Aug 10
Income Tax Act Introduces Relief for Qualifying Internal Reorganisations
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Income Tax Act Introduces Relief for Qualifying Internal Reorganisations
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Compare Section 115BAC and Section 202 under the Income Tax Act 2025. Learn key differences, tax slabs, deductions and new tax regime rules.
Section 115BAC vs Section 202
From 1 April 2026, the Income Tax Act, 2025 replaces the 1961 Act and moves the new tax regime from Section 115BAC to Section 202. The structure remains largely the same, it continues as the default regime with identical progressive tax slabs and the same restrictions on major deductions like 80C, 80D, and HRA. The key changes are the new section number and simplified terminology, replacing “Previous Year” and “Assessment Year” with “Tax Year.” Tax slabs under Section 202 start from Nil up to ₹4 lakh and go up to 30% above ₹24 lakh. A clear comparison of the old and new provisions is covered in detail.
Equity LTCG tax has not been removed.
The recent exemption applies only to eligible FPI investments in specified government securities, not to listed equities.
For Indian equities, the existing 12.5% LTCG tax continues to apply, subject to applicable rules and exemptions.
The key is to understand the asset category before reacting to a tax headline.
Finance Act 2026 Renews Tax Amnesty and Eases Access for Foreign Investors
Relief for Lenders: High Court Clarifies Tax Deductibility of Expenses and Bad Debts
#BeintheKNow #KNLawLLP #TaxUpdate #KenyaLaw #FinancialServices #TaxRelief #BusinessCompliance
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India Tax System Big Change from April 2026 | What You Must Know
India’s Tax System is Changing from April 2026! India’s tax system is entering a simpler & more transparent phase — and it’s a big shift you shouldn’t ignore. 💡 What’s changing? Lower tax rates with fewer exemptions Simplified filing with pre-filled returns & AIS-backed data Faster processing with fewer errors Greater transparency in income reporting
What this means for you: If you want less hassle & easier filing, the new system is a win. But if you rely heavily on deductions like HRA, 80C, etc., it’s time to rethink your tax strategy. 🎯 The direction is clear: Less complexity. More clarity. 👉 Follow Surence Solution for simple, practical insights on finance, taxes & smart money decisions. 🌐 www.surencepvtltd.com
Hot IRS Update: No Tax on Overtime 💰
Big news most workers are still missing 👇
Under the One Big Beautiful Bill Act, you can now deduct: ✔️ Up to $12,500 (individuals) ✔️ Up to $25,000 (joint filers)
📅 Applies for tax years 2025–2028 👉 Meaning it impacts your 2025 return due April 15
What you should do NOW: • Check your W-2 (Box 1 taxable wages) • Verify overtime is correctly reported • File Schedule 1-A to claim your deduction
⚠️ Important: IRS flagged errors in overtime reporting by employers — don’t skip checking your W-2!
At Mukesh Thakur, we’re reviewing W-2s to catch these mistakes before it’s too late.
💬 Got questions? DM us anytime.
#TaxUpdate #OvertimePay #IRS #TaxSavings #FinanceTips #TaxSeason #W2 #MoneyMatters
With the UAE moving towards mandatory e-invoicing by July 2026, businesses are expected to align their invoicing systems with Federal Tax Authority (FTA) requirements.
Recent discussions highlight increased focus on real-time reporting, system readiness, and structured invoice data. Non-compliance may lead to penalties and operational challenges.
This infographic provides a quick overview of risks, penalties, and compliance steps.
🔗 https://covoro.ai/uae/e-invoicing-non-compliance-in-the-uae/
