Tax & ITR

How gratuity is taxed in India: government gratuity is fully exempt; private employees get an exemption up to ₹20 lakh under Section 10(10). Formula, 5-year rule and example.

Which salary allowances are tax-free under Section 10(14): conveyance, uniform, travel, daily and transport allowances — including the ones that survive the new tax regime.

Professional tax is a state levy capped at ₹2,500/year. Which states charge it, which do not, how it is deducted, and its old-regime deduction under Section 16(iii).

ITR due dates for AY 2026-27: 31 July for ITR-1/2, 31 August for non-audit business, 31 October for audit cases, and 31 December for belated/revised returns. Plus penalties.

The grandfathering rule protects equity gains made up to 31 January 2018. How the cost-of-acquisition calculation works for pre-2018 shares and mutual funds, with an example.

Gross Total Income vs Net Taxable Income explained: the five heads of income, how GTI is built, Chapter VI-A deductions, and which figure your tax and 87A rebate use.

How surcharge (10%–37%, capped at 25% in the new regime) and the 4% health and education cess add to your income tax, plus marginal relief and the 15% cap on capital gains.

The new regime is the default. How salaried taxpayers switch yearly, and when business/professional income earners must file Form 10-IEA to choose the old regime.

The new tax regime disallows most deductions but a few survive — standard deduction, employer NPS (80CCD(2)), family pension and certain allowances. Full list for FY 2025-26.

Full income tax slabs for FY 2025-26 (AY 2026-27) under both the new and old regimes, with senior-citizen rates, cess, surcharge and worked examples.