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.

As per Section 194-IA, buyers of immovable property of Rs. 50 lakh or more must deduct TDS at 1% of the sale consideration or stamp duty value, whichever is higher, and deposit it using Form 26QB, without needing TAN. Under Budget 2026, non-resident sellers/buyers can also complete this by using the PAN-based facility on the Income Tax portal, without applying for a TAN. After TDS is paid, the buyer should issue Form 16B to the seller through the TRACES portal, whereas agricultural land and government-acquired property are exempt. TDS rates are applicable only at 1% of the sale price or stamp duty value-whichever is higher when buying property worth Rs. 50 Lakh or more. The seller is not responsible for deducting TDS,, buyer is responsible. TDS shoots up to 20% instead of 1% if the seller's PAN is not provided. TDS has to be deposited by using Form 26QB, within 30 days from the end of the month of deduction, and buyers do not need a TAN for this. The seller cannot claim TDS credit while filing their return and may end up paying tax on the same amount again, if Form 26QB is not filed. What is Section 194IA?Section 194IA provides for TDS on sale of immovable property.

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.

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.

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.

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.

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.