Form 15G and Form 15H are self-declaration forms used by taxpayers to prevent TDS deduction on certain incomes such as bank interest, dividends, rent, or pension when their total tax liability for the financial year is nil. These forms are submitted to banks or financial institutions under the Income Tax Act, 1961, allowing eligible taxpayers to receive income without TDS deduction, provided they satisfy the prescribed conditions. Under the Income Tax Rules, 2026, Form 15G & 15H have been merged into a single new Form 121.Key Highlights of Form 15G and Form 15HApplicable to: Resident individuals, HUFs and senior citizens meeting eligibility conditionsAge Limit: Form 15G for below 60 years. Form 15H for 60 years and aboveIncome Limit: Total income should be within the basic exemption limit under the old/new tax regime, with nil tax liabilityNew Form: Form 121 replaces Forms 15G and 15H (where applicable under new rules)What is Form 15G?Form 15D is a self-declaration form for individuals to submit to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.Form 15G is generally used by individuals below 60 years of age and Hindu Undivided Families (HUFs) to ensure that TDS is not deducted on interest earned from sources such as fixed deposits or recurring deposits.What is Form 15H?Form 15H is a self-declaration for senior citizens (aged 60 years or above) that can be submitted to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.By submitting this form, the taxpayer declares that their total tax liability for the financial year is nil, so that the payer do not deduct TDS on the interest earned. What is Form 121?Form 121 is the new self-declaration form which taxpayers can submit to avoid TDS on income earned from banks or other financial institutions when their total income is below the basic exemption limit. Form 121 was introduced under the Income Tax Rules, 2026 in accordance with the Income Tax Act, 2025. Form 121 is a unified form which replaces Form 15G and Form 15H from Tax Year 2026-27 onwards.

Form 16 is a declaration form for individuals )except companies or firms) and foreign companies who don't have a PAN but needs to carry out transaction which is sepcified as per Rule 114B for the Income Tax Act, 1961. PAN is mandatory for certain high value transactions which would help government crub and track black money, those without one can submit From 60 as an alternative. What is Form 60?Form 60 is a document to be filed by a person (not a company or firm) to carry out transactions specified in Rule 114B when they do not have a PAN either because:they have not applied for PAN orthey have applied for PAN, but allotment is pendingForm 60 without applying for PAN is not acceptable if your total income (other than agriculture) is more than the basic exemption limit. In that case, you can use Form 60 only if you have applied for PAN, and you must also mention the date of application and acknowledgement number in column 22 of the form.How to Download Form 60 in PDF?One can get Form 60 of Income Tax from the official website of the Income Tax Department. One must follow the steps outlined below to download Form 60 pdf:Go to the official website of the Income Tax Department.From the top navigation menu, select “Forms/Download.”Select “Income Tax Forms” from the drop-down menu. You will be led to a page listing various income tax forms. Now select  “Form No.60.”Select the document. It will then be downloaded to your machine automatically.Download Form 60 PDF from the Income Tax PortalWhen to Submit Form 60?In the following cases, it is mandatory to quote your PAN.

The National Pension Scheme (NPS) is a regulated retirement scheme in India. In 2004, the Pension Fund Regulatory and Development Authority (PFRDA) launched this scheme for government employees. Later, this scheme was made available to everyone, including NRIs. During the respective years of employment, an account holder can contribute to their pension account and avail a regular income after retirement.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.

Form 10C is an application form that must be filled out for the premature withdrawal of your pension or obtaining a scheme certificate. Of the 12% contribution to your EPF account, 8.33% is directed to pension, i.e. EPS account. Though this amount is secured for your retirement, it can be withdrawn during necessary circumstances like unemployment for 2 or more months, medical emergency and others. Therefore, to avail of the benefits while continuing to retain the membership with the Employee Pension Fund (EPF), the employee files Form 10C. The waiting time period before you can withdraw your pension accumulation has been extended from 2 months to 36 month. Eligibility to Apply for Form 10CEligibility Criteria - 1A member who left the job before completing 10 years of service.A member who attained 58 years of age before completing 10 years of service.Eligibility Criteria - 2A member who completed 10 years of service at the time of leaving, but has not attained 50 years at the time of filing the application.A member who is between 50 to 58 years of age and does not agree to a reduced pension.Eligibility Criteria - 3Family members/ nominee/ legal heir of a deceased member who died after attaining 58 years of age but did not complete 10 years of service.Types of Benefits AvailableLet us know the benefits available to the members mentioned above:A member falling in categories 1 and 3 above, shall apply for withdrawal benefits.A member falling in category 2 above is eligible for a Scheme Certificate only.

