New Income Tax Forms 2026 transition advisory and filing under the new Code.
Comprehensive advisory and filing services for the new Income Tax Code 2026 — new ITR form guidance, Form 145 and Form 146 transition from old Form 15G and 15H, renumbered TDS sections, capital gains provisions, deduction mapping, and end-to-end transition support from the Income Tax Act 1961 to the new Code for individuals, businesses, and companies.
The new Income Tax Code 2026 represents the most significant overhaul of India's direct tax legislation since the Income Tax Act was enacted in 1961. Spanning decades of amendments, the old Act had become a dense, cross-referenced document with over 700 sections — many overlapping, many obsolete. The new Code replaces this with a simplified, consolidated statute designed to be more readable, more consistent, and more aligned with modern business and investment structures.
For taxpayers and their advisors, the transition creates both opportunity and risk. The opportunity lies in the Code's simplified structure — fewer deductions to navigate, clearer capital gains provisions, and more transparent compliance requirements. The risk lies in the transition itself — getting the form numbering wrong, applying old-Act sections to new-Code filings, misapplying the transition rules for brought-forward losses, or missing the shift in TDS section references on vendor payment systems.
At NDS Advisors, we have been tracking every parliamentary development, CBDT notification, Finance Ministry circular, and expert commentary on the new Income Tax Code 2026 from the day the draft was tabled. Our New Code Readiness Review is a structured one-time advisory engagement that maps your current tax position — deductions, losses, TDS structure, and compliance calendar — to the new Code's framework, identifies transition risks, and gives you a clear action plan for the first year of new Code applicability. For clients who engage us for ongoing compliance, the transition is managed seamlessly as part of our existing service.
Our New Income Tax Code 2026 Services
New Code ITR Form Advisory
Identification of the correct new ITR form for your taxpayer category and income profile — with old-to-new form mapping and first-year filing assistance under the new Code.
Form 145 & Form 146 Transition
Seamless transition from old Form 15G to new Form 145 and from old Form 15H to new Form 146 — with eligibility verification, correct new-Code format, and multi-payer submission.
TDS Section Mapping & Update
Old-to-new TDS section mapping for all vendor and salary payments — updating payroll systems, ERP configurations, and vendor master data to reflect new Code section numbers from the effective date.
Deduction & Exemption Mapping
Mapping of all current deductions (80C, 80D, 24(b), 10(23C), etc.) to their new Code equivalents — identifying which deductions survive, which are consolidated, and which are discontinued under the new Code.
Capital Gains Transition Advisory
Capital gains position review under the transition — holding period treatment, cost basis preservation, old-Act exemptions on assets acquired before the transition date, and new Code Section 54 equivalents.
New Code Readiness Review
A structured one-time advisory engagement covering your entire tax position — ITR forms, deductions, TDS, carried losses, and capital gains — mapped to the new Code with a clear action plan for the transition year.
Our New Code Transition Process
Current Position Audit
Review of current ITR forms used, deductions claimed, TDS sections applied, brought-forward losses, and capital gains positions — creating a baseline for the transition mapping.
Old-to-New Code Mapping
Each provision — deduction, TDS section, exemption, ITR form — mapped to its new Code equivalent — with differences, discontinuations, and consolidations clearly identified.
Transition Risk Identification
Risks in the transition year identified — form changes, system updates needed, deductions at risk, and loss carry-forward treatment under the new Code.
Action Plan & Timeline
A written, prioritised action plan delivered — covering every step needed to be fully compliant under the new Code from the first day of applicability.
First-Year New Code Filing
First ITR under the new Code filed in the correct form, with correct deductions, capital gains, and TDS references — fully compliant from year one of the new Code.
Why Transition With NDS Advisors
Frequently Asked Questions
The new Income Tax Code 2026 replaces the Income Tax Act 1961 with a simplified, consolidated direct tax statute. Key changes include renumbered sections, renumbered ITR forms, new TDS declaration forms (Form 145 replacing Form 15G, Form 146 replacing Form 15H), revised capital gains provisions, updated compliance timelines, and simpler language. The new Code is expected to be effective from Assessment Year 2026-27.
ITR form numbers are expected to be revised and renumbered under the new Code, with forms designed to be simpler and to leverage AIS and TIS pre-filled data more extensively. The exact final designations are subject to CBDT notification. Our team tracks every notification to ensure clients file in the correct new-Code form from the first year of applicability.
Virtually all sections are renumbered — including the basic charging section, capital gains provisions, deduction sections (80C, 80D, 80G, 24(b) equivalents), TDS sections (194 series), and penalty and prosecution provisions. We maintain a complete section mapping between the old Act and the new Code for client advisory.
The new Code revises TDS section numbers, rates, thresholds, and payment categories. TDS return forms are also expected to be updated. Businesses must transition their TDS deduction, challan, and return filing systems to new section references from the effective date. We provide transition advisory for all business TDS compliance under the new Code.
The new Code is expected to apply from Assessment Year 2026-27 (Financial Year 2025-26). Transactions before the effective date are governed by the old Act for those assessment years. Old ITR forms apply for pre-transition periods; new forms apply from the first new-Code assessment year. We manage the complete transition for our clients across both frameworks.
The new Code incorporates capital gains changes from Finance Act 2024 — LTCG on equity at 12.5% without indexation, STCG on equity at 20%, and removal of indexation for property LTCG (with grandfathering for pre-July 2024 acquisitions). The Code also rationalises holding period classifications and exemption sections. We provide capital gains planning under both transitional and new Code frameworks.
The CBDT has been issuing notifications and circulars as the new Code is finalised. The mapping between old Act sections and new Code provisions is not always one-to-one — some are consolidated, some split, some revised. Our CA team tracks every update and provides plain-language guidance on which new form or section applies to your specific income, deduction, or compliance obligation.
Key preparatory steps: ensure your last old-Act ITR is filed correctly with all brought-forward losses documented; review capital gains positions on assets held before the transition date; understand how your key deductions translate to the new Code; and prepare your TDS systems to update section references. We offer a New Code Readiness Review — a one-time advisory engagement covering the complete transition for your income and business profile.
Transition to the New Code Without a Single Missed Step
Form mapping, deduction equivalents, TDS section updates, capital gains positions — our CA team manages every aspect of your transition from the Income Tax Act 1961 to the new Income Tax Code 2026.
Book a New Code Review or call +91 9819 000 511