 422 |
| 49. | Types of Capital assets, Gain and Determination of Period of Holding | 429 |
| 50. | Computation of Capital Gains | 433 |
| 51. | Special Provisions for Computation of Capital Gains Arising from Shares, Units, Zero Coupon Bonds and Market linked debentures, Etc. | 449 |
| 52. | Exemption from capital gain on compulsory acquisition of agricultural land [Section 10(37), corresponding to schedule III(18) of Income Tax Act, 2025] | 460 |
| 53. | Exemption to capital gains arising from transfer of specified capital asset in certain cases [Section 10(37A)] | 461 |
| 54. | Taxation of capital gain in certain specific instances | 462 |
| 55. | Deep Discount Bonds and Strips | 491 |
| 56. | Employees Stock OptionsCapital Gain Tax Implications | 492 |
| 57. | Conversion of Private Company/Unlisted public company into LLP and Tax Consequences | 492 |
| 58. | Deductions from capital gains [Sections 54 to 54H] | 494 |
| 59. | Reference to Valuation Officer [Section 55A, corresponding to section 91 of Income Tax Act, 2025] | 512 |
| 60. | Rates of Capital Gains Tax | 513 |
| Section I — Income from Other Sources, Clubbing of Income, Income from Undisclosed Sources and Set Off and Carry Forward of Losses | ||
| 61. | Income from other Sources | 520 |
| 62. | Taxation of Start-ups [Section 56(2)(viib)] [Relevant upto 31-3-2025] | 546 |
| 63. | Clubbing of Income [Sections 60 to 64] | 548 |
| 64. | Income from Undisclosed Sources [Sections 68 to 69D and 115BBE] | 558 |
| 65. | Set Off and Carry Forward of Losses | 562 |
| Section J — Deductions Under Chapter VI-A | ||
| 66. | General Provisions as to Deduction From Total Income | 596 |
| 67. | Deduction From Total Income Concerning Payments-I Deduction in respect of life insurance premia, deferred annuity, contribution to PF, PPF, subscription to certain equity shares or debentures, etc. [Section 80C, corresponding to Section 123 r/w Schedule XV] | 598 |
| 68. | Deduction from Total Income Concerning Payments-II | 607 |
| 69. | Deduction in respect of Certain Incomes | 635 |
| 70. | Deductions in respect of income from new industries, new hotels and new convention centres | 643 |
| Section K — Specific Tax Entities | ||
| 71. | Individuals | 664 |
| 72. | Hindu Undivided Family [Section 171, corresponding to section 315] | 669 |
| 73. | Assessment of Partnership Firms And Limited Liability Partnership | 671 |
| 74. | Taxation of Association of Persons | 686 |
| 75. | Alternate Minimum Tax (AMT) on Certain assessees Other Than Company [Sections 115JC to 115JF, corresponding to section 206(2) of Income Tax Act, 2025] | 692 |
| 76. | Taxation of Companies, MAT and Dividend Distribution Tax | 696 |
| 77. | Taxation of mutual funds, New Pension System Trust and Securitisation Trust | 719 |
| 78. | Taxation of Charitable Trusts and Exempt Institutions | 720 |
| 79. | Provisions under Income Tax Act, 2025 Dealing with Registered Non-Profit Organisations | 765 |
| 80. | Private Trusts, Oral Trusts, Etc. | 765 |
| 81. | Taxation of Co-operative Societies and producer companies | 768 |
| 82. | Special rate of tax on income from patent and carbon credits | 777 |
| 83. | Tax on income from transfer of virtual digital assets [Section 115BBH, corresponding to section 194 of Income Tax Act, 2025] | 779 |
| 84. | Tax on Winnings from Online Games | 782 |
| 85. | Taxation of Political Parties [Sections 13A, Corresponding to Section 12 r/w Schedule VIII] | 782 |
| 86. | Taxation of Non-Residents | 783 |
| 87. | Foreign Tax Credit [Sections 90, 91 and Rule 128] | 794 |
