Section 115BAC of the Income Tax Act or the new tax regime, offers relaxed tax slab rates ensuring tax savings for the taxpayers. However, new tax regime does not allow various deductions & exemptions compared to the old tax regime. For FY 2025-26, the new tax regime is the default tax regime but taxpayers can still opt for old tax regime while filing ITR. Key Highlights of the New Tax RegimeIndividuals and HUFs are eligible for the New Tax Regime.  New Tax Regime offers a basic exemption of Rs. 4 lakh and a tax rebate of up to Rs.

Form 12BB is an investment declaration that needs to be submitted by the employee at the beginning of every financial year. It applies to all salaried individuals. Deductions like House Rent Allowance, Leave Travel Allowance, Interest paid on home loans, and other deductions need to be declared in Form 12BB at the beginning of the financial year. What is Form 12BB?Form 12BB is a statement of claims by an employee for deduction of tax which has to be submitted at the beginning of the financial year. Form 12BB applies to all salaried taxpayers. It is a documentary evidence of these investments and expenses can be provided at the end of the financial year as well.Form 12BB PDF Download Form 12BBThings to be Done Before Filling Form 12BBThe following are the things to be done before filling the Form 12BB:Make sure that HRA and LTA are part of your package by studying your CTC structureThese can be claimed as an exemption if these allowances are a part of your CTC structureObtain interest certificate and loan repayment schedule from the bank.Collect the receipts for all the expenses and investments that can be claimed as a deduction, such as tuition fees, Life Insurance premium receipts, receipts for rent, donations, etc.How to Fill Form 12BB?Filling out Form 12BB isn't as difficult as it seems.

NPS (National Pension Scheme) is a well-known retirement benefit system in India. If you start investing in NPS during your early career, you will need proper investment planning as you have to contribute a minimum amount regularly. If you do not meet the minimum requirements or submit the wrong documents, your NPS account can be frozen indefinitely. How to Unfreeze an NPS Account Online?Opting to unfreeze the NPS account online is probably the simplest way. Digital platforms are a convenient way to carry out things hassle-free. Follow the below mentioned steps and learn how to activate a frozen NPS account online:Step 1: Visit the eNPS portal and enter valid credentials to log in to your NPS account.Step 2: Click on the ‘Contribution’ option located on the top menu.Step 3: Enter all mandatory details such as PRAN details, type of NPS subscriber and date of birth.Step 4: Initiate the minimum contribution of Rs. 1000 on the following page.Step 5: You will receive an OTP.

Under section 194-IA, a buyer buying any immovable property like house, apartment, building, land (except agricultural land) must deduct Tax Deducted at Source (TDS) on the payments made to the seller of the property. The amount of TDS deducted is 1% of the sales consideration or the stamp duty value, whichever is higher.What is Section 194IA?Section 194IA provides for TDS on sale of immovable property. The person who is buying the property should deduct TDS and pay the remaining amount to the seller. 1% of the selling price is deducted under this section. Please note that TDS here is not deducted on the capital gains, but on the entire selling price. If the stamp duty of the property is less than Rs.

When withdrawing your Provident Fund (PF) balance Form 15H is crucial for avoiding unnecessary TDS (Tax Deducted at Source) deductions. These forms are essential for individuals whose income is below the taxable limit, and submitting them correctly can help you get your PF withdrawal processed without any tax deductions.Budget 2026 UpdateIt is proposed that depositories collect Forms 15G and 15H from investors holding multiple securities and forward them to the relevant companies.What is Form 15G for EPF Withdrawal?Form 15G or EPF Form 15G is available for resident individuals (below 60 years of age) and HUFs, to submit a self-declaration form to prevent the deduction of TDS. This form can also be submitted to prevent TDS deduction on withdrawal of EPF balance if the employees estimated income for the relevant financial year is less than the basic exemption limit (Rs. 2,50,000 under the Old Tax Regime and Rs. 4,00,000 for the New Tax Regime).Recently, the EPFO Unified portal launched a facility to submit EPF Form 15G for PF, which allows EPF members to withdraw PF online.Form 15G is commonly used to prevent TDS deduction on interest income from banks, withdrawal of NSE, dividends, insurance commission, maturity of insurance policy, etc.Form 15G has to be submitted quarterly to the person or entity responsible for deducting TDS, either electronically or in physical paper form.Where to Download Form 15G?Form 15G is available for download on the following platforms:EPFO Portal: A direct download link is available on the EPFO website.Income Tax Department Website: Available for free download.Major Banks: Most Indian banks offer the option to download the form on their websites.Direct Download Links For Form 15GDownload Form 15G from EPFO Here’s a sample Form 15G. Is Form 15G Mandatory for PF Withdrawal?Form 15G is not mandatory for PF withdrawal; however, it is required if you wish to avoid TDS deduction.As per Section 192A of the Finance Act, 2015, TDS at 10% is deducted if the PF withdrawal amount exceeds Rs.50,000 and your service is less than 5 years.PF Withdrawal TDS Rules10% TDS – If you submit your PAN but not Form 15G.20% TDS – If you fail to submit both PAN and Form 15G.No TDS – If you submit Form 15G. (subject to eligibility conditions).Note: TDS is not applicable if:Your total income (including PF withdrawal) is below the taxable limit, orWithdrawal is made after 5 years of continuous service.How to Submit Form 15G Online for PF Withdrawal?You can easily submit Form 15G online through the EPFO portal.

