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new Income Tax Act

Standard deduction, HRA exemption, and leave encashment exemption continue under the new act. The new tax regime (lower rates, fewer deductions) remains the default. Section 80C investments (PPF, ELSS, insurance) and Section 80D (health insurance) continue with the same limits. Key change: section numbers have been reorganised, but the tax calculation remains the same.

Business income computation rules (previously Sections 28-44) have been consolidated and reorganised. Presumptive taxation schemes (44AD, 44ADA, 44AE) continue with new section numbers. Depreciation rules, capital gains treatment, and TDS obligations remain substantively the same. The new act simplifies cross-referencing between related provisions.

Residential status determination and taxation rules for non-residents remain unchanged in substance. DTAA provisions, TDS on payments to non-residents, and the scope of income deemed to accrue in India continue. Section 195 (TDS on non-resident payments) has a new section number but the same compliance requirements.

Startup tax benefits (previously Section 80-IAC) continue under the new act. DPIIT-recognised startups retain their 3-year tax holiday. Angel tax provisions, ESOP taxation rules, and carry-forward of losses for eligible startups remain the same. The new act consolidates startup-related provisions for easier reference.

HUF taxation provisions continue under the new act. HUFs remain a separate taxable entity with their own PAN, return filing, and deduction eligibility. The old tax regime slabs for HUFs remain the same as for individuals. Deductions under 80C, 80D, and other sections continue to be available to HUFs. The partition and dissolution provisions have been reorganised but remain substantively unchanged.

Partnership firms and LLPs continue to be taxed at a flat rate of 30% plus surcharge and cess. The presumptive taxation option under Section 44AD (turnover up to Rs 2 crore) continues for eligible firms. Remuneration and interest to partners remain deductible subject to the same limits specified under the old Section 40(b). The new act reorganises these provisions but does not change the rates or limits.

The registration and compliance framework for charitable trusts and NGOs (previously Sections 11, 12, 12A, 12AB, and 80G) has been consolidated under the new act. The requirement for fresh registration under the new regime continues. Trusts must still apply 85% of income for charitable purposes. The new act consolidates scattered provisions into a dedicated chapter on non-profit organisations, making compliance requirements easier to follow.