| 88. | Tonnage tax on shipping companies [Sections 115V to 115VZC, corresponding to section 225 to 235 of Income Tax Act, 2025] | 796 |
| Section L — General Illustrations | ||
| 89. | Partnership Firm assessed as Such and Partners | 801 |
| 90. | Personal Taxation | 802 |
| 91. | Company Taxation | 811 |
| 92. | All assessees : Capital Gains | 816 |
| Section M — Tax Deduction at Source and Tax Collection at Source | ||
| I. | As per Income Tax Act, 1961 [Relevant for assessment year 2026-27] | 817 |
| 93. | Tax Deduction from Salaries [Section 192, Corresponding to section 392 r/w section 402] | 817 |
| 94. | Tax deduction from payment of accumulated balance of Employees Provident Fund due to an employee [section 192A] | 826 |
| 95. | TDS from Interest on Securities [Section 193] | 827 |
| 96. | TDS from Dividends in case of residents [Section 194] | 828 |
| 97. | TDS on Interest (including Recurring Deposit) other than Interest on Securities [Section 194a] | 830 |
| 98. | TDS from Winnings from Lotteries or Crossword Puzzles [Section 194b] | 835 |
| 99. | TDS on Winnings from Online Games [Section 194BA] | 835 |
| 100. | TDS on Winnings from Horse Races [Section 194BB] | 836 |
| 101. | TDS on Payment to Contractors/Sub-Contractors [Section 194C] | 837 |
| A. | Provisions as to TDS under section 194C | 837 |
| B. | CBDTs clarifications regarding applicability of section 194C | 842 |
| C. | Procedural Aspects | 845 |
| 102. | TDS on Insurance Commission [Section 194D] | 845 |
| 103. | TDS on Payments Under Life Insurance Policy [Section 194DA] | 846 |
| 104. | TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194e] | 847 |
| 105. | TDS on Payments in Respect of National Savings Scheme, etc. [Section 194EE] | 848 |
| 106. | TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F, Relevant upto 30-9-2024] | 848 |
| 107. | TDS from Commission on Sale of Lottery Tickets [Section 194G] | 848 |
| 108. | TDS on Commission or Brokerage [Section 194H] | 849 |
| 109. | TDS on Rent Payments [Section 194-I] | 850 |
| 110. | TDS from payment on transfer of certain immovable property other than agricultural land [section 194-IA] | 852 |
| 111. | TDS on Rent Payment by Individual/HUF in Certain Cases [Section194-IB] | 854 |
| 112. | TDS on Payment in Case of Land Development Agreement [Section 194-IC] | 856 |
| 113. | TDS on Payment of Fees for Professional or Technical Services [Section 194J] | 856 |
| 114. | TDS in Respect of Income in Respect of Units [Section 194K] | 860 |
| 115. | TDS from payment of compensation on compulsory acquisition of Immovable Property [Section 194LA] | 860 |
| 116. | TDS on Income by way of interest from infrastructure debt fund [Section 194LB] | 861 |
| 117. | TDS on Certain Income from Units of a Business Trust [Section 194LBA] | 861 |
| 118. | TDS on Income in respect of units of investment fund [Section 194LBB] | 862 |
| 119. | TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC] | 863 |
| 120. | TDS on income by way of interest from Indian company or business trust [section 194LC] | 863 |
| 121. | TDS on Payment Towards Contract, Commission or Brokerage or Fees for Professional Services Paid by Certain IndividualS/HUF [Section 194M] | 864 |
| 122. | TDS on Cash Withdrawals [Section 194N] | 866 |
| 123. | TDS on payment of certain sums by e-commerce operator to e-commerce participant [Section 194-O] | 868 |
| 124. | TDS in Case of Specified Senior Citizens by Banking Companies [Section 194P] | 870 |
| 125. | TDS by Buyer of Goods [Section 194Q] | 870 |
