Income tax

Smart Tax Planning for Individuals and HUFs: A.Y. 2026–27

A simplified guide to income tax benefits available to Individuals and Hindu Undivided Families (HUFs) for A.Y. 2026–27. Covers exemption limits, rebates, popular deductions, and simplified tax schemes to help taxpayers plan better and save legally.

Planning your taxes smartly can help you save a lot. Whether you're filing as an individual or a Hindu Undivided Family (HUF), there are several benefits you can claim. Here's a simple guide to help you understand what’s available this year.

Key Benefits You Should Know

1. Basic Exemption Limits

Regular Individuals / HUFs: up to ₹2,50,000
Senior Citizens (60 to 79 years): up to ₹3,00,000
Super Senior Citizens (80 years and above): up to ₹5,00,000

2. Rebate Under Section 87A

Old Tax Regime: Income up to ₹5 lakh → Rebate up to ₹12,500
New Tax Regime (Section 115BAC 1A): Income up to ₹12 lakh → Rebate up to ₹60,000

3. HUF Status

A Hindu Undivided Family is treated as a separate taxpayer. It gets similar tax benefits as individual taxpayers.

4. Common Tax-Free Incomes

Some types of income are not taxed, such as:

Share of profit from HUF
Partner’s share in a partnership firm
Withdrawals from PPF
Life insurance payouts (subject to conditions)

5. Popular Tax Deductions

Section 80C/80CCC/80CCD(1): Up to ₹1,50,000 for PF, LIC premiums, tuition fees, etc.
Section 80CCD(1B): Additional ₹50,000 for contributions to NPS
Capital Gains: Save tax by reinvesting gains from property sales under Sections 54 or 54F

6. Presumptive Taxation

If you’re a small business owner or a professional, you can choose simplified tax filing:

Section 44AD / 44ADA: Declare income on a fixed percentage basis, reducing paperwork and compliance hassle

Smart Tips to Save More

Know your age category senior citizens get higher exemption limits
Use all available deductions before the financial year ends
If you sold property, check if you qualify for capital gains exemptions
Small businesses and freelancers should explore presumptive taxation
Keep proper records for every deduction and exemption you claim

Final Thoughts

The Income-tax Act encourages saving and investing. By planning ahead and knowing your options, you can reduce your tax burden legally and avoid last-minute stress. Start early, stay informed, and make the most of your benefits.

FILING YOUR INCOME TAX RETURN F.Y 2024-25 (A.Y. 2025-2026) WITH MYITRONLINE

The income tax filing deadline is right around the corner. If you haven’t filed yet, do it today with Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)

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If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886,8130309886.

Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com

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Krishna Gopal Varshney

An editor at apnokaca

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Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.

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