ITR stands for Income Tax Return. It is a form through which taxpayers in India report their income, expenses, taxes paid, and tax liability for a financial year. There are seven types of ITR, namely ITR-1 to ITR-7. The type of ITR a taxpayer needs to file differs based on her income sources, level of income and the residential status. Therefore, choosing of the right ITR form becomes crucial.The ITR due date for non-tax audit cases for FY 2025-26 (AY 2026-27) is 31st July 2026.

Maximum professional tax payable will not exceed Rs.2,500 per annum irrespective of income level of the person. The professional tax applicable depends on whether the person is an employee, a specified professional or others. For FY 2025-26, the professional tax due date is 31st July, 2025. Professional tax payment can be made online, following simple steps. In this article, we will learn about professional tax in West Bengal.West Bengal Professional Tax RuleAs per Clause 2 of Article 276 of the Indian Constitution, professional tax in West Bengal is levied as per the provisions under the West Bengal Tax on Profession, Trade, Callings and Employment Act, 1979. Professional Tax is broadly classified into two types:Professional Tax Registration (PTRC): If you are a salaried employee, your establishment will have to obtain PTRC, this tax is automatically deducted by your employer and deposited to the state government. Professional Tax Enrollment (PTEC): If you are self-employed, you must pay it on your own by visiting any of the WB professional tax offices.

Term Insurance is a type of life insurance that offers coverage to the policyholder. This coverage is only valid for a particular period. If the policyholder dies during this time frame, then the term insurance-providing company pays the insured money to the beneficiary.  It is essential to know a few terms and conditions before taking term insurance. The term insurance also has several tax benefits under the sections 80C, 80D, and 10D.

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 File Form 26Q?Here are the steps to file TDS return form 26Q:Login to e-filing portal using your TAN and password. Click on 'e-file>Income Tax Forms > File Income Tax Forms. Click on 'File Now' for filing of Quarterly TDS Return.Click on 'Let's get started'.Select the Form type, Financial Year, Quarter and Upload type.

The National Savings Certificate (NSC) is a secure investment option provided through post offices. Interest rate fixed for Q1 of FY 2026-27 is 7.7% per annum. A minimum investment is Rs. 1,000 is required to open an NSC account and lock in period is for 5 years. Tax benefits of up to Rs.

Are you planning to claim tax benefits under Section 80C or 80CCD(1B) for your NPS contributions? You would need your NPS transactions as proof when filing your income tax return. This statement gives a complete record of your contribution, allotted units, and withdrawal details linked to your PAN account. You can download it easily through the NPS website, NDSL portal, UMANG app, or DigiLocker. This article covers each method step by step and explains how to access the password-protected file. What Is an NPS Transaction Statement?The NPS transaction statement is a document representing various transactions that have taken place in your retirement account. It consists of investment details, a summary of investment, account management, redemption details, and transaction details.

In Advance tax system, tax is paid during the financial year, on estimated total income. Advance tax payment is compulsory for taxpayers with a tax due exceeding Rs. 10,000 after TDS/TCS for the year, as per the provisions of the Income Tax Act.Advance Tax Payment - FY 2026-27The due date to pay the 2nd installment of advance tax payent for FY 2026-27 is 15th September 2026. Taxpayers are required to pay at least 45% of their total tax liability in the 1st installment. Non-payment or short-payment of advance tax will attract interest at the rate of 1% per month under sections 424 and 425 of the Income-tax Act, 2025.What is Advance Tax?Advance tax is a ‘pay-as-you-earn’ scheme of income tax, where taxpayers pay off their tax liability for the year in four installments rather than a one time lump sum payment during ITR filing. The provisions related to advance tax are covered under section 403 to section 410 of the Income Tax Act, 2025.Who Should Pay Advance Tax?Any taxpayer (including salaried individuals, freelancers, and businesses) whose estimated tax liability for the financial year after TDS /TCS exceeds Rs. 10,000 is required to pay advance tax as per the provisions of the Income Tax Act. Salaried TaxpayersEmployees should review their overall tax liability after considering TDS and include income from all other sources, such as capital gains, interest on deposits, and any additional income earned during the year, to determine whether they are liable to pay advance tax.Senior CitizensSenior citizen taxpayers (aged 60 years and above) are exempt from advance tax payment if they do not have business or professional income.

E-verification of ITR is the final step in the income tax return filing process, completed after you successfully submit your return. It can be done online through the Income Tax Department of India portal, making the process quick and paperless.Every ITR must be e-verified within 30 days of filing, failing which the return will be treated as invalid. Timely e-verification ensures that your return is processed and any eligible refund is issued without delays.Methods to E-verify ITRThere are several methods available to e-verify ITR:Aadhaar OTPExisting EVCDigital Signature Certificate (DSC)Generate EVC through a bank accountGenerate EVC through the Net BankingGenerate EVC through DEMAT accountGenerate EVC through the bank ATM option (offline)What is Income Tax Return (ITR) e-Verification?Income Tax E-verification is the process by which the taxpayers agrees or authenticates that the return filed under his PAN was done by himself, or with his knowledge. This process ensures that the ITR filed is authentic and not tampered.1. E-Verify ITR through Aadhaar OTPLog in to your Income Tax e-filing account.

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 of the Income Tax Act, 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.NPS Scheme DetailsEligibility: Indian citizens aged 18 to 70 years can open an NPS account.Account Types: Tier I (retirement account) and Tier II (voluntary savings account).Minimum Contribution: Rs. 500 to open Tier I and Rs.

The Public Provident Fund (PPF) is a government-backed savings that provides assures, tax-free returns. For the first quarter of FY 2026-27, the interest rate continues at 7.1% per annum. Backed by sovereign guarantee, offering compounding benefits, and enjoying EEE tax status, PPF continues to be a highly secure and reliable option for retirement  planning and tax savings in India. Key Highlights Interest Rate: 7.1% p.a. (FY 2026–27).Investment Limits: Min Rs. 500, Max Rs.