In the recent times, significant relaxations has been made in the tax slabs by the government under the new regime. The following article dives deep into the tax slabs and related concepts. Income Tax Slab Rates - An OverviewNew Regime Tax Rates for FY 2025-26: Up to Rs.4 lakh  - NIL Rs. 4 lakh - Rs.8 lakh - 5% Rs.8 lakh - Rs.12 lakh - 10%Rs.12 lakh - Rs.16 lakh - 15% Rs.16 lakh - Rs.20 lakh - 20% Rs.20 lakh - Rs.24 lakh - 25% Above Rs.24 lakh - 30%.New Regime Tax Rates for FY 2024-25:Up to Rs.3 lakh - NILRs.3 lakh - Rs.7 lakh - 5%Rs.7 lakh - Rs.10 lakh - 10%Rs.10 lakh - Rs.12 lakh - 15%Rs.12 lakh - Rs.15 lakh - 20%Above Rs.15 lakh - 30%Old Regime Tax Rates for FY 2025-26 and FY 2024-25:Up to Rs.2.5 lakh - NILRs.2.5 lakh - Rs.5 lakh - 5%Rs.5 lakh - Rs.10 lakh - 20%Above Rs. 10 lakh - 30%Income Tax Slab Rates for Individuals and HUF for FY 2025-26 Under the New RegimeThe revised tax slabs as announced in Budget 2025 for new regime are as follows:Income Tax SlabsIncome Tax RatesUp to Rs. 4 lakhNILRs.

Tax assessment is an integral part of the Indian taxation system, ensuring that taxpayers contribute their share of tax and fulfil necessary obligations. In cases where a taxpayer fails to file his/her income tax return, Section 144 of the Income Tax Act allows Assessing Officers to assess tax liability by following the Best judgment assessment process.In this article, we will guide you with all the necessary details mentioned below regarding Section 144 and how the AO offers his best judgement assessment based on your circumstances.Meaning of Section 144Understanding of the Best Judgement AssessmentSituations requiring Best Judgement AssessmentNotice Under Section 144Time Limit to initiate AssessmentConclusionWhat Is Section 144 Of Income Tax Act?Section 144 of the Income Tax Act 1961 deals with the assessment of a taxpayer that is carried out by the Assessing Officer (AO) as per his best judgement and based on all relevant information gathered. Such assessments are generally done in cases where any taxpayer fails to comply with the requirements of other sections of the act, and will be discussed in detail. Best Judgement Assessment In Income TaxAs per the Income Tax Act, a best judgement assessment signifies the assessment performed by an assessing officer with specific knowledge of an assessee’s financial circumstance. If a taxpayer is unable to produce necessary documents or fails to file tax returns, the taxation authorities might initiate a best judgement assessment to determine his/her tax liability.There are certain conditions that the assessing officer considers before applying the best judgement assessment. It helps to ensure the judgement is fair, unbiased and accurate.

Taxpayers in India must follow the recent government guidelines to file their income tax returns on time. The Income Tax Department of India created 7 categories of ITR (Income Tax Returns) based on Income slabs. Latest UpdateThe Central Board of Direct Taxes (CBDT) has notified forms ITR-1 (SAHAJ) and ITR-4 (SUGAM) for AY 2025-26, thus starting the tax filing season for income earned between April 1, 2024 and March 31, 2025. The latest ITR-1 and ITR-4 forms now allow taxpayers to disclose capital gains income under Section 112A up to Rs. 1.25 lakh and without any brought forward or carry forward of losses.   You can download the PDF format of these ITR forms from the official website of the Income Tax department for AY 2025-26. In this article, you will learn how to download the ITR form for ITR 1, ITR 2, ITR 3, ITR 4, and ITR 5.Download the official gazette notification of ITR-1 and ITR-4 for AY 2025-26.What are the Steps to Download ITR 1, 2, 3, 4, and 5 Forms from the Income Tax Site?You can now file Income Tax Return forms conveniently online.

The government introduced various incentives in the recent times to encourage the adoption of the new regime. These changes show that the government intends to have taxpayers transition to the new regime and eventually phase out the old one. Though the new regime is now the default tax regime, the old tax regime will continue to exist.New Income Tax Bill - UpdatesThe new Income Tax Bill has been tabled by the Honorable Finance Minister in the Lok Sabha.It is to be noted that the old regime and new regime for FY 2024-25, both falls under the existing Income Tax Act.The new tax regime under section 115BAC, is dealt under section 202 of the new Income Tax Bill, 2025. The bill, when passed, will become the new Income Tax Act, which is applicable from 01st April 2026.Changes from FY 2025-26 (AY 2026-27)The income earned up-to Rs.12 Lakhs under new regime will ultimately have Nil tax liability. Here's how!The modified slab rates for new tax regime applicable for FY 2025-2026 are as follows:Income Tax SlabsTax RatesUp-to Rs.

