New Income Tax Rules

As promised in the reel, here are the rest of the major updates from the new Income Tax Rules 2026 that you need to know! 📉👇 While we covered HRA, Meal Vouchers, Loans, Education, and Gifts in the video, the CBDT has tweaked a few more significant areas that will directly impact salary structuring and your taxation syllabus. 🚗 Motor Car Perquisites (Applicable to BOTH Regimes): The valuation for company-provided cars has seen a major bump! Engine upto 1.6L: The valuation jumps from ₹1,800 + ₹900 to ₹5,000 + ₹3,000. Engine more than 1.6L: The valuation increases from ₹2,400 + ₹900 to ₹7,000 + ₹3,000. (Note: This applies regardless of whether you choose the old or new tax regime!) 👨‍✈️ Driver Perquisite: If a chauffeur is provided, the perquisite value has been updated from ₹900/month to ₹3,000/month to reflect actual market costs. 🚌 Transport Allowance: The exemption limit is now 70% capped at ₹25,000, a solid jump from the earlier cap of ₹10,000. 📄 A Big Farewell to Old Forms: Say goodbye to the legacy Form 26AS and Form 16! They are officially being replaced with Form 168 and Form 130 to help streamline compliance. 📌 Important Regime Catch: Keep in mind that while the revised motor car valuations and concessional loan rules apply to both the old and new tax regimes , benefits like the enhanced Meal Vouchers, HRA, and Children’s Education/Hostel allowances are restricted only to the old tax regime. Save this post for your quick revision, and share it with your friends who need to stay updated! 📚💼 #TaxUpdates #IncomeTax2026 #FinTaxByNishant #CAStudents #caintermediate