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Classification of Income 

1.Salaries 

2.Income from House  

3.Gains from Business  

4.Capital Gains 

5.Income from Other Sources

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Individuals Income tax  slab rate : 

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Tax Rates for Companies 

Domestic Companies 

Co-operative Societies 

22% concession claiming deductions

25% for manufacturing comp

15% for new manufacturing  comp.

22% concession claiming deduction

15% for new manufacturing co-ops

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Special Provisions  

Unexplained credits, investments, assets, or expenditures will be taxed at a steep 60% rate

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Special Tax Regimes 

2.Pass-through entities such as venture capital funds

Separate Taxation Rules:-

3.Shipping businesses through the Tonnage Tax

1.Non-residents and foreign companies

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Deductions  

1.Life insurance premium

2.Contributions to provident funds

3.Health insurance premiums

4.Medical treatment for disabled dependants

5.Interest on loans -higher education, house property, and EVs

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Fully Exemption:-

1.Agricultural income

2.Specified life insurance payouts

3.Provident fund withdrawals

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Capital Gains:-

A. Separate rules for short-term and long-term gains

B. Special provisions for depreciable assets,  Debentures, slump sales

C. Exemptions for reinvestment in residential properties

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NewTax Administration

Faceless assessment

Simplified return filing

Mandatory PAN–Aadhaar linking

Electronic payment facilities for businesses

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Transitional Provisions

Income-tax Act, 1961 to apply April 1, 2026

Losses and tax credits under the old law can be carried forward into the new system

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