Have you maxed out your tax saving options under Section 80C and still looking for ways to reduce your tax burden? Let us explore Section 80CCD(1B) which offers an additional deduction of up to Rs. 50,000 for contributions made to the National Pension System (NPS).Budget 2025 UpdateFrom financial year 2025-2026, the same tax benefits available for NPS contributions under Section 80CCD(1B) will now apply to contributions made to NPS Vatsalya accounts.What is Section 80CCD(1B)?Section 80CCD(1B) provides an additional deduction of up to Rs 50,000 for contributions made to NPS. The additional deduction of Rs. 50,000/- under Section 80CCD(1B) is available over and above the benefit of Rs 1.50 lakh deduction under Section 80CCD(1). Thus, the maximum deduction limit is Rs. 2 lakhs under Section 80CCD(1) + Section 80CCD(1B) (Deductions would be available to an individual only if he exercises the option of shifting out of the new tax regime u/s 115BAC(1A)).Maximum deductions under section 80C + 80CCC + 80CCD(1) = Rs. 1.5 lakh  Rs.

Employee Provident Fund is a fund meant for the welfare of employees where 12% of the employee’s basic salary and dearness allowance is contributed to the fund account every month. The employer also contributes an equal amount.You can withdraw this PF balance as per the PF withdrawal rules. However, if the amount you withdraw is more than Rs.50,000 in a year, the government will deduct some tax called TDS (Tax Deducted at Source) under section 192A of the Income Tax Act. So, you will receive only the balance amount after the tax is deducted.However, you can make sure that there are no TDS deductions on your PF withdrawal amount by filling out Form 15G if your income is below the taxable limit. To learn more on this matter, please read on.What is Form 15G?Form 15G or EPF Form 15G is a document people submit to ensure no TDS is deducted on the interest you earn from your EPF, RD or FD.

Post Office investment-savings schemes in India offer secure, government-backed options with guaranteed returns. These schemes cater to risk-averse investors and include popular products like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), and Monthly Income Scheme (MIS). Recently, deposit limits have been increased, making them even more attractive. In this article, we will discuss the different types of Post Office savings schemes and their benefits.Post Office Investment-Savings SchemesThe Post Office Saving Schemes include several reliable products and offer risk-free investment returns. Around 1.65 lakh post offices spread all over the country operate these schemes.

The Senior Citizen Savings Scheme was introduced in the year 2004 as a part of post office savings scheme, to provide financial security to senior citizens who are in need of a steady income post retirement. Backed by the government, this is a very safe investment option for senior citizens. Residents aged more than 60 years, can individually or jointly open SCSS account. It can either be opened in a post office branch or an authorized bank. It offers an interest rate of 8.2% for the current quarter. This scheme supports a maximum deposit of Rs.30 lakhs, with a tenure of 5 years which can be further extended to 3 years. Deductions under section 80C of Income Tax Act is allowed for this scheme.

In India, the government provides several tax deductions to companies in order to boost business growth. However, they are applicable for a specific list of expenses which are stated under Section 37 of Income Tax Act. Thus, in order to accurately file returns and benefit from the available deductions, companies must have a clear idea of the allowed list of expenses. Read on to learn more! What Is Section 37 of Income Tax Act?Section 37 of Income Tax Act states that any business expenditure, excluding capital expenditure and the individual’s personal expenses, that is spent or set out solely and entirely for the business’s operations shall be applicable for deduction. Additionally, it will be applicable while calculating a business’s taxable income which is payable under the head “profits and gains of business or profession”.    Section 37(1) Of Income Tax ActBusinesses should also consider the guidelines present under Section 37(1) of Income Tax Act. It states that expenditure incurred by businesses for activities which are prohibited by law or are deemed as offences, will not be applicable for deduction under Section 37.

ITR stands for Income Tax Return. The Central Board of Direct Taxes (CBDT) releases all the ITR forms and specifies the procedures to be followed. This article provides an in-depth understanding of the definition of ITR and the types of ITR forms.Latest UpdateThe Central Board of Direct Taxes has notified Forms ITR-1 (SAHAJ) and ITR-4 (SUGAM) thus starting the tax filing season for AY 2025-26. The incomes earned between April 1, 2024 and March 31, 2025 will be reported using these forms. The latest ITR-1 and ITR-4 forms have included sections for taxpayers to disclose capital gains income under Section 112A up to Rs. 1.25 lakhs and with no brought-forward and carry-forward losses under the capital gains head. What is ITR?Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.The department has notified 7 forms i.e.