The Income Tax Department has introduced various forms for different taxpayers. An assessee should choose the appropriate form based on the source of income. One such Income Tax Return (ITR) is ITR 5 Form a specific class of taxpayers, such as a Firm, LLP, AOP, etc. The CBDT has released the filing utility for ITR-5, FY 2025-26 (AY 2026-27). What is ITR-5 Form Used for?The ITR-5 form is used for filing ITR by firms,  LLPs (Limited liability partnership), AOPs (Association of persons) and BOIs (Body of Individuals), AJP (Artificial Juridical Person), Estate of deceased, Estate of insolvent, Business trust and investment fund.Who is Eligible to File the ITR-5 Form?This form can be used by the following persons FirmLimited Liability Partnership (LLP)Association of Persons (AOP)Body of Individuals (BOI)Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31)Local Authority referred to in clause (vi) of Section 2(31)Representative Assessee referred to in Section 160(1)(iii) or (iv)Cooperative Society Society registered under Societies Registration Act, 1860 or under any other law of any StateTrust other than Trusts eligible to file Form ITR-7Estate of Deceased PersonEstate of an InsolventBusiness Trust referred to in Section 139(4E) Investments Fund referred to in Section 139(4F)However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4D) shall not use this form. Not sure which ITR form you need to use? Read our guide for help.E-filing Audit ReportsIn case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.What is the Structure of the ITR-5 Form?The Form has been divided into two parts and several schedules:Part A: General informationPart A-BS: Balance Sheet as on 31st March 2026Part A-Manufacturing Account for the financial year 2025-26Part A-Trading Account for the financial year 2025-26Part A-P and L: Profit and Loss Account for the financial year 2025-26Part A-OI: Other informationPart A-QD: Quantitative detailsPart BThere are 40 schedules details of which are as under:Schedule-HP: Computation of income under the head Income from House PropertySchedule-BP: Computation of income under the head “profit and gains from business or profession”Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax ActSchedule DOA: Computation of depreciation on other assets under the Income Tax ActSchedule DEP: Summary of depreciation on all the assets under the Income-tax ActSchedule DCG: Computation of deemed capital gains on sale of depreciable assetsSchedule ESR: Deduction under section 35 (expenditure on scientific research)Schedule-CG: Computation of income under the head Capital gains.Schedule 112A: Sale of equity shares in a company or unit of equity-oriented fund on which STT is paid under Section 112AFor NON-RESIDENTS - From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112ASchedule VDA - Income from transfer of Virtual Digital AssetsSchedule-OS: Computation of income under the head Income from other sources.Schedule-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 years.Schedule- CFL: Statement of losses to be carried forward to future years.Schedule - UD: Unabsorbed DepreciationSchedule ICDS: Effect of income computation disclosure standards on profitSchedule- 10AA: Computation of deduction under section 10AASchedule- 80G: Details of donation entitled for deduction under section 80GSchedule- 80GGA: Details of donation for scientific research or rural developmentSchedule 80GGC: Details of contributions made to political partiesSchedule 80IAC: Deduction in respect of eligible start-upSchedule 80LA: Deduction in respect of offshore banking unit or IFSCSchedule- RA: Details of donations to research associations etc.Schedule- 80IA: Computation of deduction under section 80IASchedule- 80IB: Computation of deduction under section 80IBSchedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.Schedule 80P: Deductions under section 80PSchedule-VIA: Statement of deductions (from total income) under Chapter VIA.Schedule –AMT: Computation of Alternate Minimum Tax payable under section 115JCSchedule AMTC: Computation of tax credit under section 115JDSchedule-SI: Statement of income which is chargeable to tax at special ratesSchedule IF: Information regarding partnership firms in which you are partnerSchedule-EI: Statement of Income not included in total income (exempt incomes)Schedule PTI: Pass Through Income details from business trust or investment fund as per section 115UA, 115UBSchedule TPSA: Secondary adjustment to transfer price as per section 92CE(2A)Schedule 115TD: Accreted Income under section 115TDSchedule FSI: Details of Income from outside India and tax reliefSchedule TR: Details Summary of tax relief claimed for taxes paid outside IndiaSchedule FA: Details of Foreign Assets and Income from any source outside IndiaSchedule GST: Information regarding turnover/gross receipt reported for GSTPart B – TI: Computation of total incomePart B – TTI: Computation of tax liability on total incomeTax payments:Details of payment of advance tax and tax on self-assessment tax Details of tax deducted at source on income other than salary (16A, 16B, 16C) Details of collected at sourceSequence for filling out parts and schedules The Income Tax Department recommends assesses to follow the sequence mentioned below while filling out the income tax return.Part ASchedulesPart BVerificationHow Do I File My ITR-5 Form?This return form has to be filed online with the Income Tax Department on e-Filing portal in the following ways:by furnishing the return electronically under digital signatureby transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-VWhen the return is filed online, One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka) or can be e-verified through Digital Signature Certificate.A firm whose accounts are liable to audit under section 44AB must compulsorily furnish the return electronically under digital signature.No Annexure RequiredNo document (including TDS certificate) should be attached with this return form while filing ITR-5.

