New tax regime
Provides the default concessional slab system for individuals, subject to the conditions and deductions allowed under the regime.
Practical point: Compare the applicable financial-year slabs and rebate rules before choosing a regime.
PRACTICAL REFERENCE LIBRARY
Search frequently used tax and GST provisions.
Quickly find a section by number or topic. Each card is a short starting point—open the current Act, rules and notifications before relying on it.
Resident individual rebate
A tax rebate may be available to an eligible resident individual when total income stays within the prescribed regime-specific threshold.
Practical point: Rebate is applied to tax, not deducted from income, and special-rate income may need separate review.
Listed-equity capital gains
Special rates apply to qualifying short-term and long-term gains on listed equity and equity-oriented units where statutory conditions are met.
Practical point: Check transfer date, holding period, STT conditions and annual LTCG threshold.
Presumptive income for professions
Eligible specified professionals can offer the prescribed portion of gross receipts as income, subject to eligibility and turnover conditions.
Practical point: Profession type, digital-receipt condition and lower-profit claims need careful verification.
Virtual digital assets
Income from transfer of a virtual digital asset is taxed under a special framework with restricted deductions and loss set-off.
Practical point: Keep exchange statements, acquisition cost and transaction-level records.
Conditions for input tax credit
ITC is subject to documentary, receipt, supplier-reporting, tax-payment and return-filing conditions prescribed by law.
Practical point: Reconcile books, invoices and GSTR-2B before claiming credit.
Blocked input tax credit
Credit is restricted for listed inward supplies unless a specific exception applies.
Practical point: Do not decide from the expense name alone; test the exact supply, use and exception.
Zero-rated supply under LUT
Eligible exporters may furnish LUT and make zero-rated supplies without payment of integrated tax, subject to prescribed conditions.
Practical point: LUT validity, export documents and receipt of consideration must be monitored.
Late fee for delayed returns
Late fee arises for failure to furnish specified returns or statements within the prescribed time.
ALT-X analysis: Read our detailed article on the legal route for GSTR-1 late-fee recovery.
Payments to contractors
TDS can apply to payments for carrying out work under a contract when payer and threshold conditions are met.
Practical point: Rate depends on payee category; PAN and lower-deduction certificates can affect deduction.
Professional and technical fees
Payments for specified professional or technical services, royalty and certain director payments can attract TDS.
Practical point: Correctly classify professional versus technical service before selecting the rate.
Deduction for eligible startups
An eligible DPIIT-recognised startup may claim a profit-linked deduction for the prescribed period, subject to approval and statutory conditions.
Practical point: DPIIT recognition by itself does not automatically complete the tax-exemption process.