Comprehensive tax information, processes, and detailed workflows
The Income Tax Bill 2025 (effective 1 April 2026) replaces the 1961 Act with simplified language and restructured sections. Here are the critical changes every taxpayer and business must know:
"Previous Year" replaced by "Tax Year" (1 April – 31 March). 536 sections condensed to 536 clauses with clearer language. Assessment Year concept eliminated.
₹0–4L Nil | ₹4–8L @5% | ₹8–12L @10% | ₹12–16L @15% | ₹16–20L @20% | ₹20–24L @25% | Above ₹24L @30%. Standard deduction ₹75,000. No tax up to ₹12L (rebate u/s 87A).
TDS on rent raised to ₹6L threshold. TCS on foreign remittance: ₹10L limit before 20% applies. Section-wise consolidated rates for all deductors.
LTCG at 12.5%. STCG on listed at 20%. 12-month holding for listed securities, 24 months for unlisted. Indexation removed; grandfathering applies.
Table-based penalty structure. Faceless assessment codified. VDA taxed at 30%. File Form 10-IEA before due date to switch regime.
KNOW THE CHANGE. PLAN THE NEXT STEP.
Comprehensive tax rate tables as per the Indian Constitution — covering Income Tax Act 2025, GST Act, Professional Tax (PTRC & PTEC), VAT, and Customs Act with relevant Article & Section references.
| Income Slab (₹) | Tax Rate | Section Reference |
|---|---|---|
| 0 – 4,00,000 | Nil | Sec 143(1) |
| 4,00,001 – 8,00,000 | 5% | Sec 143(2) |
| 8,00,001 – 12,00,000 | 10% | Sec 143(3) |
| 12,00,001 – 16,00,000 | 15% | Sec 143(4) |
| 16,00,001 – 20,00,000 | 20% | Sec 143(5) |
| 20,00,001 – 24,00,000 | 25% | Sec 143(6) |
| Above 24,00,000 | 30% | Sec 143(7) |
| Category | GST Rate | Examples |
|---|---|---|
| Essential Goods | 0% (Exempt) | Fresh milk, vegetables, grains, salt, books |
| Common Use Goods | 5% | Sugar, tea, edible oil, medicines, coal |
| Standard Goods | 12% | Butter, ghee, mobiles, sewing machines |
| Most Services & Goods | 18% | IT services, financial, telecom, restaurants (AC) |
| Luxury & Demerit | 28% | Cars, tobacco, aerated drinks, cement |
| Composition — Manufacturers/Traders | 1% | Turnover up to ₹1.5 Crore |
| Composition — Restaurants | 5% | Turnover up to ₹1.5 Crore |
| Composition — Service Providers | 6% | Turnover up to ₹50 Lakh |
| Monthly Salary (₹) | Tax Per Month (₹) | Remarks |
|---|---|---|
| Up to ₹7,500 | Nil | Exempt |
| ₹7,501 – ₹10,000 | ₹175 | Per month |
| Above ₹10,000 | ₹200 (₹300 in Feb) | Max ₹2,500/year |
| Category | Annual Tax (₹) | Due Date |
|---|---|---|
| Professionals (CA, Lawyer, Doctor, etc.) | ₹2,500 | 30th June |
| Businesses / Self-employed | ₹2,500 | 30th June |
| Companies & Firms | ₹2,500 | 30th June |
| Item Category | VAT Rate | Applicability |
|---|---|---|
| Petrol (Unbranded) | 25% + ₹10.12/L | State VAT — Maharashtra |
| Diesel (Unbranded) | 21% + ₹3/L | State VAT — Maharashtra |
| Aviation Turbine Fuel | 25% | State VAT |
| Natural Gas | 13.5% | State VAT (varies by state) |
| Crude Oil | Varies | State-specific rates |
| Liquor (IMFL) | Varies (State excise + VAT) | State Excise & VAT combined |
| Duty Type | Rate | Section / Basis |
|---|---|---|
| Basic Customs Duty (BCD) | 0% – 150% | Sec 12 — First & Second Schedule |
| Social Welfare Surcharge (SWS) | 10% on BCD | Finance Act, 2018 |
| IGST on Imports | 5% / 12% / 18% / 28% | Sec 3(7) — as applicable |
| Agriculture Infrastructure Cess | Varies (up to 35%) | Finance Act 2021 |
| Anti-Dumping Duty | As notified | Sec 9A — case-specific |
| Safeguard Duty | As notified | Sec 8B — temporary protection |
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Consolidated 4 labour laws into one code. Updated definition of 'wages' (50% threshold rule). Applicability to all establishments. Floor wage notifications, overtime rules & compliance calendar for every employer.
Applicability: 20+ employees. Contribution: 12% each (employer & employee) on Basic+DA. Wage ceiling ₹15,000. Higher pension option, auto-transfer via UAN, online ECR filing.
Applicability: 10+ employees, wage limit ₹21,000/month. Employer 3.25%, Employee 0.75%. Coverage extended to all districts. Medical, sickness, maternity & disablement benefits.
194A (Interest) 10% above ₹40K | 194C (Contractors) 1%/2% | 194H (Commission) 5% | 194I (Rent) 2%/10% above ₹6L | 194J (Professional) 10% | 194Q (Purchase) 0.1% above ₹50L.