The Firms, Companies, Association of Persons (AOP), Local Authority and Artificial Judiciary Person are eligible for filling ITR-7, who are required to file their returns under sections 139(4A) Income of Charitable and Religious Trusts, 139 (4B) Political Parties, 139 (4C) Scientific research institutions and 139 (4D) University, college, or other institution. The due date for filing ITR-7 is on or before 31st July 2026 for non-audit taxpayers; for audit taxpayers, the due date is 31st October 2026. This article explains the eligibility, due dates, contents of Form ITR-7, and e-verification procedures.Latest UpdateExcel utility for ITR 7 has been released in the Income Tax Portal for AY 2026-27 (FY 2025-26). Taxpayers will be able to access it from the portal's Downloads section. Who is Eligible to File the ITR-7 Form?Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income tax.Return under section 139(4C) is required to be filed by every institution specifically mentioned in the section, claiming exemption under section 10Return under section 139(4D) is required to be filed by colleges, universities and institutions of scientific research as covered under section 35(1).ITR 7 Due DateThe due date for filing ITR-7 can vary. Typically, the due date for filing ITR-7 is as follows:For taxpayers who are not required to get their accounts audited: July 31, 2026 (For FY 2025-26).For taxpayers who are required to get their accounts audited (including companies):  October 31st of the next financial year.However, it's important to note that these dates can be subject to change based on notifications issued by the Income Tax Department.What is the Structure of the ITR-7 Form?The ITR-7 form has been divided into 2 parts and 23 schedules. From AY 2026-27, a taxpayer has to also provide information on the details of registration or approval.Part-A – General informationPart-B – Outline of the total income and tax computation with respect to income chargeable to tax.Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) or in terms of third proviso to section 10(23C)/10(21) read with section 35(1) in last 7 financial years viz., previous years relevant to the current AY.Schedule IA: “Details of accumulated income taxed in earlier assessment years as per section 11(3)"Schedule-D: Details of deemed application of income under clause (2) of Explanation 1 to sub-section (1) of section 11.Schedule-DA: Details of accumulated income taxed in earlier assessment years as per section 11(1B).Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.Part A-BS : Details of Application and Sources of Fund as on 31st March 2024Schedule R: Reconciliation of Corpus of Schedule J and Balance sheetSchedule-LA: Details in case of a political party.Schedule-ET: Details in case of an Electoral TrustSchedule-VC: Details of Voluntary Contributions received.Schedule AI: Aggregate of income derived during the year excluding voluntary contributionsSchedule A: Amount applied to stated objects of the trust/institution during the previous year from all sources referred to in C1 to C7 of this tableSchedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statements as applicableSchedule-HP: Computation of income under the head Income from House PropertySchedule-CG: Computation of income under the head Capital gains. Schedule VDA: Income from transfer of virtual digital assets u/s 115BBHSchedule-OS: Computation of income under the head Income from other sources Schedule-OA: General information about business and profession Schedule-BP: Computation of income under the head profit and gains from business or profession Schedule-CYLA: Statement of income after set off of current year’s losses Schedule PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB Schedule-SI: Statement of income which is chargeable to tax at special rates Schedule 115TD: Accreted income under section 115TD Schedule 115BBI: Specified income of certain Institutions covered u/s 115BBISchedule FSI: Details of income accruing or arising outside India Schedule TR: Details of tax relief claimed for taxes paid outside India Schedule FA: Details of Foreign Assets and Income from any source outside India Schedule-SH: Details of shareholding in an unlisted company Part B-TI: Computation of total income Part B1 : Applicable if exemption is being claimed u/s 11 and 12 or 10(23C)(iv)/10(23C)(v)/ 10(23C)(vi)/10(23C)(via) and where Part B3 is not applicablePart B2 - Applicable if exemption is being claimed under section 13A/13B and under sections 10(21), 10(22B), 10(23A), 10(23AAA), 10(23B), 10(23EC), 10(23ED), 10(23EE), 10(29A), 10(23C)(iiiab), 10(23C)(iiiac), 10(23C)(iiiad), 10(23C)(iiiae), 10(23D), 10(23DA), 10(23FB), 10(24), 10(46), 10(47)Part B3 : Applicable if total income chargeable to tax u/s twenty-second proviso to section 10(23C) or section 13(10)Part B-TTI: Computation of tax liability on total income Tax payments: Details of payments of Advance Tax and Self-Assessment Tax Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C/16D/16E). Details of Tax Collected at Source (TCS)ITR-7 Filing process  This return form has to be mandatorily filed online with the Income Tax Department in the following ways:by furnishing the return electronically under digital signatureby transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-VVerification of Form ITR-7ITR-7 can be filed with the Income‐tax Department electronically and verified in any one of the following manner:Through DSC(digital signature certificate)Authenticating by way of Electronic Verification Code (EVC)modeAadhaar OTPDuly signing the ITR-V acknowledgment and posting it to CPC office i.e., Centralized Processing Centre, Income Tax Department, Bengaluru— 560500, KarnatakaNote: However, a political party shall compulsorily furnish the return through a digital signature certificate(DSC) Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.How do you send your ITR-V to the CPC Office?If the income tax return ITR-7 is filed electronically, there is no need to send it to CPC office. We have a guide to help you print and send your ITR-V to the CPC office.  const userAgent = navigator.userAgent || navigator.vendor || window.opera; const inlineCTAbutton = document.getElementById('inlinebtnLink'); if (/android/i.test(userAgent)) { inlineCTAbutton.href = "https://black-cleartax.app.link/filing-entryscreen" } if (/iPad|iPhone|iPod/.test(userAgent) && !window.MSStream) { inlineCTAbutton.href = "https://cleartax.in/MyAccount/start" } .

