Tax & ITR

STT on F&O hiked 60% from 1 Oct 2024: options 0.0625% to 0.1%, futures 0.0125% to 0.02%. Real cost impact for active traders, deductibility, offset strategies.

Income Tax Act 2025 replaces 1961 Act effective FY 2026-27. Tax Year concept, plain language, 536 sections vs 819. What stays + what changed.

Salary perquisites tax India: rent-free accommodation, company car, club, ESOPs, mobile, free meals, gifts. Valuation under Rule 3, tax-free items, Form 12BA.

Income tax refund tracking India: process, timeline 3-8 weeks, bank pre-validation, common delays, Section 244A interest, Section 154 rectification, e-Nivaran escalation.

F&O is non-speculative business income; intraday equity is speculative. Both filed in ITR-3 at slab rates. Loss set-off rules, tax audit thresholds, examples.

Presumptive taxation 44AD (small business), 44ADA (professionals 50 percent), 44AE (transport). Turnover limits, lock-in, no books, no audit, ITR-4 Sugam.

LTA Leave Travel Allowance India: claim twice per 4-year block, domestic only, travel fare exempt. Block 2022-2025 + 2026-2029, carry-forward, worked example.

Section 80DD (dependent disability), 80U (self disability), 80DDB (specified illnesses): fixed and actual-expense deductions, eligibility, documentation, old regime only.

Capital Gains Account Scheme: park property sale proceeds for Section 54/54F reinvestment exemption. Two account types, withdrawal rules, worked example.

Senior citizen tax benefits FY 2026-27: Rs 3L exemption (Rs 5L super seniors), 80TTB Rs 50K, 80D Rs 50K, no advance tax, SCSS, simpler ITR.

Section 80G charitable donations: 50 or 100 percent deduction. 80GGA scientific research. 80GGC political party. Rs 2,000 cash limit. Old regime only.

Section 194-IB requires tenants paying rent above Rs 50K/month to deduct 5% TDS. Form 26QC, Form 16C, deadlines, penalties, HRA connection.