| 126. | TDS on benefit or perquisite in respect of business or profession [Section 194R] | 878 |
| 127. | TDS on Transfer of Virtual Digital Assets [Section 194S] | 880 |
| 128. | TDS from payment to partners of firms [Section 194T, w.e.f. 1-4-2025] | 882 |
| 129. | TDS from payments to non-residents [Section 195] | 882 |
| 130. | No TDS on interest or dividend payable to government or RBI or A corporation [SECTION 196] | 887 |
| 131. | TDS on Income From Units in Case of Non-Residents [Section 196A] | 887 |
| 132. | TDS from payment to offshore fund [Section 196B] | 888 |
| 133. | TDS on Income from FCCB, GDRS [Section 196C] | 888 |
| 134. | TDS on Income of Foreign Institutional Investor from Securities [Section 196D] | 888 |
| 135. | Residuary Provisions Related to TDS and Procedural Aspects | 889 |
| 136. | Furnishing of Quarterly Return in Respect of Payment of Interest to Residents without Deduction of Tax [Section 206A] | 906 |
| 137. | Collection of Tax at Source [Section 206C] | 907 |
| 138. | Fee for defaults in furnishing TDS/TCS statements [Section 234E, Corresponding to sectoin 427] | 920 |
| II. | As per Income Tax Act, 2025 [Applicable from tax year 2026-27] | 920 |
| 139. | TDS and TCS provisions under Income Tax Act, 2025 vis–vis under Income Tax Act, 1961 | 920 |
| 140. | TDS from Salary and Accumulated Balance Due to an Employee [Section 392 of ITA, 2025, Corresponding to Section 192 and 192A of Income Tax Act, 1961] | 921 |
| 141. | TDS on Payments Other Than Salary and Accumulated Balance Due to an Employee [Section 393] | 923 |
| 142. | Tax Collection at Source [Section 394] | 938 |
| 143. | Certificate of Tax Deduction or Tax Collection at Lower Rate or for no Tax Deduction and Issuance of TDS Certificate [Section 395] | 941 |
| 144. | Compliance and Reporting [Section 397] | 942 |
| 145. | Consequences of Failure to Deduct or Pay or Collect or Pay [Section 398, Corresponding to Section 201 of Income Tax Act, 1961] | 947 |
| 146. | Processing of TDS, TCS Statement [Section 399, corresponding to section 200A of Income Tax Act, 1961] | 948 |
| 147. | Power of Central Government to Relax TDS, TCS Provision [Section 400 of Income Tax Act, 2025] | 949 |
| 148. | Definitions of Certain Terms Used for TDS, TCS Provisions [Section 402 of Income Tax Act, 2025] | 949 |
| 149. | Miscellaneous Provisions Relating to TDS, TCS | 955 |
| Section N — Advance Income Tax | ||
| I. | As per Income Tax Act, 1961 | 957 |
| 150. | Payment of advance tax | 957 |
| II. | As per Income Tax Act, 2025 [Applicable from 1-4-2026] | 962 |
| 151. | Advance Tax Instalments [Sections 211, 218 and 219, corresponding to Section 408 to 410 of Income Tax Act, 2025] | 966 |
| Section O — Interest and Fee | ||
| 152. | Interest Related Provisions at a Glance | 966 |
| 153. | Interest Under Section 220 [Corresponding to Section 411 of Income Tax Act, 2025] | 967 |
| 154. | Interest for Defaults in Furnishing Return of Income [Section 234A, Corresponding to section 423 of Income Tax Act, 2025] | 969 |
| 155. | Interest for default in payment of advance tax [Section 234B, corresponding to section 424 of Income Tax Act, 2025] | 972 |
| 156. | Interest for deferment of advance tax [Section 234C, corresponding to section 425 of Income Tax Act, 2025] | 974 |
| 157. | Interest on refund granted under section 143(1) [Section 234D, corresponding to section 426 of Income Tax Act, 2025] | 977 |
| 158. | Common Issues | 978 |
| 159. | Fee payable under income tax act [Sections 234E to 234-I, corresponding to sections 427 to 430 of Income Tax Act, 2025] | 978 |