Imagine you walk into a luxury car showroom, ready to buy your dream car worth more than ₹10 lakh. As you finalize the payment, you notice an extra tax amount added to your bill. Meanwhile, you receive a payment from one of your corporate clients—only to find that a certain percentage has been deducted before the money even reaches your account.What just happened?As a car buyer, you have been associated with Tax Collected at Source (TCS). You are the source of income for the car dealer and tax is collected from you in the first situation.  As a consultant, you were associated with Tax Deducted at Source (TDS). Your source of Income - your client, has deducted TDS from you so that only net amount is settled.TDS and TCS are one of the most familiar forms of direct tax levying mechanism by the Indian Government. TDS represents the tax deducted by the payer from payments made when the amount exceeds a set limit. Conversely, TCS refers to the tax collected by the sellers during transactions with buyers.However, taxpayers often mix up these terms and use them interchangeably.

Mistakes in filing your Income Tax Return (ITR) are common, but the good news is they can be corrected. Under Section 139(5) of the Income Tax Act, 1961, taxpayers can file a revised return to fix errors such as missed income, deductions, or miscalculations.Budget 2026 UpdateThe due date to file revised returns has been updated to 31st March from the existing 31st December. What is a Revised Return?Revised return is a return filed under Section 139(5) to correct mistakes or omissions made in the original return. Section 139(5) of the Income Tax Act, 1961, allows you to file a revised return if you discover mistakes in your initial filing. If you discover any errors or omissions in your original ITR, you can file revised returns and rectify such errors or omissions. The following are the usual errors which can be rectified using revised returns:Omitted, reduced, or exaggerated income.Omitted deductions or claimed excess deductions or exemptions.Miscalculations, or missed necessary disclosures.Chosen a wrong ITR form.Claimed less refund than eligible.What is the Last Date to File a Revised Return?The last date to file a Revised Return or a Belated Return is 31st December of the relevant assessment year, or before the completion of the assessment by the income tax authorities, whichever is earlier.For instance, the last date to revise your return for FY 2024-2025(AY 2025-2026) would be on or before 31st December 2025, if the original return has not been assessed.Important Points to Note While Filing a Revised ReturnHere are some important points to remember when filing a revised income tax return:Replacement of Original Return: When you file a revised income tax return, it completely replaces the original one. Once the revised return is submitted, it is considered your final income tax return.Revised Return after receiving ITR Refund: If your income tax return has been processed, and you've received a refund, you can still file a revised return within the specified due date.ITR Form Change: If there is a need to change the ITR form, a revised return can be filed.Multiple Revisions Allowed: There is no limit to the number of times you can file a revised tax return. You can make corrections or updates as many times as needed.Revised Return after Assessment Completion: Once the assessing officer completes the assessment under Section 143(3) of the Income Tax Act, a revised return cannot be filed.No Penalties for Revision: The income tax department imposes no penalty or charge for filing a revised income tax return.

Senior Citizen Savings Scheme is a government backed retirement plan for individuals aged above 60 years. Eligible individuals can invest a minimum of Rs. 1000 up to Rs. 30 lakh for a period of 5 years with SCSS interest rate of 8.2% per annum. The principal amount invested can be claimed as a deduction under section 80C of the Income Tax Act up to Rs.

Each EPF account is assigned a PF account number, a unique identifier that enables employees to track PF contributions, withdrawals, and other transactions. PF account number plays a critical role in managing your PF balance effectively.Key HighlightsMethods to Locate PF Account Number - Using UAN, EPFO portal, salary slips, or employer records.Importance of PF Account Number - For tracking contributions, withdrawals, and transfers.Handling Common Issues - Solutions for missing details, job changes, or multiple PF accounts.What is PF Account Number?The PF account number is a 22-digit alphanumeric identifier assigned by your employer to track your EPF account. It’s essential for checking your balance, managing contributions, and making withdrawals or claims. Employees typically receive their PF account number during employment. With the introduction of the Universal Account Number (UAN), it’s now easier to access and manage your PF details, as the UAN acts as a central link to all your PF accounts across different employers.PF Account Number FormatPF account number is a 22 digit alphanumeric code, which consists of the following:State Code - 2 lettersOffice code - 3 lettersEstablishment code - 7 digitsExtension code - 3 digitsMember ID - 7 digitsSample PF account number : MH/BAN/0000064/000/0000123Methods to Find PF Account NumberIn case your employer fails to inform your PF account number, you can follow the steps below to get the PF number:By Checking Salary Slip Usually, the EPF account number is mentioned on the salary slip of every employee. Hence, you can check your salary slip to find out your PF number.By Asking the Employer You can enquire with the Human Resource (HR) Department of your organization or your employer to get the PF account number.By Visiting the EPFO OfficeTo collect the PF account number, you can also visit the EPFO office.

