00:04Hello and welcome, I am here with Good Returns, I am here with you and I am here with you.
00:08Today is April 2026 and there is a lot of things changed in the country in the financial system.
00:14Here you will have a very big impact on your income tax rules.
00:20What do you think about this income tax rule?
00:25What do you think about this?
00:25What do you think about your salary?
00:28This is also a big question.
00:29We will address these concerns with Sharat Kohli.
00:33Welcome to Good Returns.
00:35Thank you so much, Arniva. Good Returns of all followers, viewers and subscribers.
00:38First question is about the new income tax rules.
00:43What do you need to change?
00:45What do you need to change?
00:47Is everything changed for a salaried employee?
00:50You want to understand a little detail if you can decode this.
00:54Absolutely, Arniva.
00:55In 1961, the income tax act was running.
01:00It was 65 years old.
01:02It was very bulky.
01:04There were so many amendments.
01:05There were subsections, section, provisos.
01:08There were a lot of things.
01:09There were 800 subsections.
01:13There were 6 months from the council.
01:14There were so many provisions that were supposed to be called the father of Adam.
01:19So I think that we need to rewrite them.
01:21And that was very complicated.
01:23There was a lot of a tax credit.
01:25There was a lot of confidence to study.
01:27Experts also had to study 2 or 3 times for it to understand.
01:30I think it was remap.
01:32In 2025, there was a new income tax tax act in 2025.
01:35And in 2026, the rules were brought up.
01:37First, the rules were 1961.
01:38The rules were 1961, the rules were 1962 and the act was 1961. Now the act is 20-25 and
01:44the rules are 20-26.
01:45So this is the 1st April, that means that it has been effective today. And you will see this impact
01:52in the next year,
01:53when people will do tax calculations within it, their different cases will be filed, sections will be applied,
02:00then you will see this impact in the next year. But yes, this year the income related activities,
02:05there are movements, exemptions, deductions, their names have changed, sections have changed.
02:10I give them a very popular provision, which was ATC.
02:14You remember every taxpayer who knows what ATC is,
02:17which is 1.5 lakh rupees is now in the old regime.
02:21There are insurance premiums, PPF, NSC, etc.
02:25Now the section is 1-2-3.
02:29So the section is 1-2-3.
02:30So the sections are very popular,
02:34the sections are changed again, because there is a new act.
02:38There are 800 sections above sections.
02:40In this new section, there are 500 sections above sections.
02:43So this is a little bit of a book, but it has also changed.
02:47And it has been simplified.
02:48There are more tables.
02:49There are many provisions in the table form, rules form, annexures form form.
02:55And the luxury is that it will be simple to keep it.
02:58Because people, when they have a small part of the act,
03:00when they had to study the act, they had to go to the experts.
03:03They had to go to the charter department,
03:04a tax lawyer.
03:06So now I think that the professionals will only be complicated cases.
03:09Because the act is easy to study the act.
03:12In this act, there are many complications.
03:15So now we have to look at the 31 March 2026,
03:20which you have to file the returns.
03:22You have to go to the old act.
03:24Like I said,
03:25that the income activity of today will be the new rules and new act.
03:31If you have to change the rules,
03:34you'll see the thing that is necessary to understand.
03:38The structure of tax, the whole system,
03:42there's no change.
03:43People think that the tax system will always be changing.
03:46They're going to have no change.
03:46It's just the new act.
03:47So you have to understand the things and the form of changes.
03:49Understand that the clothes are changing,
03:51but the reality is.
03:52Understand that if someone has a new clothes,
03:55or you have to wear a new clothes,
03:55or you have to wear a new clothes,
03:56then it's not only the act.
03:59They're going to change the above.
03:59but basically the tax system has no change in it.
04:03That is absolutely the same.
04:04That is the old regime, that is the new regime.
04:06Now, some provisions are brought together with this new act.
04:09Like if you had 5,000 rupees for a year for employer,
04:14now it would be 15,000 rupees.
04:16Another very outdated provision was made.
04:19Children's allowance, two children,
04:20100 rupees per month you get an exemption for tuition fees.
04:26I don't know which school is 100 rupees.
04:28Unless we are in the government school.
04:31Now it has 3,000 rupees.
04:34There will be changes in this kind.
04:35There are some outdated provisions.
04:38I will tell you,
04:40the provisions will be changed in finance.
04:44These provisions will be changed in this act.
04:47Every year they are allowed.
04:49The new act is simplification.
04:51It is easy to read, it is easy to follow.
04:54And to reduce the bulk of the act.
04:56Because it is a very bulky act.
04:58This is the intention of this act.
05:00The new rules are the benefits of salaried employees.
05:02Do you get some special benefits for individuals?
05:07Look, as I said, employees,
05:09like if employees get 5,000 rupees,
05:12they will get 15,000 rupees.
05:13If employees get 100 rupees,
05:15there are two children,
05:16they have children's education allowance.
05:18They are talking about old regime.
05:20So, they can have 3,000 rupees every child.
05:23Up to two children.
05:24They have been getting 2,000 rupees.
05:26And they have a concessional loan benefit.
05:29They have 20,000 rupees.
05:29They have 2,000 rupees.
05:30If you give them a lawyer.
05:31The other thing is,
05:32I'm going to tell you,
05:35I'm going to tell you,
05:36I'm going to tell you,
05:36that the changes are in this situation.
05:40The new act,
05:42because the rules are new,
05:44so they are notified of the rules.
05:45They are a part of the rules.
05:47So you can say,
05:48that the income tax rules of the year,
05:492026 came to change.
05:51But the change of the year,
05:52when the budget is done,
05:54so many changes are made.
05:55So that the same thing is,
05:56the other is,
05:57the virtual assets,
05:58and the digital assets,
05:59and the forms are made.
06:01If you have crypto,
06:02you have to report it.
06:03You have to report it.
06:05There will be a lot of information.
06:06You have to give your financial institutions.
06:10You have to give the PAN.
06:12You have to also give the PAN.
06:13You have to give the PAN.
06:13The PAN and the PAN.
06:14You have to give the attachments.
06:16There are changes you have.
06:17So, there are changes you have.
06:18There are new tax tax tax from now.
06:21The first,
06:22which you can give the income tax tax,
06:23you will give the same way.
06:54New regime, old regime, you can choose.
06:5612 lakh rupees, which was now until now,
06:58Section 87A, that was also a rebate.
07:00Standard deduction was received for salary.
07:02That was also received before.
07:04So many people, I have interacted with these people
07:08on 2-3 days, all of these people are confused.
07:10What will be changing this new act?
07:12Nothing will change.
07:14The first tax system was the first tax system.
07:16Only the income tax act and sections will change.
07:20Like I said, the name of ATC will be 123.
07:22As the number of sections were marked by people,
07:25some people remember the section.
07:27Practitioners, which are tax advocates, chartered accountants,
07:30they have been remembered for years and years
07:31to remember the provisions.
07:33Today they were marked by their minds.
07:35This is 154, this is Section 54F,
07:38this is Section 16.
07:40All will change.
07:41So I feel that they have to be more careful,
07:43remember the new sections.
07:45But otherwise, principally the tax system
07:47which is cut in your pay slip,
07:48the tax cuts.
07:50And what you think of tax,
07:52you choose the old regime.
07:53There is no change or change.
07:55Keep in mind this.
07:56See you.
Comments