Selecting the correct ITR form is an important step in filing the taxes. Taxpayers can determine which ITR to file based on their sources of income, residential status, level of income, legal status of the taxpayer (individual, firm, company), etc., Types of ITR Forms and Their ApplicabilityITR-1 (Sahaj): Resident individuals with income up to ₹50 lakh from salary, up to two house properties, and other sources (plus small 112A LTCG up to ₹1.25 lakh).ITR-2: Individuals and HUFs with no business income but capital gains, foreign assets, more than two properties, crypto, or income above ₹50 lakh.ITR-3: Individuals and HUFs with business or professional income, including F&O traders and firm partners.ITR-4 (Sugam): Resident individuals, HUFs, and firms (except LLPs) under the presumptive scheme (44AD/44ADA/44AE) with income up to ₹50 lakh.ITR-5: Firms, LLPs, AOPs, and BOIs.ITR-6: Companies, other than those claiming charitable/religious exemption under Section 11.ITR-7: Trusts, political parties, and institutions claiming exemptions under Section 11 and related provisions.What is ITR?Income Tax Return (ITR) is a form used by taxpayers to report their income and taxes to the Income Tax Department. Filing must be done before the specified due date each year. There are seven ITR forms (ITR-1 to ITR-7), and the correct form depends on factors like income source, income amount, and taxpayer category (individual, HUF, company, etc.).  Different Types of ITR FormsThe ITR form applicable depends on the type and amount of income of the taxpayer as follows: ITR 1: Salaried individuals with income up to Rs.

The new tax regime under section 115BAC of the Income Tax Act, 1961 offers relaxed slab rates and limited deductions to the tax payers. Assessees who have a simple income structure with little to no deductions can find the new regime more beneficial.Key Highlights of the New Tax RegimeNew Tax Regime offers a basic exemption of Rs. 4 lakh and a tax rebate of up to Rs. 60,000.Taxpayers enjoy tax-free income up to Rs. 12 lakh and salaried individuals enjoy tax-free income up to Rs.

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. Taxpayers can download a copy of ITR-V from the income tax e-filing website.FY 2025-26 (AY 2026-27) UpdateForm ITR-V for FY 2025-26 (AY 2026-27) has been notified by the CBDT. What is ITR-V?ITR-V is a document generated when you have e-verified your ITR. It serves as a proof that you have e-verified your ITR. t contains high-level information extracted from your ITR like taxable income, taxes paid, TDS deducted, refund eligible, etc.

Income tax raids have been a crucial part of the Indian government's plan to keep the country free from tax evasion. Over the years, several high-profile raids made headlines revealing the extent of undisclosed wealth and tax evasion.Let us go through this article to get to know the top 10 biggest raids that Indian government performed successfully. Purpose and Objectives of Income Tax RaidsIncome tax raids are carried out with the primary goal of discovering concealed income, unaccounted assets, and ensuring that people and corporations comply with tax regulations. These searches are often conducted when there is credible proof of tax evasion or when authorities suspect large-scale financial irregularities.Some key purposes of income tax raids are discussed below.Detecting Tax EvasionThe primary goal of income tax raids is to discover cases where people or corporations have disguised income to avoid paying taxes. This entails scrutinising financial records, transactions, and assets for unreported revenue to tax authorities. Furthermore, tax officials are looking for assets that have not been properly documented or disclosed.Unearthing Black MoneyIncome tax evasion is critical in locating black money, which is frequently created through transactions in the informal sector.

Paying your income tax online is quick and convenient through the Income Tax Department's e-Pay Tax facility. You can pay advance tax, self-assessment tax, regular assessment tax, or other direct taxes either by logging into the e-Filing portal or without logging in using your PAN or TAN and OTP verification.How to Pay Income Tax Without Logging In?The Income Tax e-Filing portal allows taxpayers to pay taxes without signing in to their account. This pre-login e-Pay Tax facility is useful if you only need to make a tax payment and do not want to access your e-Filing dashboard. You'll need your PAN (or TAN), access to the mobile number linked to it for OTP verification, and the relevant tax payment details. The payment can be completed using Net Banking, UPI, Debit or Credit Card, Payment Gateway, RTGS or NEFT, or Pay at Bank Counter, depending on your preference.Step 1: Visit the e-Pay Tax PortalGo to the Income Tax e-Filing portal and click e-Pay Tax on the home page. This option lets you initiate a tax payment without logging into your account.Step 2: Enter Your PAN or TANProvide your PAN (for individual taxpayers) or TAN (for deductors), enter your mobile number, and click Continue.

Form 26QB should be filed on purchase of immovable property. If you buy a property by paying at least Rs. 50 lakhs, TDS should be deducted under section 194-IA at 1%, and it should be remitted to the government using a challan cum statement called form 26QB. It should be filed within 30 days from the end of the month in which the transaction took place.What Is Form 26QB?26QB is an online statement-cum-challan form used for the payment of TDS u/s 194 IA to the government.Under Section 194-IA of the Act, a buyer should deduct TDS at 1% of the sum or the stamp duty value of such property, whichever is higher, only if the property value for transactions is more than or equal to Rs.50 lakh. The buyer must fill out this form within 30 days form the end of the month for making a TDS payment on the sale of a property. This form requires all details of the property along with the details of buyers, sellers, tax deposits, and so on. It is available on the Income Tax website.A person does not need to possess a TAN for this TDS deduction, and this form can be filed directly through the income tax portal.

