Form 16 is a TDS certificate issued by an employer that shows the tax deducted from your salary and a detailed breakup of your income, exemptions, deductions, and taxable amount for the financial year. It is an important document for salaried taxpayers to verify TDS and file their income tax return accurately, and can be downloaded from the employer or payroll portal once issued.This blog explains in detail about Form 16, which is applicable for FY 2025-26 and preceding years. Form 16 Renamed as Form 130Under the Income Tax Act 2025, Form 16 has been renumbered as Form 130 effective from Tax Year 2026-27 (April 1, 2026) and onwards. For FY 2025-26, your employer will still issue Form 16 as usual.  What is Form 16?Form 16 is a TDS certificate issued by the employer containing TDS deducted on salary, the salary income during the financial year. It serves as a handy document for ITR filing process as it contains various information related to employer, the taxpayer, TDS deducted, income estimate, deductions claimable etc. It is issued under section 203 of the Income Tax Act, 1961.Form 16 is divided into 2 parts: Part A and Part B.

Professional tax is state-imposed tax which is levied on salaries employees, professionals, and self employed individuals engaged in various professions, trades and occupations. In Tamil Nadu this serves as an essential source of revenue for the state government and is applicable to both employees and business owners based on their income. Hence, it is essential to understand professional tax rules, slab rates,payment and due dates for timely compliance and avoid penalties.Professional Tax in Tamil NaduThe Tamil Nadu state government imposed a professional tax on every salaried employee working in government and private sectors and self-employed individuals in any business or profession, such as doctors, engineers, lawyers, chartered accountants, freelance professionals, etc. Those working in Tamil Nadu must pay professional tax according to the applicable income slab and professional tax rate.Employers deduct professional tax from employees' salaries monthly or half-yearly, and self-employed people deposit professional tax half-yearly (in six months). However, professional tax paid by salaried employees can be claimed as a deduction under the old income tax regime while filing an ITR.Professional tax in Tamil Nadu is levied under the Tamil Nadu Panchayats, Municipalities and Municipal Corporations Rules, 1998.

Digital payments through UPI apps and e-wallets are rapidly replacing physical cash as a payment method. UPI payment platforms or e-wallets come with a user-friendly interface; anyone can use it with just a few clicks. However, did you know that you might need to pay tax on UPI transactions? Read on to know more. What does a UPI transaction mean?The Unified Payments Interface (UPI) is a user-friendly, and real-time payment solution, which adopts substantial growth in digital payments. It facilitates the inter-bank  transactions by just few clicks. UPI transactions usually provide seemless transfer of payments between ‘peer to peer’ or ‘peer to business’. UPI transactions can be made whenever requested by the receiver of payment.

In order to claim deduction for rent paid on a rented property as per Section 80GG, an individual needs to submit Form 10BA. This provision was introduced to help people who don't receive House Rent Allowances (HRA). Self employed individuals and HUFs can also claim this deduction by filing Form 10BA, provided they must pay rent for their residential accommodation. Form 10BA DownloadWhat is Form 10BA?Form 10BA is a declaration submitted by the taxpayer for claiming deduction under section 80GG To claim the deduction, the taxpayer must declare that they are not claiming the deduction for a self-occupied property in another location or the exact location where they are employed. What is the applicability of Form 10BA ?The following points justify the Form 10BA applicability:The taxpayer can be salaried or self-employed; however, they should not receive a house rent allowance from an employer.If the taxpayer, their minor child, spouse, or the assessee is a member of a HUF (Hindu Undivided Family), then the HUF must not possess any self-occupied residential property.Is Form 10BA Mandatory?Yes. It is compulsory to claim a deduction for rent remunerated under Section 80GG of the Income Tax Act. The Form 10BA is mandatory for the following reasons:Non-filing of this form can incur interest, penalties, or legal consequences.This form works as documentary evidence to approve your claim for deductions under Section 80GG. It offers a certifiable record of your rental payments.It presents legitimate tax compliance records that help those individuals who apply for visas, loans, or background checks.What are the limits as per Form 10BA ?The Form 10BA limit for claiming a deduction for the rent paid under Section 80GG is as follows:The deduction amount is the lowest of the following:Rs.5,000 per month or Rs.60,000 per year.25% of the total income (excluding short-term capital gains under Section 111A, long-term capital gains, Income under Section 115A or 115D, and deductions under Sections 80C to 80U.Actual rent (-) 10% of income.Form 10BA Due DateForm 10BA of the Income Tax Act should be filed before the income tax return.

