An income tax refund is the amount returned by the Income Tax Department when a taxpayer pays more tax than required during a financial year. Excess tax may arise due to higher TDS deductions,  advance tax payments, or self-assessment tax. Taxpayers can claim an income tax refund by filing their Income Tax Return (ITR) and verifying it on the income tax e-filing portal.ITR Filing Updates FY 2025-26 (AY 2026-27)The CBDT has enabled online and offline utilities for ITR-1, 2 and 4 for FY 2025-26 (AY 2026-27).The due date to file ITR-1 & ITR-2 is 31st July 2026.The due date to file ITR-3 & ITR-4 (Non-audit cases) is 31st August 2026.What is Income Tax Refund?An income tax refund is the amount returned by the Income Tax Department when a taxpayer pays more tax than their actual tax liability during a financial year. For example, If the TDS and advance tax paid by Mr. A is Rs.

EPFO members can check their PF balance through various methods that are through EPFO portal, using UMANG app, through missed call or SMS services, or through their DigiLocker facility. However, members have to make sure that they have activated their UAN and have linked their KYC. Therefore, EPF balance check can be done both through online and offline methods. PF Balance Check Methods: Quick Reference TableMethodUAN RequiredInternet RequiredEstimated TimeEPFO PortalYesYes2 minUMANG AppYesYes2 minMissed CallYesNoInstantSMSYesNoInstantDigiLockerYesYes3 minPrerequisites Before Checking PF BalanceBefore checking PF balance through online or offline methods, members should make sure to activate their Universal Account Number and have linked their KYC details. Without these, PF balance check thorugh most of the services will not be possible. 1. How to Activate UANStep 1: Download the UMANG App from the Google Play Store or Apple App Store and log in using your mobile number.Step 2: Search for “EPFO” in the app and select “UAN Services Through Face Auth”.Step 3: Tap on “UAN Activation” to begin the process.Step 4: Provide your 12-digit UAN, Aadhaar number, and Aadhaar-linked mobile number.Step 5: Click on “Send OTP”, enter the OTP received on your registered mobile number, and submit.Step 6: Complete the live face scan using your phone camera to verify identity with the UIDAI database (camera permission required).Step 7: Once verified, your UAN will be activated, and a temporary password will be sent to your mobile via SMS.2.

Luxury Tax is an indirect statutory tax imposed primarily on the services offered at hotels, spas, and resorts. It does not apply to food and beverages served at hotels and other locations.What is Luxury Tax?According to the Luxury Tax Act, ‘Luxury’ means a service or Commodity that is specified as ministering comfort, enjoyment or pleasure to a person’s life. Even though a person may not like a particular hotel or accommodation as per Luxury Tax Act and State Luxury Tax Rate, he/she has to pay the respective taxes involved.The Indian tax administration has had challenges dealing with the concept of luxury for a long time. The introduction of Goods and Services Tax (GST) by the government has put “luxury items” in the highest tax bracket at 28%. Luxury by definition is hard to explain, it is subjective in nature.

The concept of taxation has always left most of us often lost and quite befuddled as well. Most of us also find the matter of taxes scary and quite stressful, especially when it comes to the matter of foreign income. There is one specific area of taxation that is relatively complex, yet is vital to be understood, especially by persons who deal with MNCs, the area being the taxation of expatriates.Terms You Need to KnowExpatriate: There is no specific definition as per the Income Tax Act, 1961, so we rely on the general meaning of the word. A person living in a country other than his or her country of citizenship, often temporarily and for work reasons. The person takes a position outside his or her home country, either independently or as a work-related assignment arranged by the employer, which can be a university, company, non-governmental organisation, or government.Residential Status: Residential status of a person is determined on the basis of the physical presence in India and as per Section 6 of the Income Tax Act.

Restricted Stock Units (RSUs) are company shares granted to employees as part of their compensation, usually at no cost. These shares are subject to vesting conditions such as completing a certain period of service or achieving performance targets. In India, RSUs are taxed twice, first as salary at the time of vesting based on the fair market value, and later as capital gains when the shares are sold. Understanding how RSUs work, their vesting schedule, and their tax treatment can help employees plan their taxes and manage their equity compensation effectively.What Are Restricted Stock Units?Restricted Stock Units (RSUs) are a form of equity compensation offered by companies as part of an employee’s salary or incentive package. RSUs represent company shares granted at no upfront cost, but ownership is transferred only after specific vesting conditions are met, such as completing a service period or achieving performance milestones.Once Restricted Stock Units vest, the employee becomes the legal owner of the shares and can choose to hold or sell them. RSUs are commonly used by startups and multinational companies to attract talent, reward performance, and align employee interests with shareholder value.1.

