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Unlearn, Relearn, Re-cite: A Practitioner’s Section Finder for the Income-tax Act, 2025

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  Unlearn, Relearn, Re-cite: A Practitioner’s Section Finder for the Income-tax Act, 2025 I qualified as a Chartered Accountant in 2012. Between 2008 and 2011, during my CA curriculum, I learnt the Income-tax Act, 1961 section by section: 15 to 17 for salary, 22 to 27 for house property, 28 to 44DB for business, 45 to 55A for capital gains, and Chapter VI-A for deductions. Those numbers became second nature over fourteen years of practice. With the Income-tax Act, 2025 now in force, it is time to unlearn and relearn. A basic reading shows the concepts are largely the same, but the format, the numbering and the arrangement are new. This post is my first step: a map of where each familiar concept now sits. "The law has not changed its soul, only its address. Section 80C is now section 123; section 143 is now section 270. The concepts stay, the citations move." The New Act at a Glance The Income-tax Act, 2025 came into force on 1 April 2026 (section 1(3)) and replaces the Income...
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Undisclosed Foreign Assets? A One-Time Disclosure Window Is Open

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📌 Undisclosed Foreign Assets? A One-Time Disclosure Window Is Now Open FAST-DS 2026: A Practical Guide for Taxpayers with Undisclosed or Unreported Foreign Assets The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) offers a one-time opportunity for eligible taxpayers to regularise specified foreign-asset and foreign-income disclosure defaults. The Scheme is contained in Chapter IV, Sections 130 to 144 of the Finance Act, 2026 , read with the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 . ⏰ The Window Is Strictly Time-Bound Particulars Details Scheme commencement 16 August 2026 Last date for declaration 31 December 2026 Valuation date 31 March 2026 Mode of filing Electronic Prescribed authority Principal DGIT (Systems) / DGIT (Systems) No declaration can be filed after 31 December 2026 . The fair market value of assets proposed to be declared must generally be determined with reference to 31 March 2026 . What Exactly Does FAST-DS 2026 Cove...
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Navigating Section 44AD: A Strategic Tax Roadmap for Small Businesses (FY 2025-26)

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  Navigating Section 44AD: A Strategic Tax Roadmap for Small Businesses (FY 2025-26) For small businesses aiming for growth, the Income Tax Act provides a powerful tool to simplify compliance: Section 44AD . This scheme allows eligible businesses to focus on operations rather than complex accounting . Here is a point-to-point breakdown of how to leverage this scheme effectively for the 2025-26 financial year. 1. Who is Eligible to Apply? Qualified Applicants: The scheme is available to Resident Individuals, Resident HUFs, and Resident Partnership Firms (specifically excluding LLPs) . Excluded Businesses: You cannot opt for this scheme if you are engaged in Commission/Brokerage, Agency businesses , or professions covered under Section 44ADA . 2. Turnover Limits & The Digital Incentive The scheme offers a higher threshold for businesses that embrace financial discipline and digital transparency . Normal Case: The maximum turnover limit is ₹2 Crore . Digital Incentive: If you...
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