PF Account Number is a 22-digit alphanumeric code assigned by your employer to identify your Employees’ Provident Fund (EPF) account. It helps track your PF contributions, check your PF balance, and process PF withdrawals or transfer claims.Today, all PF accounts are linked to a Universal Account Number (UAN). The UAN acts as a single, permanent ID that connects multiple PF account numbers from different employers, making it easier for employees to view and manage their EPF details online.What is the importance of PF account numberPF account number is essential in tracking contributions of employer as well as the account holder. Having PF account number also benefits in processing withdrawals or even transferring account holder's PF balance to a new employer and claiming pension related benefits or insurance-linked with the PF account. Key HighlightsMethods to Locate PF Account Number - Using UAN, EPFO portal, salary slips, or employer records.Handling Common Issues - Solutions for missing details, job changes, or multiple PF accounts.PF Account Number FormatPF account number is a 22 digit alphanumeric code, which consists of the state code, region code, establishment code, extension code, and member ID. It uniquely identifies the employer and employee for EPF purposes. The PF account number format is as follows:Region Code (2 letters): Represents the state where the regional EPFO office is located.Office code (3 letters): Indicates the specific regional EPFO office. Establishment code (7 digits): Employer or company ID.Extension code (3 digits): Code for the specific branch or extension of the branch.Member ID (7 digits): Employee's unique account numberSample 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:1.

If you have earned income under the head house property, then you should know about these deductions from the total taxable income, such as the standard deduction, the deduction for municipal taxes paid, the deduction on home loan interest for the current period, and the ‘Pre-construction interest’ incurred prior to completion of acquisition/construction. Such deductions allow a taxpayer to reduce the tax outflow from their taxable income.Deduction under Section 24(b) for pre-construction interest (in 5 equal installments over a period of 5 years) cannot be claimed if you are opting for a new tax regime in the case of self-occupied property.In the case of let-out property, the pre-construction interest can continue to be claimed as a deduction u/s 24(b) even if you opt for the new regime.What is Pre-Construction Interest?Pre-construction interest is the interest that an assessee incurs on the home loan taken while the house property is still under construction.Deductions on home loan interest is not allowed when the house is under construction. This pre-construction interest is to be accumulated and can be claimed only after the construction is finished. (i.e., an Occupancy Certificate is received for the house property).Conditions to Claim Deduction Pre-Construction InterestThe following are the conditions to claim a deduction of pre-construction interest:The loan should be taken for the purpose of acquisition or construction of house property.The construction of house property should be completed within 5 years from the end of the financial year in which the loan was obtained.No deduction should have been made for the interest under any other section.Example to Understand How to Claim Pre-Construction InterestPrakash took a loan of Rs.20 lakhs to start construction of his house property in Bhubaneshwar in July 2023. He has been paying EMI of Rs.30,000 ever since.The construction was completed in August 2025, and he received a completion certificate.This house has been on rent since September 2025.

The Senior Citizen Savings Scheme (SCSS) is a government backed savings scheme for senior citizens offering an annual interest rate of 8.5%, paid out monthly. Eligible individuals can invest a minimum of Rs. 1,000 up to Rs. 30 lakh for a period of 5 years. The amount invested is allowed as a deduction under the old tax regime, thus offering tax benefits to investors. Latest Update - Senior Citizen Savings Scheme (SCSS) FY 2026-27ParticularsLatest UpdateQ1 FY 2026-27 Interest Rate8.2% p.a.TDS ThresholdRs.

Intraday trading is treated as speculative business under Section 43(5) and is taxed under the head "Profits and Gains from Business or Profession" at the applicable income tax slab rates. Speculative losses can be set off only against speculative gains and carried forward for 4 assessment years. Depending on the turnover and profit declared, traders may also need to maintain books of account under Section 44AA and undergo a tax audit under Section 44AB.Set-off Rules for Intraday LossIncomeAllowedF&O ProfitNoIntraday ProfitYesOther Business IncomeNoCapital GainsNoTaxpayers are allowed to carry forward the loss for upto 4 subsequent assessment year, provided ITR is filed within the due date. What Is Intraday Trading?Shares bought and sold (long trades) or sold and bought (short trades) within a single trading day is known as intraday trading. The trader’s purpose in intraday trading is not to own the equity shares, but they want to take advantage of the short-term price movements and make profits the very same day. These profits are taxable according to your income tax slabs.Understanding Capital Assets and Trading AssetsA share can be called a ‘Capital Asset’ or ‘Trading Asset or Stock-in-Trade’ depending on whether you are identified as an investor or trader.Investors are those who invest in stocks or other securities for the long term with the intention of holding them for a considerable period. They aim to earn returns through capital appreciation(income on sale of shares) and dividends. The income generated from the sale of shares is taxed as ‘capital gains’.