Form 26Q is a statement containing details of TDS deducted on payments made under a particular TDS section except for salary payments; this needs to be filed quarterly by the person responsible for the deduction. But form 26QE is Challan-Cum-Statement used to report TDS deducted under section 194S by specified persons. Filed within 30 days from the end of the month in which TDS is deducted, Individuals or organisations must fill out TDS forms as per their eligibility for each financial year..In this guide, we will explore the Form 26Q and Form 26QE, its significance and the procedures for filing.What is Form 26Q?Form 26Q is a statement of Tax Deducted At Source filled by the TDS deductor. This statement shows the payment made by the deductor to resident individuals and entities and the TDS amount deducted on those payments at a specified rate as per the Income Tax Act. The deductor fills this statement quarterly for TDS deducted on non-salary payments made to residents.The tax deducted at source under Sections 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I,194J and 194T of the Income Tax Act of 1961 are to be filed by the depositor by submitting Form 26Q.  It is to be noted that Form-26Q for  TDS reporting related to non-salary and payment made to residents only, where Form-27Q is for non-resident payments, Form-24Q is for reporting TDS deducted on salary payments, and Form 27EQ is for TCS transactions.Note: If you want to download Form 26QE, follow the same steps but choose Form 26QE. How to Download Form 26Q from TRACES?Here are the steps to follow for form 26Q download:First, you need to visit the official website of TRACES (https://www.tdscpc.gov.in/app/login.xhtml).Enter your User ID, password, and TAN (for deductors) to log in.Navigate to the ‘Downloads’ tab and select e-TCS or e-TDS from the drop-down menu.Next, select the ‘Quarterly Returns’ option and click on ‘Regular’.You will be redirected to a new page where you can view the ‘Form’ section.Select form 26Q from this section and click on download.Note: If you want to download form 26QE, follow the same steps but choose form number 26QE.What is the Use of Form 26Q?Form 26Q is used for the following purposes:You need to submit form 26Q for TDS on all payments other than salary.Income from professional fees, interest on securities, director’s remuneration, dividend securities, etc., is eligible for tax deduction at source under form 26Q.Deductors must submit form 26Q quarterly, and the tax deducted would be applicable as per sections 193, 194, and 200 (3) of the Income Tax Act.Non-government deductors must quote their PAN, and government deductors must quote ‘PANNOTREQD’ while filing form 26Q.How to File Form 26Q?Here are the steps to file TDS return form 26Q:Step 1: Login to e-filing portal using your TAN and password.Step 2: Click on 'e-file>Income Tax Forms > File Income Tax Forms.Step 3: Click on 'File Now' for filing of Quarterly TDS Return.Step 4: Click on 'Let's get started'.Step 5: Select the Form type, Financial Year, Quarter and Upload type.

Employers often grant different benefits to their employees throughout employment to keep them motivated and attract new talent. These benefits can sometimes come in the form of company shares as well. Such shares are granted either in the form of RSU or ESOP. As a salaried employee, it is crucial to understand these employment perks to make the most out of them.In this article, we have covered what each means and a detailed comparison to help you choose between them. What is ESOP?Employee Stock Option Plan or Employee Stock Ownership Plan (ESOP) is a company's way of rewarding its employees. It gives an employee the right to buy company shares on a future date at a predetermined price. Once an employer grants ESOP, they do not immediately transfer it to that employee.

Under the Income Tax Act, borrowers can claim deductions on both home loan principal repayment and interest paid, subject to specified conditions and limits. Whether you are a first-time home buyer or an existing homeowner, understanding the latest home loan tax deductions, exemptions, and eligibility criteria can help you maximize tax savings and make informed financial decisions.Using Section 80C and Section 24(b), a homeowner under the old tax regime can reduce their taxable income by up to ₹3.5 lakh every year.Home Loan Tax Benefits - Key HighlightsThe maximum limits for deductions available against interest and principal paid during the financial year are presented in a table below: DeductionComponentMaximum LimitSection 80CPrincipalRs. 1.5 lakh (Old Tax Regime)Section 24(b)InterestSelf-occupied property: Rs. 2 lakh (Old Tax Regime)Let-out property: Entire interest up to rental income (Old & New Tax Regime)Section 80EEInterestRs. 50,000 (Old Tax Regime)Section 80EEAInterestRs.

Form 27A under the Income Tax Act is a control chart or summary form accompanying e-TDS/TCS returns (like Form 24Q, 26Q, 27Q, or 27EQ) that is to be filled and submitted by deductors/collectors.If you are wondering how to file and download Form 27A, then you have landed on the right page. This article will discuss the necessary topic related to Form 27A. So let's get started.All About Form 27AIn simple words, Form 27A is a summary of e-TDS or TCS return, which contains the statement of deduction or collection of tax at source. This form contains particulars regarding the total amount paid, Income tax Deducted at Source and Tax Deposited. The deductor must sign it and  submit it to the TIN facilitation centre while submitting the TDS returns.This form is also readily available on the Income Tax Department website, and you can download it from this website without any hassle.How To Fill Form 27A Income Tax?Form 27A is filled electronically using RPU provided by the TRACES.

Tax Collected at Source (TCS) is a system where a seller of certain goods collects taxes from the buyer. Now, if the buyer is not liable to pay any taxes and wishes to inform the seller about the non-deduction of taxes, he/she can submit Form 27C of the Income Tax Act. In this case, the list of specific goods includes timber, scrap materials, tendu leaves, etc.Keep reading to learn how to file Form 27C, its applicability, the documents required and more.  What is Form 27C of the Income Tax Act?As per the Income Tax Act, Form 27C is a declaration form for non-deduction of Tax Collected at Source (TCS) by the buyer of goods to its seller. Rules state that the seller of goods needs to collect taxes from the buyer. However, if the buyer is not liable to pay TCS, he/she can file Form 27C. However, he/she needs to be an Indian resident and use all goods purchased to manufacture, produce or process articles or goods.