Tax evasion is the wilful act of not paying the taxes a person is liable to pay to the government. There are many illegal ways of deliberately avoiding tax payment, such as underreporting income, overreporting expenses through false deductions, and misrepresenting assets. Under section 276C of the Income Tax Act, 1961, any person (individual, HUF, AOP, firm, company, etc) will be penalised for not paying taxes, penalties, interest deliberately.  Tax Evasion MeaningTax Evasion means an unlawful act of not paying taxes owed by underreporting income, inflating deductions, or hiding money and is considered a serious offence subject to legal penalties. Tax evasion, however, is illegal and Chapter XXII of the Income Tax Act, 1961, is clear about penalties. A few examples of tax evasion are, an individual, a firm, or a company intentionally avoiding payments of tax liability, misreporting of income, and willful attempts to evade tax are cases of tax evasion. A company installs an air-conditioner at the residence of a vice president but treats it as fitted in the quality control section.

ITR-2 is an Income Tax Return form for individuals and HUF who do not have income from business or profession. It is applicable to taxpayers earning income from capital gains, more than one house property, foreign assets or foreign income, and for NRIs.In simple terms, taxpayers who are not eligible for ITR-1 and do not have business or professional income should file ITR-2.What Changed in ITR-2 for FY 2025-26 (AY 2026-27)Removal of requirement to report capital gains as before and after 23rd July 2024. Reporting additional details such as transaction number to claim deductions against donations. Removal of STCG of 15%, LTCG of 10% and 20% across all schedules. Who Can File ITR-2?ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’.Income from salary or pensionIncome from house property (income can be from more than one house property)Income from capital gains or loss on sale of investments or property (both short-term and long-term)Income from other sources (including winning from lottery, bets on racehorses and other legal means of gambling)Agricultural income of more than Rs 5,000Resident not ordinarily resident and a non-residentThe total income from the above sources may exceed Rs 50 lakh.Further, if you are a Director of any company and an individual who has invested in unlisted equity shares of a company, you must file returns in ITR-2.Who Cannot file ITR-2?Any individual or HUF having income from business or profession.Note - Taxpayers eligible to file ITR-1 can also file ITR-2. However, it is advisable to file using ITR-1 as long as they meet the eligibility criteria.Last Date to File ITR 2 for FY 2025-26 (AY 2026-27)The due date to file ITR-2 for FY 2025-26 (AY 2026-27) is 31st July 2026. Not filing ITR within the specified due date can attract late fees and additional interests.  What is the Structure of ITR-2?ITR-2 is divided into the following parts and schedules:Part A: General informationSchedule S: Details of income from salariesSchedule HP: Details of income from house propertySchedule CG: Computation of income under capital gainsSchedule 112A - From the sale of equity share of a company or a unit of equity oriented fund /business trust on which STT is paidSchedule 116AD(1)(b)(iii) proviso- For non-residents -From the sale of equity share of a company or a unit of equity oriented fund/business trust on which STT is paidSchedule VDA - Income from Transfer of Virtual Digital AssetsSchedule OS: Computation of income under income from other sourcesSchedule CYLA: Statement of income after set off of current year’s lossesSchedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier yearsSchedule CFL: Statement of losses to be carried forward to future yearsSchedule VIA: Statement of deductions (from total income) under Chapter VIASchedule 80G: Statement of donations entitled for deduction under Section 80GSchedule 80GGA: Statement of donations for scientific research or rural developmentSchedule 80GGC: Statement of contribution made to political partiesSchedule 80DD: Details of deduction in respect of maintenance including medical treatment of a dependent who is a person with disability Schedule AMT: Computation of Alternate Minimum Tax payable under Section 116JCSchedule AMTC: Computation of tax credit under Section 116JDSchedule SPI: Statement of income arising to spouse/minor