Section 80G of the Income Tax Act has allowed donors to claim deductions on the contributions made to approved charitable institutions. The compliance framework around Section 80G was strengthened with the introduction of From 10BD and Form 10BE which makes the donation reporting process transparent. As per existing rules, the charitable institutions have to file Form 10BD which states statement of donations. In order to ensure seamless tax deduction it is essential for both donee and donors must have understanding of these forms. What is Form 10BE Income Tax Act ?With Form 10BE, the Central Government can ensure that the donation received by different charitable institutions matches the taxpayer's deduction claims. This Form 10BE is proof of evidence to validate the deduction claimed under Section 80G.

Paying GHMC property tax in Hyderabad is an important obligation for property owners, helping fund civic infrastructure, sanitation, roads, and other essential public services. Understanding Hyderabad property tax rules, applicable rates, and payment methods can help property owners stay compliant and avoid penalties. In this guide, we explain how to calculate GHMC property tax, check tax rates, and make GHMC property tax online payment easily.What is GHMC Property Tax?The Greater Hyderabad Municipal Corporation (GHMC) is responsible for collecting house and property tax from residents of Hyderabad. Property tax forms a major source of revenue for the state government and is crucial for improving urban infrastructure and maintaining civic amenities.Whether your property is used for residential or commercial purposes, you are required to pay property tax annually. This applies to self-occupied homes as well as rented-out residential units.

The National Pension System (NPS) is a government-backed retirement savings scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It is designed to help individuals build a retirement corpus through systematic, long-term investments.Contributions can be made to the Tier I account, which offers tax benefits of up to Rs. 2 lakh under Section 80C, or to both Tier I and Tier II accounts. NPS combines market-linked returns with tax-saving benefits, making it a popular choice for retirement planning.National Pension Scheme - DetailsAspectsDetailsObjectiveTo promote savings and investments, and help the citizens to plan their retirement.EligibilityOnly Indian citizens aged between 18 to 85 years.Types of AccountsTier-I Account: Mandatory for government employers, optional for othersTier-II Account: Optional for everyone.Minimum ContributionFor Tier I: Rs. 1000 per annum, Rs.500 for account openingFor Tier II: Rs.

Surcharge is tax calculated as a percentage of income tax already payable by the taxpayer. Usually, high income taxpayers are subjected to surcharge provisions under the Income Tax Act. Those taxpayers who have just crossed the threshold limits, thereby liable to pay surcharge can claim marginal relief. Key HighlightsFor individuals, surcharge rates are as follows: 10% for income between 50 lakhs and 1 crore, 15% for income between 1 crore to 2 crore, 25% for income between 2 crore to 5 crore, and 37% for income over 5 crore (this rate does not apply to taxpayers opting for new regime)Surcharge on Income TaxIncome tax surcharge is an additional charge payable on income tax. It is an added tax on the taxpayers having a higher income inflow during a particular financial year.Surcharge Rates for Individuals Under the Old Regime and New RegimeNet Taxable Income limitSurcharge Rate on the amount of income tax (under old tax regime)Surcharge Rate on the amount of income tax (under new tax regime)Less than Rs 50 lakhsNilNilMore than Rs 50 lakhs ≤  Rs 1 Crore10%10%More than Rs 1 Crore ≤  Rs 2 Crore15%15%More than Rs 2 Crore ≤  Rs 5 Crore25%25%More than Rs 5 Crore37%25%Note:Surcharge for AOPs having only companies as its members to 15%. It is applicable to AOPs whose total income during the financial year exceeds Rs 1 crores. Surcharge on Capital GainsSurcharge has been capped at 15% on dividend income and Capital gains covered under section 111A, 112 and 112A.IllustrationLets understand this concept through an example:Mr.

Dearness Allowance (DA) is a salary component paid to employees of public sector undertakings to offset the impact of inflation and rising living costs. Calculated as a percentage of the basic salary, DA is revised twice a year based on the Consumer Price Index (CPI). It is fully taxable and varies depending on factors like basic pay and inflation rates.DA Raised by 2%The Dearness allowance has been increased to 60% from the existing limit of 58% for central government employees as approved by the Union Cabinet. This DA hike will take effect from 1st January, 2026. The purpose of DA hike is to offset the impact of inflation and rising living costs. What is Dearness Allowance?The government pays Dearness Allowance to its employees and pensioners as a cost of living adjustment to offset the impact of inflation.

The Vasai Virar City Municipal Corporation charges a property tax on real estate. They collect this tax annually from different types of property owners who fall under its jurisdiction. A property tax is also called 'Gharpatti' in Marathi. The municipal body uses Vasai Virar Municipal Corporation property tax for the maintenance of the city. This benefits the residents of the city in several ways such as uplifting property prices, providing a better quality of life to them, etc.When is the Last Date for payment of Vasai Virar Property Tax?The deadline for paying property tax is December 31.