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.

A defective return occurs when the Income Tax Department finds errors or inconsistencies in a filed income tax return. It acts as a warning to taxpayers, allowing them to correct mistakes and ensure accurate reporting. Responding to such a notice helps avoid penalties, interest, or issues with refunds, while maintaining compliance with tax regulations.Key HighlightsA defective return is flagged when the Income Tax Department finds errors in your ITR.Common causes include incomplete ITR, TDS mismatch, unreported income, or incorrect details.Taxpayers have 15 days to respond to the notice.What is a Defective Return?A defective return occurs when the Income Tax Department detects errors or inconsistencies in your Income Tax Return (ITR). These errors could include:Missing or incomplete information in the ITR.Conflicting details compared to data available with the department (from employers, banks, mutual funds, TDS/TCS deductors, etc.).Incorrect basic details, such as name, PAN, or address.Mistakes in tax calculation or reporting of income and deductions.What is Defective Notice u/s 139(9) of the Income Tax Act?IT Department will issue the notice u/s 139(9) to your email ID registered with the income tax department. The subject of the email will be 'Communication under section 139(9) for PAN AWZXXXXXXX for the Assessment Year 2025-26'. The defective return notice is attached in the email and password protected. The password to open defective return notice u/s 139(9) is PAN in lowercase followed by date of birth in DDMMYYYY format. Example: if your PAN is MNOPQ1212C and your date of birth is 12/10/1987, the password would be: mnopq1212c12101987Why Is a Defective Notice Issued under Section 139(9)?A defective return notice helps the department maintain data accuracy and ensures that taxpayers pay the correct amount of tax.

High-net-worth individuals (HNIs) are wealthy individuals occupying financially privileged positions in society. In India, HNIs are those with investable assets of over Rs. 5 crore. HNIs need to invest and must have a long-term vision. Most HNIs are owners of large companies and hold positions such as CEO, chairperson, CTO, etc.

You can claim deduction against a personal loan interest and principal repayment in cases like home loan, vehicle loan, education loan, etc. However, the eligibility to claim such deduction depends on various factors like the regime chosen, and satisfaction of other criteria mentioned in the act.Tax Benefit On Personal LoanThe key factor in determining whether you can claim these benefits is the intended use of the loan amount. You can claim these benefits as long as you can provide evidence that the funds were used for that specific purpose.Home RenovationIf you take a personal loan to renovate or repair your home, then you will be eligible for a tax deduction under Section 24(b) of the Income Tax Act. You can claim deductions of up to Rs.30,000 per year on the interest paid on a personal loan. Home Purchase or ConstructionIf you take a loan for the purchase or construction of a house, you can claim a deduction of the interest paid on such loan. If the house is used for self-occupation, you can claim an interest deduction of up to Rs.2,00,000. However, this limit is reduced to Rs.30,000 if the purchase or construction is not completed within five years from the end of the financial year in which the capital was borrowed. If you let it out on rent, then the entire interest amount qualifies for a tax deduction. However, if you opt for new regime then deduction is available only on the property which is let out. Under section 80C, deduction of up to Rs.

The VPF or Voluntary Provident Fund is a non-compulsory investment made by salaried employees over and above the 12% limit of Employees Provident Fund (EPF) account. It is a government-backed savings scheme ensuring minimal risk, with an interest rate of 8.25% per annum. Key HighlightsVPF enjoys 'EEE' status on withdrawal after 5 years, which exempts contribution, interest and principal, subject to conditions.However, interest on contribution exceeding ₹2.5 lakh per financial year is taxable.Up to 100% of Basic salary and DA can be contributed to VPF.What is Voluntary Provident Fund?Voluntary Provident Fund (VPF) aka Voluntary Retirement Fund is a voluntary fund contribution from the employee towards his Provident Fund (PF) account. This contribution is beyond the 12% of contribution by an employee towards his EPF. The maximum contribution is up to 100% of Basic Salary and Dearness Allowance. Interest is earned at the same rate as the EPF.Employers are under no obligation to contribute to their employees’ VPF portfolio.

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.

TAN stands for Tax deduction and collection Account Number. Every person deducting tax from the payments are required to obtain TAN. TAN must be quoted in every return submitted to the department. After obtaining your TAN, it is extremely important to register your TAN on two websites: TRACES and income tax e-filing portal. Refer to this page to understand the process of registering TAN on TRACES. In this article, we will see how to register TAN on income tax site.What is TAN?Tax Deduction and Collection Account Number is a 10 digit alphanumeric number provided by the Income Tax Department.Every person responsible for deduction TDS or collecting TCS is mandatorily required to obtain TAN, and is required to quote TAN in TDS/ TCS returns, certificates, and notices related to TDS/TCS returns.Individuals not required to deduct or collect tax, or deductors under section 194-IA is not required to obtain TAN.Prerequisites for Registering TAN on E-filing portalYou must complete the following process before registering TAN on income tax site:Active and valid TAN PAN of the principal contact must be registered on the e-filing portalStep-by-step guide on TAN Registration on the Income Tax PortalGo to the income tax e-filing portal and click the ‘Register’ button.Select the ‘Others’ option.

Nil return is filed when the assessee's total income has not crossed maximum amount not chargeable to tax, and his tax liability is nil for the relevant assessment year. The provisions are governed under Section 139(1) under the Income-tax Act, 1961. But if they file ITRs even when their income is below the basic exemption limit, it is termed ‘Nil Return’.What is a Nil Return?A nil income tax return is filed to show the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the year. As per the Income Tax Act, it is not mandatory for individuals earning less than the basic exemption limit to file an ITR. Thus, individuals filing nil returns file it in their interest.When Should I File a Nil Return?1. To show Income Tax Return as Proof of IncomeThere are several instances where income tax serves as proof, say when you are applying for a visa or while getting your passport made.This is to continue maintaining a record and also preventative measures in the event of scrutiny from the Income Tax Department.2.

Confused about how to file your Income Tax Return for FY 2025-26? ClearTax offers multiple hassle-free options like file on your own with our DIY ITR platform, get expert help with our Assisted Filing plans, or use our AI-powered chat-based ITR filing on WhatsApp, Slack, or MS Teams. Choose what suits you best and file your ITR with ease!But which platform is right for you? ClearTax and Quicko are two of India's most popular ITR filing platforms, but they offer different features and benefits. So, how do you decide which one is right for you? To help you make an informed decision, here's a comprehensive comparison of ClearTax and QuickoClearTax vs Quicko ITR Filing Differences:1. AI-Powered Chat-Based Tax FilingIn 2024, ClearTax launched an AI-powered WhatsApp chat solution for easy tax filing, initially helping over 2 lakh gig workers claim Rs. 30+ crores in refunds.

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 DIY(Do It Yourself) product for you to file your ITR without having to fall behind a traditional tax return preparer. DIY product allows taxpayers to directly upload multiple Form 16s, and has integrated with over 80+ brokers making it easy for F&O, Intraday, and investors to fetch all data in one click directly from their brokers. ClearTax also has Assisted Filing plans, where our Tax Experts handle your ITR round the year and even provide notice management services, and our AI-Powered-Chat-Based ITR filing, which you can access through platforms like WhatsApp, Slack, and MS Teams, and file your ITR with just a few clicks! But with the availability of many ITR filing options, it is important to choose the right platform to get your task done.