As per Budget 2025, the revised income tax slabs under Section 115BAC the new regime for FY 2025-26 (AY 2026-27) are: Income up to Rs. 4 lakh is exempt, Rs. 4 lakh to 8 lakh taxed at 5%, Rs. 8lakh to 12 lakh at 10%, Rs. 12 lakh to 16 lakh at 15%, Rs.

Form 10F is applicable for Earning income from India while residing abroad? You may be eligible for reduced tax rates under a Double Taxation Avoidance Agreement (DTAA). Non-residents can claim the benefits of DTAA, an agreement under which their income is taxed only once. India has signed such tax treaties with many countries, which allow dual citizens to avoid the burden of double taxation. But claiming these benefits requires a crucial document: Form 10F.What is Form 10F?Form 10F is a self-declaration tax form used by non-resident (NR) taxpayers for claiming the benefits under DTAA (Double Taxation Avoidance Agreement) if their Tax Residency Certificate (TRC) lacks certain crucial details.  Terms used above:NR taxpayers: These are individuals or entities whose primary source of income is not from India.Double Taxation Avoidance Agreement (DTAA): These are agreements between India and other countries that prevent double taxation on income earned in both countries.Tax Residency Certificate (TRC): This document is issued by the NR taxpayer's home country confirming their tax residency status. NR taxpayer is mandatorily required to furnish a valid TRC for claiming the DTAA benefit.Purpose of Form 10F: Why is Form 10F needed? If the TRC doesn't contain all the necessary information as per the DTAA, the NR taxpayer must provide additional details in Form 10F.To claim the benefits of a tax treaty, NR taxpayers need to furnish TRC and Form 10F (if certain details are missing in TRC)  as per Section 90 (5) of the Income Tax Act.

Post Office investment-savings schemes in India offer secure, government-backed options with guaranteed risk-free 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). They also offer tax benefits up to Rs.1.5 lakh under Section 80C of the Income Tax Act.Recently, deposit limits have been increased, making them even more attractive. The following table summarizes the details of various post office schemes.Savings Schemes Under Post Office InvestmentsThe various savings schemes under post office investments are given below.Post Office Savings AccountPost Office Time Deposit AccountPost Office Monthly Savings Scheme Account (POMIS)Senior Citizens Savings Scheme (SCSS)15 year Public Provident Fund AccountNational Savings Certificate (NSC)Kisan Vikas Patra (KVP)Sukanya Samriddhi Accounts (SSA)Advantages of Investment in  the Post Office-Saving Schemes in IndiaThe following are the advantages of investing in post office saving schemes:Easy to InvestThe savings schemes are easy to enroll in and best suited for rural and urban investors. Anyone who wants to hedge risk in the portfolio for a fixed decent return can invest in these schemes.

Form ITR-V stands for 'Income Tax Return-Verification' Form. It is a single-page document that is received when an ITR is filed online without a digital signature. The Income Tax Department sends ITR-V to taxpayers through email. Taxpayers can also download a copy of ITR-V from the income tax e-filing website. To complete the income tax filing process, verification of ITR is an important step.

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. 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.

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. After deducting the TDS, the buyer needs to pay it to the government along with Form 26QB. Form 26QB is a challan cum return statement filed by the buyer within 30 days of the last date of month in which TDS is deducted.Requirements of Section 194IAWhen a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50 lakhs, he has to deduct tax at source (TDS) when he pays the seller.

You can easily file your Income Tax Return (ITR) online using your Aadhaar card. After e-filing, taxpayers no longer need to send the ITR-V verification form to the Income Tax Department. Instead, you can quickly verify your return online using an OTP sent to your Aadhaar-registered mobile number. Remember, the ITR must be verified within 30 days of filing to complete the process.E-verify Your Return Using Aadhaar CardYou can e-verify your Income Tax Return easily using your Aadhaar card. After filing your ITR online, choose the ‘e-Verify’ option on the income tax portal.

Form 10IE is a statutory form that taxpayers must file to opt for the new tax regime before FY 2023-24, when the old tax regime was the default regime. It is filled out by individuals and HUFs with income from business or profession. Salaried individuals who fill out ITR 1 and ITR 2 are not required to fill out Form 10IE. However, Budget 2023 amended the tax provisions and made the new tax regime the default one from FY 2023-24 onwards. Therefore, Form 10IE has been discontinued from FY 2023-24. If taxpayers want to shift from the new regime(default) to the old regime, they must file Form 10IEA.What is The New Tax Regime?The new tax regime allows for lower tax rates while most of the deductions and tax benefits allowed in the old tax regime are not allowed. Click here to check the income tax slab applicable to you as per the new and old tax regime. The choice between old vs new tax regime must be made and submitted in Form 10IE before filing the income tax return. When to Submit Form 10IE?Form 10IE has to be filed BEFORE filing your income tax return.

Every individual needs to file their taxes in the specified IT return form. ITR-2 is specifically designed for Individuals and HUFs with income from salary, multiple house property, capital gain, foreign assets and other sources. ITR-2 is commonly used for income exceeding 50 lakhs in a financial year or for those having investments in stocks, mutual funds, or assets that result in capital gain. However, if your total income for a financial year includes income from a business or profession, you must file ITR-3. ITR-2 is required, especially for Capital gains and foreign asset & income disclosure requirements.In this article, we will read about filing ITR-2 and its applicability.Eligibility Criteria to File ITR-2 FormIf you fulfil the following criteria, then it is mandatory to file the ITR-2 form:Any Indian individual or member of the HUF (Hindu Undivided Family)Resident, RNOR and Non-Resident eligible for ITR-2.Salaried or pensioned individuals having income exceeding Rs.50 lakhs.Individuals earning capital gains from the sale of shares, mutual funds, immovable property, and virtual digital assets.   If you earn rental income from multiple house propertiesIf you earn more than Rs.5,000 from agricultural incomeIf you have foreign assets or generate a foreign incomeIf you are a director in any company (Foreign or domestic)If you hold an unlisted equity share in any company (Foreign or domestic)If you have any brought forward loss or loss to be carried forward under any head of incomeIndividuals earning income through other sources like horse racing, lottery winning, etc.Note: If you are earning from a business, any profession, partnership firm, etc., you are not eligible to file an ITR-2 form.Latest UpdateThe Central Board of Direct Taxes (CBDT) has notified Form ITR-2 for AY 2025-26 for individuals and HUF not having income from profits and gains from business and professions. The following are the changes for AY 2025-26:Income from Capital Gains split between before and after 23 July 2024.Capital loss on buyback allowed if corresponding dividend income is declared as Income From Other Sources.Limit raised to Rs.

Taxes are an obligatory expense enforced on the individual by the state and central government. They are one of the government’s most significant income sources, helping them build our country’s economy and infrastructure. Therefore, as a responsible citizen, you must pay taxes. However, it is also crucial to know the different types of taxes in India implemented in the taxation system.Types Of Taxes In IndiaThe tax structure in India is a three-tier structure: Central, State, and Local Municipal Bodies. Taxation in India is broadly classified into direct and indirect tax. Let us look at these two types of taxes and catch the difference between direct and indirect taxes.Direct TaxesDirect tax is levied on people's income or profits.