Fact-check notes
Last fact-checked: 2026-05-26
Transition rule: AY 2026-27 covers FY 2025-26 and continues under the Income-tax Act, 1961. The Income-tax Act 2025 Tax Year terminology applies for income earned from 1 April 2026 onward.
This page is written from official portal guidance and the supplied Batch 11 brief. Any future-dated form, rule or portal workflow should be verified in the active utility before filing or advising a client.
What this covers
Section 123 is a new Act deduction reference for the Tax Year system. For AY 2026-27 filings, taxpayers still use the 1961 Act and old ITR utility references.
- Covers PPF, EPF, life insurance, ELSS, NSC, five-year FD, tuition fees and home loan principal where conditions are met.
- The combined cap remains a critical planning number and should be checked in the active form.
- Section 202 new-regime pages exclude most Chapter VIII deductions except specifically preserved items.
Who this is for
- Salaried taxpayer building tax-saving plan.
- Business taxpayer comparing old vs new regime.
- Parent claiming tuition fee deduction.
- Homeowner claiming principal repayment.
Documents and data to verify
- Investment proofs.
- Premium receipts.
- School fee receipts.
- Home loan principal certificate.
Common mistakes to avoid
- Claiming Section 123 in the new regime without checking eligibility.
- Counting tuition for more than eligible children.
- Using ULIP/life policy without checking premium-to-sum-assured limits.
- Missing lock-in rules.
How to proceed
- Confirm the applicable year, taxpayer type, state, registration status and portal form before acting.
- Reconcile the official portal data with books, bank statements, certificates, invoices and notices.
- Prepare a written computation, filing note, document checklist or response with assumptions clearly stated.
- Download acknowledgements, challans, workings and evidence after filing or submission.
FAQs
Can WorkIndex help with this?
Yes. Post the facts and documents; relevant experts can quote for filing, advisory, reconciliation, registration, appeal support or ongoing compliance.
Is the page a substitute for professional advice?
No. Use it to prepare. A professional should check the current portal utility, official source and records before filing or taking a tax position.
What should I mention while posting?
Mention the year, state, form, deadline, amount involved, documents available, portal status and whether you need filing, correction, opinion or representation.