| 160. | Interest on Refunds [Section 244A, corresponding to section 437 of Income Tax Act, 2025] | 979 |
| 161. | Refund for Denying Liability to Deduct Tax in Certain Cases [Section 239A, corresponding to section 434 of Income Tax Act, 2025] | 981 |
| 162. | Tax Clearance Certificate [Section 230, corresponding to section 420 of Income Tax Act, 2025] | 982 |
| Section P — Penalties | ||
| 163. | Penalties Imposable Under The ActAt a Glance | 986 |
| 164. | Penalty for Under-Reporting or MIS-Reporting of Income [Sections 270A and 270AA, corresponding to section 439 and 440 of Income Tax Act, 2025] | 995 |
| 165. | Common Issues [Sections 273AA, 273B, 274 and 275] | 1001 |
| 166. | Offences and Prosecution [Sections 275A to 280D] | 1003 |
| Section Q — Assessment | ||
| 167. | Return of Income [Section 139, corresponding to section 263 of Income Tax Act, 2025] | 1009 |
| 168. | Self-Assessment tax [Section 140A, corresponding to section 266 of Income Tax Act, 2025] | 1029 |
| 169. | Assessment [Section 143(1), corresponding to section 270 of Income Tax Act, 2025] | 1031 |
| 170. | Faceless assessment [Section 144B, corresponding to section 273 of Income Tax Act, 2025] | 1032 |
| 171. | Reassessment [Section 147 to 151A] | 1040 |
| 172. | Method of Accounting and Income Computation and Disclosure Standards [Section 145, 145A and 145B] | 1048 |
| Section R — Rectification | ||
| 173. | Rectification of Mistake [Section 154, corresponding to section 287 of Income Tax Act, 2025] | 1071 |
| Section S — Miscellaneous | ||
| 174. | Statement of Specified Financial Transaction (SFT) or reportable account [Section 285BA, corresponding to section 508 of ITA, 2025] | 1073 |
| 175. | Statement by Non-residents [Section 285 and 285A] | 1076 |
| 176. | Statement for Furnishing Information Regarding Crypto Asset [Section 285BAA, Corresponding to Section 509 of Income Tax Act, 2025] | 1077 |
| 177. | Annual Statement [Section 285BB, corresponding to section 510 of Income Tax Act, 2025] | 1078 |
| 178. | Cash transactions [Sections 269SS to 269T and section 271D to 271E] | 1078 |
| Section T — Other Direct Taxes | ||
| 179. | Securities transaction tax and income tax treatment of gains from sale of equity shares, etc., at a glance | 1085 |
| 180. | Equalisation levy [Relevant upto 31-3-2025] | 1088 |
| 181. | Foreign assets disclosure scheme 2026 | 1094 |
| Notes on Tax Tables | 1095 | |
| Income Tax & Advance Tax Calculation Tables | ||
| Income Tax & Advance Tax : Individual Below 60 Yrs. OF Age/HUF/ AOP/ BOI : A.Y. 2026-27 & T.Y. 2026-27 | 1103 | |
| Income Tax & Advance Tax : Resi. Individual Equal to or above 60 Yrs. But Below 80 Yrs. : A.Y. 2026-27 & T.Y. 2026-27 | 1114 | |
| Income Tax & Advance Tax : Resident Individual Equal to or Above 80 Years. : A.Y. 2026-27 & T.Y. 2026-27 | 1125 | |
| Income Tax & Advance Tax : Individual/HUF/AOP/BOI/AJP [New Regime] : A.Y. 2026-27 & T.Y. 2026-27 | 1134 | |
| Income Tax & Advance Tax : Firm & Domestic Co. : A.Y. 2026-27 and T.Y. 2026-27 | 1150 | |
| Income Tax & Advance Tax : Firm : A.Y. 2026-27 & T.Y. 2026-27 | 1152 | |
| Income Tax & Advance Tax : Domestic Co. : A.Y. 2026-27 & T.Y. 2026-27 | 1155 | |
| Income Tax & Advance Tax : Co-Operative Society : A.Y. 2026-27 and T.Y. 2026-27 | 1168 | |
| Advance Tax : Foreign Companies : A.Y. 2026-27 & T.Y. 2026-27 | 1167 | |
Additional information
| Weight | 1.3 kg |
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| Binding | |
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