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.

Tax Deducted at Source (TDS) must be deposited with the Income Tax Department within prescribed due dates using Challan ITNS 281 through the TIN-NSDL or Income Tax e-filing portal. Timely online TDS payment ensures compliance under the Income Tax Act, 1961, and avoids interest liability under Section 201 and penalties for non-deposit or late remittance of deducted tax.Pre-requisites Before Making TDS Payment OnlineBefore making an online TDS payment, ensure that you have:A valid TAN (or PAN where applicable, such as Form 26QB or 26QC).The applicable Assessment Year and TDS section code.The exact TDS amount, including interest or penalty, if applicable.Net banking, debit card, or other supported payment method.Deductee and payment details for accurate reporting.How to Make TDS Payment Online?Once TDS has been deducted, the deductor must deposit it with the Central Government within the prescribed due date. TDS payments can be made online through the Income Tax e-Filing portal using the deductor's TAN credentials.Step 1: Log in to the Income Tax e-Filing PortalVisit the Income Tax e-Filing portal and log in using your TAN, password, and CAPTCHA.Step 2: Navigate to e-Pay TaxFrom the dashboard, go to e-File > e-Pay Tax.Step 3: Start a New PaymentOn the e-Pay Tax page, click New Payment to initiate a TDS payment.Step 4: Select the Applicable Tax Payment TileChoose the relevant tax payment option applicable to your TDS liability and click Proceed.Step 5: Select the Assessment YearChoose the appropriate Assessment Year, enter the required details, and click Continue.Step 6: Enter the Tax Break-upProvide the breakup of the TDS amount under the relevant payment heads and proceed.Step 7: Choose the Payment GatewaySelect your preferred payment gateway and click Continue.Step 8: Verify and Make PaymentReview all the details carefully and click Pay Now to complete the transaction.Step 9: Receive Payment ConfirmationAfter successful payment, a confirmation message will be displayed. You will also receive an acknowledgement via your registered email address and mobile number.Step 10: Select the Correct Section CodeChoose the appropriate Section Code based on the nature of the TDS payment. For example:Section 92B – Salary paymentsSection 94C – Payments to contractorsSelect the applicable section for other payment types as prescribed.Selecting the correct section ensures proper credit of TDS.Step 11: Select the Applicable Income Tax ActFor payments made from 1 April 2026, the portal provides an option to choose between the Income Tax Act, 1961 and the Income Tax Act, 2025.

