Form 12BB is a statement of claims submitted by an employee to the employer at the beginning of the financial year. The form covers declarations for key deductions such as House Rent Allowance, Leave Travel Allowance, interest on home loans, and investments under Chapter VI-A like Section 80C and 80D.As per the provisions of the new Income Tax Rules, 2026, Form 12BB has been replaced by Form 124.Form 12BB PDF Download You can download and understand the structure of Form 12BB from the income tax portal.Things to be Done Before Filling Form 12BBBased on the declarations in Form 12BB, the employer calculates and deducts the correct TDS for the financial year. Hence, it is important to fill and submit Form 12BB correctly to ensure proper TDS calculation. The 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. This guide will walk you through each section, explaining what information to include and how to claim maximum tax benefits.Part I: Personal DetailsFull NameAddressPAN (Permanent Account Number)Financial Year (Current year: 2024-25)Part II: Details of Claims and Evidence1.

The assessees should file their ITRs using the right ITR form, which is the most suitable for the taxpayers income structure, residential status, level of income, etc. In India, there are seven ITR forms (ITR-1 to ITR-7), applicable to different kinds of assessees. Filing must be done before the specified due date each year.Types of ITR Forms and Their ApplicabilityITR 1: Salaried individuals with income up to Rs. 50 lakhITR 2: Individuals with capital gainsITR 3: Income from business or professionITR 4: Income From Business and Profession < Rs. 50 lakhITR 5: Firms, LLPs, AOPs, and BOIsITR 6: Companies ITR 7: Charitable trustsDifferent Types of ITR FormsThe ITR form applicable depends on the type and amount of income of the taxpayer as follows:ITR FormApplicabilityITR-1 (Sahaj)Resident individuals with income up to ₹50 lakh from salary, up to two house properties, and other sources (plus 112A LTCG up to ₹1.25 lakh).ITR-2Individuals and HUFs with no business income but capital gains, foreign assets, more than two properties, crypto, or income above ₹50 lakh.ITR-3Individuals 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-5Firms, LLPs, AOPs, and BOIs.ITR-6Companies, other than those claiming charitable/religious exemption under Section 11.ITR-7Trusts, political parties, and institutions claiming exemptions under Section 11 and related provisions.Applicability of different kinds of ITR forms are explained elaborately below.ITR-1 or SAHAJWho Can use ITR-1?A taxpayer can file under ITR-1, if the following conditions are satisfied.Resident individualsTotal income not exceeding Rs.

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.

Cryptocurrencies are emerging as prominent financial innovation, offering decentralized and border-less transactions. In India virtual digital assets (VDAs) such as cryptocurrencies, NFTs, etc. are now subject to taxation, whose capital gains are taxable at a flat 30%.Key HighlightsSale of crypto currencies are taxed at 30% and only purchase cost can be claimed as deduction.If crypto is acquired without purchase (as a gift, mining reward, etc.), it is taxed at slab rates.TDS is deducted at 1% of sale consideration.What are Crypto Currencies as per the Income Tax Act?In layman's terms, cryptocurrencies are digital currencies designed to buy goods and services, similar to other currencies. Today, more than 1,500 virtual currencies, such as Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Matic, etc., are traded in the digital currency world. Crypto and NFTs were categorized as "Virtual Digital Assets", and Section 2(47A) was added to the Income Tax Act to define this term. The definition is quite detailed but mainly includes any information, code, number or token (not Indian or foreign fiat currency) generated through cryptographic means. Is Crypto Taxed in India?Yes, gains from cryptocurrency are taxable in India.

ClearTax is an AI-powered income tax filing platform with vast experience in serving 7.5 Million+ trusted customers. With ITR filing options through AI Chatbot, WhatsApp, DIY product, and assisted filing services, ClearTax caters to various consumer needs to make ITR filing for FY 2025-26 easy, fast, and efficient when compared to other competitors. For taxpayers with incomes from salary, house property, capital gains, business and profession, or other sources, ClearTax provides flexibility and enhanced ITR filing tools with various broker integrations, detailed tax summary reports, easy claiming of exemptions and deductions, and automated selection of the correct ITR form and tax regime beneficial to the taxpayer.ClearTax offers both a DIY (Do It Yourself) product and Assisted Filing plans. The DIY option lets you complete your ITR filing in a simple, hassle-free way on your own. With Assisted Filing, you are assigned a tax expert experienced in handling income structures similar to yours, who manages the entire filing process from start to finish.But with the availability of many ITR filing options, it is important to choose the right platform to get your task done.

Section 115BAC of the Income Tax Act, 1961 governs the provisions related to the new tax regime for individuals. While the new regime offers relaxed slab rates, limited deductions are available under the new regime. Up to ₹12 lakh of income can be tax-free under the new regime due to higher rebates. Assessees who have a simple income structure with little to no eligible tax saving 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.

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.

India is the world’s most populous country and it has a very young population. With improvements in health facilities, the longevity of the population is also increasing. Thus, India’s working population needs to plan for old age and retirement. One of the ways to guarantee financial stability after retirement is to enrol in a pension scheme.In 2004, the Government of India reformed India’s pension system by introducing the National Pension System(NPS). Its defining characteristic is the contribution made by employees towards their pension.In this blog, we will discuss the steps for NPS account opening and the benefits it offers.What is National Pension System?The National Pension System allows a professional to build his pension corpus.

New sections were introduced in the Finance Bill, 2021 to deduct TDS (tax deducted at source)/ collect TCS (tax collected at source) at higher rates when the amount is paid to specified persons who have not filed their income tax returns. Section 206AB is inserted after section 206AA of the Income Tax Act. The latter provides for the deduction of TDS at higher rates for those who do not provide/furnish their Permanent Account Number (PAN). Similarly, section 206CCA for TCS is inserted after section 206CC of the Income Tax Act. Read on for a detailed explanation covering the recent CBDT circular no. 10/2022, the compliance check functionality and more.Budget 2025 UpdateIt was proposed to omit Sections 206AB and 206CCA in order to avoid blocking of capital and reduce the compliance burden for the deductor/collector. This will be effective from 1st April 2025.What is Section 206AB and 206CCA?Section 206AB– Deduct TDS at higher rates than usual when you make payments to those who have not filed their income tax return in the last year.Section 206CCA– Collect TCS at higher rates than usual from the amounts received from buyers.Rate of TDS Under Section 206AB or Rate of TCS Under Section 206CCA?TDS under section 206ABIf payment is made to a specified person as mentioned above, then tax shall be deducted at source (TDS) at higher of below rates:2 times the rate given in the Income Tax Act or Finance Act or5%If the person provides the PAN but has not filed the return for the last assessment year, the due date for filing has expired, and the aggregate of TDS or TCS in his case is Rs.

Section 80CCD(1B) allows an additional ₹50,000 tax deduction for NPS contributions, over and above the ₹1.5 lakh limit under Section 80C and 80CCD(1). This benefit is available only under the old tax regime, giving taxpayers a total maximum deduction of ₹2 lakh for NPS and other eligible investments.What is Section 80CCD(1B)?Section 80CCD(1B) provides an additional NPS tax deduction of ₹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) for NPS tax benefits. Deductions under section 80CCD(1B) would be available only under the old regime.Though the Income Tax Act 2025 takes effect from 01st April 2026, the provision of the 1961 Act applies for AY 2026-27, as it pertains to income earned up to 31st March, 2026. Section 80CCD (1B) of the Income Tax Act is now replaced with Section 124(3) of the Income Tax Act 2025. Maximum deductions under section 80C + 80CCC + 80CCD(1) = Rs. 1.5 lakh  Rs.