Section-by-Section Reference

Section 80C allows a deduction up to ₹1,50,000 in aggregate for specified investments and payments such as LIC premium, PPF, EPF, ELSS, principal repayment of housing loan, tuition fees and Sukanya Samriddhi.

Section 80D allows individuals and HUFs to claim a deduction for health insurance premium and preventive health check-up — up to ₹25,000 for self, spouse and dependent children, with an additional ₹25,000 (₹50,000 for senior citizens) for parents.

Section 80G allows a deduction for donations to specified funds and approved charitable institutions — either 100% or 50% of the donation, with or without a qualifying limit of 10% of adjusted gross total income.

Section 87A gives resident individuals a rebate that cancels out tax on incomes up to a specified threshold — ₹12,00,000 under the default new regime and ₹5,00,000 under the old regime.

For AY 2026-27 the default new regime under Section 115BAC(1A) has revised slabs beginning with nil tax up to ₹4 lakh, a Section 87A rebate up to ₹60,000 for eligible resident individuals with total income up to ₹12 lakh, and a standard deduction up to ₹75,000 for salary or pension income.

Section 44AD presumes income at 8% (6% for digital receipts) of turnover for eligible resident small businesses with turnover up to ₹3 crore (where cash receipts do not exceed 5% of total receipts).

Section 44ADA presumes income at 50% of gross receipts for resident professionals with gross receipts up to ₹75 lakh (where cash receipts do not exceed 5% of total receipts).

Clause (h) of Section 43B disallows deduction for sums payable to a Micro or Small enterprise beyond the time-limit specified in Section 15 of the MSMED Act, 2006 (45 days where there is a written agreement, otherwise 15 days) — allowed only in the year of actual payment.

Covered AY 2026-27 tax-audit reports are due 21 October 2026, under CBDT Circular No. 07/2026. This is limited to the Table Sl. 2 category, not all taxpayers.

Section 194C requires TDS at 1% (individual/HUF payee) or 2% (other payees) on payments to contractors when a single payment exceeds ₹30,000 or aggregate annual payments exceed ₹1,00,000.

Section 194J requires TDS on professional and technical fees — 10% on professional fees and most royalties, 2% on technical services, film royalty and call-centre payments — once FY 2025-26 payments cross ₹50,000 per category (no threshold for director fees).

Section 194A requires TDS at 10% on interest other than interest on securities. For FY 2025-26 the threshold is ₹50,000 (₹1,00,000 for senior citizens) for banks, co-operative banks and post offices, and ₹10,000 in other cases.

Section 194-I requires TDS on rent at 10% for land/building/furniture and 2% for plant and machinery. For FY 2025-26 the threshold is ₹50,000 per month or part of a month.

Section 194Q requires buyers with turnover above ₹10 crore to deduct TDS at 0.1% on the value of goods purchased from a seller in excess of ₹50 lakh in a financial year.

Section 194R requires TDS at 10% on the value of any benefit or perquisite (whether in cash or kind) provided to a resident arising from business or profession, where aggregate value in a year exceeds ₹20,000.

Section 54 exempts long-term capital gains arising on transfer of a residential house if the gain is invested in another residential house in India within prescribed time-limits, capped at ₹10 crore.

Section 54F exempts long-term capital gains from sale of any asset (other than a residential house) if the net consideration is reinvested in one residential house in India, subject to a ₹10 crore cap.

Section 10(13A) read with Rule 2A exempts House Rent Allowance to the extent of the least of actual HRA, rent paid minus 10% of salary, or 50%/40% of salary (metro/non-metro).

Covered AY 2026-27 ITR deadline extended to 21 November 2026; audit report to 21 October 2026, under CBDT Circular No. 07/2026 dated 28 September 2026. The extension is limited to the Table Sl. 2 category.

Section 143(1) provides for processing of returns by CPC and issue of an intimation showing income computed, tax payable or refund, after specified prima-facie adjustments.

Section 148 read with Section 148A governs reopening of completed assessments. A show-cause must be issued under 148A before any 148 notice, with extended time-limits where the escaped income is ₹50 lakh or more.

Section 234F levies a fee of ₹5,000 for filing the return after the due date u/s 139(1), reduced to ₹1,000 where total income does not exceed ₹5 lakh.

Sections 234A, 234B and 234C levy interest at 1% per month for late filing of return, shortfall of advance tax, and default in payment of quarterly advance-tax instalments respectively.