Business-wise applicability: ₹20L threshold (₹10L special category). Composition scheme ₹1.5Cr. GSTR-1/3B/9 timelines. ITC matching, e-invoicing above ₹5Cr, RCM provisions.
Registration: Turnover <₹12L (Basic). State License: ₹12L–20Cr. Central: >₹20Cr. Latest portal updates, FoSCoS online process, hygiene rating & renewal criteria.
End-to-end payroll processing with software guidelines. CTC structuring, salary breakup, PF/ESI/PT/MLWF deductions, Form 16 generation & full-and-final settlement.
Registration (SPICe+/AGILE-PRO) → DIN/DSC → MOA/AOA → Incorporation → Annual Compliance → Board Meetings → AGM → RoC Filing.
Brand name selection → TM search → Application (TM-A) → Vienna coding → Examination → Objection → Advertisement → Registration.
Maharashtra Labour Welfare Fund: Employee ₹25 + Employer ₹75 per half-year (June & December). Online payment via MLWF portal.
Updated categories: Micro (Investment <₹1Cr, Turnover <₹5Cr) | Small (<₹10Cr, <₹50Cr) | Medium (<₹50Cr, <₹250Cr). Benefits: Priority lending, lower interest.
Shop & Establishment Act: Registration within 30 days. Drug License: Categories (retail/wholesale/manufacturing). 100% end-to-end support.
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Stay compliant — never miss a filing deadline. File on time. Stay compliant. Grow your business.
| Due Date | Filing / Compliance | Applicable Act | Remark |
|---|---|---|---|
| 7th monthly | TDS/TCS payment | Income-tax Act — all deductors | Interest 1% per month for delay in deduction; 1.5% per month for delay in payment, plus late fee/penalty as applicable. |
| 10th monthly | GSTR-8 | CGST Act — e-commerce operators | Late fee generally ₹200/day, subject to statutory caps; interest may apply on tax payable. |
| 11th monthly | GSTR-1 | CGST Act — regular taxpayers | Late fee generally ₹50/day, or ₹20/day for nil return, subject to applicable caps; interest on delayed tax. |
| 13th monthly | GSTR-1 IFF | CGST Act — quarterly QRMP taxpayers | Late fee may apply for delayed invoice furnishing; interest applies where tax payment is delayed. |
| 15th monthly | EPF and ESI contribution | EPF Act / ESI Act — covered employers | EPF damages and interest under the EPF scheme; ESI interest 12% per annum plus damages for delayed contribution. |
| 20th monthly | GSTR-3B | CGST Act — regular taxpayers | Late fee generally ₹50/day, or ₹20/day for nil return, subject to caps; interest generally 18% per annum on delayed tax. |
| 22nd / 24th monthly | GSTR-3B under QRMP | CGST Act — quarterly filers | Late fee and interest apply for delayed filing or tax payment; due date depends on the State/Union Territory group. |
| 25th monthly | PMT-06 tax payment | CGST Act — QRMP taxpayers | Interest generally 18% per annum for delayed tax payment, subject to applicable relief. |
| 30th monthly | GSTR-5 / GSTR-6 | CGST Act — non-resident taxpayers / ISD | Late fee generally ₹50/day, nil-return relief may apply; interest on delayed tax payment. |
| 31st monthly | Professional Tax / PT return | State Professional Tax law — registered employers | State-wise late fee, interest and penalty apply; Maharashtra dates depend on enrolment/registration type. |
| 15 June, 15 Sept, 15 Dec, 15 Mar | Advance tax: 15%, 45%, 75%, 100% | Income-tax Act — companies and taxpayers liable to advance tax | Interest under sections 234B/234C for deferment or short payment; penalty may apply for non-compliance. |
| 30 Sept / 31 Oct | Tax audit report and ITR | Income-tax Act — audit cases, companies and firms | Late filing fee under section 234F up to ₹10,000; interest under section 234A and other provisions may apply. |
| 31 July | Non-audit ITR | Income-tax Act — individuals/HUF not subject to audit | Late filing fee under section 234F up to ₹10,000 and interest under section 234A where tax remains payable. |
| 30 Nov | Transfer pricing report / ITR | Income-tax Act — international or specified domestic transactions | Penalty for failure to report under section 271BA and interest/late fee for delayed return. |
| 30 Nov | MCA annual return and financial statements | Companies Act — companies | Additional MCA fee generally ₹100/day of delay, plus director/company penalties as applicable. |
| Within 60 days of FY end | LLP Form 11 annual return | LLP Act — LLPs | Additional fee generally ₹100/day of delay, with further penalties for continued non-compliance. |
| Within 30 days of AGM | Company annual financial filing | Companies Act — companies | Additional MCA fee generally ₹100/day until filing; statutory penalties may also apply. |
| 30 June / 31 Dec | MLWF contribution | Maharashtra Labour Welfare Fund Act | Late payment interest, recovery and penalty may apply under Maharashtra rules. |
| As notified by State | Shop & Establishment renewal / returns | State Shops and Establishments Act — all establishments | State-wise late fee and prosecution/penalty may apply; retain registers and notices. |
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