Can I claim both Section 80C and 80D in the new tax regime?

No, the new tax regime does not allow most deductions including 80C, 80D, and others (except 80CCD(2) employer NPS contribution and 80JJAA). You must choose the old regime to claim these deductions.

What is the maximum deduction under Section 80C?

The maximum deduction under Section 80C is ₹1.5 lakh per financial year. This includes investments in PPF, ELSS, NSC, life insurance, tuition fees, etc.

Is GST registration mandatory for claiming business expenses?

GST registration is not mandatory for claiming business expenses under the Income Tax Act. However, if your turnover exceeds the GST threshold, registration is mandatory. Claim deductions for expenses backed by proper bills and proofs.

How can I save tax on capital gains?

You can save tax on capital gains by investing in specified bonds (Section 54EC), residential property (Section 54/54F), or capital gains accounts scheme. Each has specific conditions and timelines.

What is the due date for filing ITR for traders and small businesses?

For taxpayers whose accounts are not required to be audited (turnover less than ₹1 crore for business), the due date is July 31 of the assessment year. For those requiring audit, it's October 31.

Income Tax

Tax Saving Guide for Traders & Small Business FY 2026-27

Complete tax saving guide for traders and small businesses in India. Learn legal ways to reduce tax, deductions, exemptions, and planning for FY 2026-27.

What this guide covers

What does Tax Saving Guide for Traders & Small Business FY 27 mean in practice?
Who is affected and what should they check first?
Which documents or records should be kept ready?
What common mistakes should be avoided?