JITO Bangalore South and JITO Professional Forum organised an informative session on Union Budget 2026 and Income Tax Act 1961 vs 2025 at JITO office, Chamrajpet, on 4th February 2026, with over 75 participants. The session started with a navkar mantra, followed by the lighting of a lamp by JITO dignitaries, JPF committee members, speakers, and members. JITO Bangalore South Chairman Ranjeet Solanki welcomed the participants and said, "Through JITO, we strive to innovate new programs and promote the development of society, enabling progress in the business sector." He also informed the members about the upcoming events, namely the Veterans Cricket Championship, Dubai Business Meet, and Canton Business Trade Fair.

Chief Secretary Nitin Lunia informed members about the various JITO verticals, namely JBN, JIIF, CFE, Jobs, JATF, and Shraman Arogyam. JPF Bangalore South Convener Raunak Gulecha set the context for the session, saying that the challenges faced in Income Tax would be discussed in depth so that businesses and individuals could get a clear understanding of the new tax system. JPF Committee Chairman CA Hari Kishan Chajjer also addressed the gathering. Event Convener Hardik Bhandari introduced the speaker, CA Mohit Parmar, Direct Tax and Advisory.

CA Mohit Parmar presented an in-depth analysis of direct and indirect taxes, providing participants with updated information on taxation. This was followed by a discussion on Income Tax Act 1961 vs 2025. The Income Tax Act, 2025, replaces the 60-year-old Income Tax Act, 1961, streamlining the tax code from over 819 sections to 536 to simplify compliance and modernize administration. Key changes include the introduction of a “Tax Year” concept, streamlined digital compliance, and reduced legal ambiguity, effective primarily from April 1, 2026.

The session highlighted the changes from the 1961 Act to the 2025 Act, including structure and simplification, tax year vs assessment year, digital integration, definitions and rules, and no major rate changes. The new Act simplifies the language and improves the presentation of provisions, making it more taxpayer-friendly and promoting transparency and efficiency.

This was followed by a Q&A session, where participants asked questions related to the impact of Budget 2026 and tax planning. The discussion was highly informative for businessmen and professionals. The speaker was felicitated by JITO dignitaries. Also present were JPF Committee Chief Secretary CA Preksha Bhandari, Treasurer Adv. Rishabh Pipada Jt. treasurer CA Gajesh Bhandari, committee members CA Vikas Mehta, Er Tarun Kumar Bagmar and Shri Vaibhav Bafna

In conclusion, the session provided valuable insights into the Union Budget 2026 and the new Income Tax Act 2025, helping participants navigate the changes and plan their taxes effectively. The event was a grand success, with attendees appreciating the informative and engaging discussion.