Income from other sources covers all taxable income not classified under salary, house property, business/profession, or capital gains. This is the residual head including bank interest, dividends, gifts, and winnings,ensuring no income escapes taxation.Key HighlightsMost income from the other sources are taxed under applicable slab rates.However, winnings like lottery, horse race winnings, online gaming income are taxed at flat 30%.Deductions are available against other sources income.What is Income from Other Sources?Income from Other Sources, as per section 56 of the Income Tax Act, is a residual head of income, which covers all taxable income that does not fall under the other four heads: Salary, House Property, Profits and Gains from Business or Profession, and Capital Gains. It ensures that every form of income earned by a taxpayer is taxed appropriately, even if it does not clearly belong to a specific category.Income included under Income from Other SourcesThe following types of income are usually taxed under this head:Bank interestInterest on securities and investmentsFamily pensionLottery winnings , crossword puzzles, card games, races including horse races, and gambling of any formDividendsAny sum an employer receives from his employees towards contribution in EPF, Superannuation fund or ELSI, which is not taxable under the head, Profit and gains from business and profession, and not deposited in the relevant fund.Plant and machinery owned by the taxpayer is let out for rental purposes, if it does not fall under the head of income from business and profession.Rental income from the composite unit of plant, machinery and furniture with the building that is not separable and is not taxable under the head, Profits and Gains from business and profession.Amount received under the Keyman insurance policy (including bonuses) which is not taxable under the head, Profits and Gains from business and profession.Interest received on compensation or enhanced compensation.Any compensation received by the person due to the termination of employment.Savings Bank Account – Interest IncomeInterest that gets accumulated in your savings bank account must be declared in your tax return under income from other sources.Note that the bank does not deduct TDS from bank interest. Deduction on Interest Income Under Section 80TTAFor a residential individual (age of 60 years or less) or HUF, interest earned up to Rs.10,000 in a financial year can be claimed as a deduction. The deduction is allowed on interest income earned from savings account with a bank, co-operative banking society or post office.Senior citizens are not entitled to benefits under section 80TTA.Tax On Fixed Deposits InterestInterest earned from fixed deposits is taxable at applicable slab rates.Senior citizens can claim up to Rs.50,000 tax deduction on the interest earned from savings bank accounts, fixed deposits, recurring deposits with banks, post offices, etc., under Section 80TTB.TDS is deducted on fixed deposits when the interest crosses the applicable threshold limit.Family PensionIf you are collecting a pension on behalf of someone who is deceased, then you must show this income under income from other sources. This will be added to the taxpayer’s income and tax must be paid at the tax rate that is applicable. There is a deduction of Rs.15000 ( Rs. 25000 under new tax regime)  or one-third of the family pension received, whichever is lower. Taxation Of Winnings From Lottery, Game Shows, Puzzles - Casual IncomeIf you receive money from winning the lottery, online/TV game shows, races including horse races, card games and other games, gambling betting, etc., it will be taxable under the head Income from other Sources. The income will be taxable at flat rate of 30%, which after adding cess, will amount to 31.2%.No deductions can be claimed related to these incomes. Dividend IncomeDividends received from investments such as stocks, are taxed under “income from other sources”. Taxpayers can claim interest expense up to 20% of the dividend income. Also, if the total dividend amount exceeds Rs.5,000 (Rs. 10,000 for FY 2025-26), the company deducts TDS at 10% while paying the dividend.Income From GiftsTaxation on gifts is covered by section 56 (2)(vi) of the Income Tax Act.Any gifts received in cash exceeding Rs.50,000 shall be chargeable to tax.Any gifts received in kind (without any consideration) and the fair market value of such gift is more than Rs.50,000 then the aggregate value will be taxable in the hands of such individual.Interest On Income Tax RefundThe assessee is entitled to a refund of the excess tax paid when they have paid more than is required.To receive an income tax refund, individuals must wait a few days after filing their income tax return. Interest on the refund for this time period will be paid to the taxpayer.Interest on income tax refund is taxable and can be found in section 143(1) intimation on of the preceding assessment year.Expenses Allowed to be Deducted from Certain Income SourcesSimilar to business income, taxpayers earning Income from Other Sources are also eligible to claim certain deductions. These deductions ensure that only the net taxable income is subject to taxation.