VG Mehta Income Tax Ready Reckoner By N V Mehta Assessment Year 2026-27 & Tax Year 2026 – 27 Edition April 2026

VG Mehta Income Tax Ready Reckoner N V Mehta Edition April 2026

VG Mehta Income Tax Ready Reckoner N V Mehta Edition April 2026

This “Income-tax Ready Reckoner” is based on the Income-tax Act, 2025, as amended by the Finance Bill,2026 as passed by the Lok Sabha. As the Income-tax Rules, in relation to the Income-tax Act, 2025, have not been framed at the end of February, 2026, wherever the provisions of the rules are applicable, the said Rules as referred to in the Income-tax Rules, 1962, are stated in this Reckoner.

Rates of income-tax, surcharge and additional surcharge:

For the notes on: (1) rates of income-tax, S.C. & additional S.C. in relation to assessment year 2026-27, refer item (i) on page 492; (2) provisions relating to deduction of tax at source during the financial year 2026-27, refer item (ii) on pp. 492-493; and (3) rates of income-tax, S.C. & additional S.C. in relation to tax year 2026-27, refer item (iii) on pp. 494-497.

INCOME-TAX

1. Provisions relating to definition amended w.e.f, 1-4-2026 [Refer para 1.1 & 1.2 o page 497].
2. Provisions of charitable or religious trust, non-profit organisation, etc., amended/inserted, w.e.f, 1-4-2026 [Refer for para 8.1 to 8.5 on page 509].
3. Provisions relating to deemed income amended/substituted, w.e.f. 1-4-2026 (Refer para 2.1, 2.2 & 2.4 on pp, 497-498 & para 9.2 on page 510).
4. Provisions relating to income from house property, amended, w.e.f. 1-4-2026 [Refer para 3.1 & 3,2 on page 498]
5. Provisions relating to computation of business or professional income, amended, w.e.f. 1-4-2026 [Refer para 4.1 to 4.4 on pp. 499-500 and para 6.7 on pp. 502-503].
6. Provisions relating to computation of capital gains, amended, w.e.f. 1-4-2026 [Refer para 5.1 & 5,2 on pp. 500-501].
7. Provisions relating to deductions in computing total income amended/ substituted, w.e.f. 1-4-2026 [Refer para 7.1 to 7.4 on page 508].
8. Provisions relating to income from other sources, etc. u/s. 93(1), 93(2), 195(1), 202(2), 203(1), 203(7), 204, 262, 263(1)/(5)/(6), 262(2)/(4)/(6), 267(2)/(4)/(5)/(7), 270, 275, 279, 286 (2), 295, 296, 379, 427, 428, 281, 283 amended/substitutes/inserted w.e.f. 1-4-2026 [Refer para 6.1 to 6.6 on pp. 501-502 and para 6.8 to 6.21 pp. 503-508]
9. Provisions of tax/collected at source, amended/ substituted/ inserted. w.e.f. 1-4-2026/1-10-2026 1-4-2027 [Refer item (1) to (5) on pp.493-494 and para 9.1 on pp. 509-510 & 9.3 on pp. 510-511].
10. Provisions relating to penalty/prosecution, amended/ substituted/ omitted, w.e.f. 1-4-2026 [Refer para 10,1 to 10.22 on pp. 511-516]
11. Provisions relating to miscellaneous amendments /s. 162, 164,165, 166, 169, 423, 424, 425 522, Schedule III / IV / VI / XI /XII / XIV , w.e.f. 1-4-2026 [Refer para 11.1 to 11.15 on po.516-519].
12. Provisions of the Income-tax Act, 1961, amended by the Finance Bill, 2026 as passea by the Lok Sabha, refer pp, 519-524.