child/son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, CG and OSSchedule SI: Statement of income which is chargeable to tax at special ratesSchedule EI: Details of exempt incomeSchedule PTI: Pass through income details from business trust or investment fund as per Section 116UA, 116UBSchedule FSI: Statement of income accruing or arising outside IndiaSchedule TR: Details of taxes paid outside IndiaSchedule FA: Details of Foreign Assets and income from any source outside IndiaSchedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil CodeSchedule AL: Asset and liability at the year-end (applicable in case the total income exceeds Rs 50 lakh)Schedule tax deferred on ESOP: Information of tax-deferred on ESOPS received from eligible start-ups referred to in Section 80-IACPart B-TI: Computation of total incomePart B-TTI: Computation of tax liability on total incomeTax payments- Details of payment of advance tax and self-assessment taxDeclaration by the taxpayerDetails to be filled if a tax return preparer has prepared the returnWhat are the Documents Needed to File ITR-2?Form 16 issued by your employer.Form 16A: If TDS has been deducted on interest income on fixed deposits or saving bank accountForm 26AS: For verification of TDS on salary and non-salary income.Rent receipts: For the calculation of HRA (in case you have not submitted the same to your employer).Capital Gains Statement: If you have any capital gains transactions in shares or mutual funds.Bank Passbook, Fixed Deposit Receipts (FDRs): To calculate amount of interest income.Proof documents for tax saving deductions: For claiming tax saving deductions u/s 80C, 80D, 80G, and 80GG such as life and health insurance receipts, donation receipts, rent receipts, receipts for tuition fees etc., How to File Your ITR-2 Online on Income Tax Portal?Visit the Income Tax e-filing Portal and log in using your PAN as the User ID and your password.After logging in, go to the e-File menu and select “Income Tax Return” from the drop-down. Choose the relevant Assessment Year and select the Online mode of filing.Click “Start New Filing” and select your applicable taxpayer status (Individual, HUF, etc.).Select the appropriate ITR Form (e.g., ITR-2, if applicable to you).Click “Let’s Get Started” and select the reason for filing your return.Choose the schedules applicable as per your sources of income.Begin with General Information, verify the pre-filled data, and select the tax regime (Old or New) applicable to you.Fill in all the relevant schedules according to your income details, then click “Proceed to Verification”.Review your return for errors, correct them if necessary, pay any self-assessment tax due, and submit your ITR. How to File ITR-2 on ClearTax?Log in or sign up on the ClearTax portal and link your PAN using the OTP sent to your registered mobile number.Complete the OTP verification to pre-fill your details from the Income Tax portal.Upload your Form 16 or choose to enter the details manually to continue with e-filing.Review the information under the Personal Information section and proceed to Income Sources.Upload Form 16 here if you skipped it earlier to automatically fill in your salary details.Add capital gains from assets such as stocks, mutual funds, gold, bonds, ESOPs/RSUs, or property.Import your stock and mutual fund transactions by logging in through your broker or by uploading the provided ExcelReport intraday transactions, which are automatically classified under business income. Enter details for foreign investments by importing from supported brokers or uploading the Excel template.Include income from dividends, savings account interest, and fixed deposits under Other Income.Claim deductions in the Tax Savings section, either from auto-filled data or by entering them manually. Add any brought-forward losses to set them off against current gains.Verify TDS and advance tax details in the Tax Paid section using auto-filled data or by uploading Form 26AS.Review the auto-selected ITR form and the suggested tax regime that helps you save the most tax.Click on File Now, complete the payment if applicable, and e-verify your return to finish the process.Major Changes in ITR-2 in AY 2026-27The key changes made in form ITR-2 for FY 2025-26 (AY 2026-27) are listed below:15% and 10% Capital Gain Rates AbolishedWith effect from Budget 2024 changes, capital gains from 23rd July 2024 are to be taxed at 20%(for STCG u/s 111A) and 12.5%( for LTCG u/s 112A).

ITR-1 (Sahaj) is the income tax return form for resident individuals with total income up to Rs. 50 lakh from salary or pension, two house property, and other sources like interest. It can also be used when you have long-term capital gains under Section 112A up to Rs. 1.25 lakh, provided there are no brought forward or carry forward capital losses.However, ITR-1 cannot be used if you have business or professional income, more than two house property, capital gains above the specified limit, foreign assets, or total income exceeding Rs. 50 lakh.

Securities Transaction Tax (STT) is a direct tax levied on every purchase and sale of securities listed on the stock exchange in India. It is collected at source by the exchange to ensure tax compliance and curb excessive market speculation ensuring transparency. As proposed in Budget 2026, with effective from April 1, 2026 the STT rates have been hiked to 0.05% on futures and 0.15% on options.  These changes are focused at curbing excessive speculation in Future & Options segment and expected to increase trading cost for active investors as well as traders.  Features of Securities Transaction TaxSTT is a straightforward direct tax that is simple to compute and impose. Some of STT's most distinguishing characteristics are given below.An STT charge is applied on all sell transactions for options and futures.For the purposes of STT computation, each ‘futures’ trade is valued at the actual traded price, whereas each option trade is valued at the premium.The amount of STT that a clearing member must pay is the aggregate of all STT taxes owed by trading members under him.Securities Transaction Tax Rate in IndiaTaxable securities transactionRate of STTPerson responsible for paying STTValue on which STT is required to be paidBuy equity shares (delivery)0.1%PurchaserPurchase priceSell equity shares (delivery)0.1%SellerSale priceSell equity mutual fund units (delivery)0.001%SellerSale priceIntraday or non-delivery sale of equity shares or equity oriented MF units0.025%SellerSale priceSell options0.15%SellerOption premiumOptions exercised0.15%PurchaserSettlement priceSell futures0.05%SellerTrade priceSell ETF units to Mutual Fund0.001%SellerSale price** Please refer Rule 3 of Securities Transaction Tax Rules, 2004 for the manner of determining value of taxable equity or Equity oriented mutual fund transactions.STT Calculation Example1. STT on FuturesThe appropriate STT for futures and options is 0.05% and 0.15% respectively.

When a resident taxpayer receives income from a foreign state, the tax will be deducted from the income of the foreign state and such taxpayer is liable for tax in the resident state. In such cases, residents can claim credit for the amount of tax deducted in the foreign state by filing Form 67 with the income tax department. Residents must submit Form 67 before the due date of Income Tax Returns (ITR) filing to claim credit for such taxes. Form 67 is also required to be furnished in case the carry backward of losses of the current year results in the refund of foreign tax for which credit has been claimed in any previous years.As per the provisions of the new Income Tax Rules 2026, Form 67 has been replaced by Form 44.What is Foreign Tax Credit (FTC)?Assume a scenario where a taxpayer is a tax resident of Country A (Residence State) and receives income from Country B (Source State). The Source State withholds a portion of taxes on the income received by the taxpayer in that country. Further, the Residence State, according to its tax laws, would tax the taxpayer on his worldwide income, which would include income from the Source State too.This would result in the taxpayer being taxed on his income twice, i.e.

Yes, the tax regime can be changed while filing ITR. For salaried individuals, switching between the old and new tax regimes is allowed every assessment year while filing returns. However, for individuals with business or professional income, switching is allowed only once in a lifetime. To switch back to the old tax regime, they must file Form 10-IEA as per the Income Tax rules.Old Tax Regime V/s New Tax RegimeUnder the old tax regime, taxpayers can claim various exemptions and deductions for expenses incurred and investments made, such as deductions under Section 80C, 80D, housing loan interest, HRA, and more. This regime is more beneficial for taxpayers with higher eligible investments and expenses, as it significantly reduces taxable income.On the other hand, the New Tax Regime offers lower tax rates and a higher basic exemption limit.