Under the Income Tax Act, 1961, long-term capital gains (LTCG) utilised towards home loan repayment can qualify for tax exemption under Section 54 and Section 54F, provided the prescribed conditions are met. What is Capital Gains?Capital gains are the profits earned when an asset such as shares, land, property etc. is sold. These profits are the excess that an individual earns i.e., the difference between the selling price and cost of acquisition. There are two types of capital gains:Short-term Capital Gains (STCG): are gains realised on the sale of an asset held for a shorter period (less than or equal to 2 years in the case of house property). Such gains are taxed at a 20% flat rate.Long-term Capital Gains (LTCG): are gains realised on the sale of an asset help for a longer period (more than 2 years in the case of house property). Such gains are taxed at a flat rate of 12.5% without indexation.

The Employees' Provident Fund Organisation (EPFO) manages the Employees' Provident Fund (EPF), India's mandatory retirement savings scheme for salaried employees. Effective 29 June 2026, the EPF Scheme, 2026 replaced the EPF Scheme, 1952 under the Code on Social Security, 2020. While the scheme modernises the legal and compliance framework, the core EPF benefits, contribution rates, and retirement savings objective remain largely unchanged.As of 2026, the EPFO provides services to over 7 crore members and 147 offices, while offering an EPF interest rate of 8.25% on deposits. EPF Scheme 2026: Key HighlightsParticularsLatest UpdatesSimplified Withdrawal CategoriesMultiple withdrawal provisions have been consolidated into three broad categories – Essential Needs, Housing Needs, and Special Circumstances.Faster Claim SettlementEPFO aims to settle eligible online withdrawal claims in as little as 3 working days through increased automation.Digital-First Withdrawal ProcessMembers can submit and track most withdrawal claims completely online through the EPFO portal and UMANG app.Minimum Balance RequirementCertain advance withdrawals are subject to maintaining the prescribed minimum EPF balance, wherever applicable.Purpose-wise Eligibility ContinuesWhile categories have been simplified, withdrawal limits and eligibility conditions still depend on the purpose of withdrawal.Contribution FlexibilityEmployers may choose to contribute only up to the statutory minimum under the EPF Scheme, 2026, where permitted by their policy, potentially impacting the employee's retirement corpus.No Change in EPF Interest RateThe EPF interest rate remains 8.25% p.a. unless revised by the EPFO.What is EPFO? The Employee Provident Fund Organisation (EPFO) is a statutory body the Ministry of Labour and Employement, Government of India and is responsible to administering social security schemes for salaried employees. It was established under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 to manage retirement savings through structured contributions.EPF Scheme 2026 Rule ChangesThe Employees' Provident Funds Scheme, 2026 has replaced the EPF Scheme, 1952 under the Code on Social Security, 2020.

Section 194P applies for resident senior citizens aged seventy-five years or more. This section provides a benefit to pensioners, who do not have any other income apart from bank interest from their pension money. TDS will automatically be deducted by the bank on their income, thus relieving them from the requirement of tax payment at the time of filing returns. This article explains in detail, the applicability and conditions and the benefits of section 194P.Senior citizens aged 75 years or more do not have to file ITR, if they provide a declaration to the bank where they maintain pension account. What is Section 194P?Section 194P relives resident senior citizens aged 75 years or more from filing Income tax Returns, on satisfaction of certain conditions.Such senior citizens can have pension income, and interest earned from the bank in which pension account is maintained. He cannot have any other income to take this benefit.Conditions for exemption under section 194PSenior citizens should be of age 75 years or above. Senior citizens should be ‘Resident’ in the previous year. He must have pension income and interest income from a bank account (savings or deposits) only.

The Discard Income Tax Return option allows taxpayers to delete an unverified ITR and file a fresh return if they notice any mistake. Initially, correcting errors required verifying the original return first, followed by filing a revised ITR. With this feature, you can simply discard the unverified return and submit a new accurate one, making the ITR filing process quicker and easier.Purpose of Discard Return in Income TaxSince its launch, the discard option has proven to be very helpful. While it has made the overall ITR filing process easy for individuals, here are some key points why such a feature was needed.Easily Correcting ITR MistakesThe main purpose of this option is to make the ITR filing process easy. While people from all around the country filed an ITR, a more simplified process was needed.

Taxpayers can pay income tax dues, like self-assessment tax or advance tax online using the e-Pay Tax facility on the income tax portal. All taxpayers can pay directly through net banking, debit card, UPI, or by generating a challan. Once paid, ensure it reflects in Form 26AS and your ITR.Key HighlightsSelf-assessment tax is paid under the minor head ‘Self-Assessment’ (code 300).Payments can be made via net banking, debit/credit card, UPI, RTGS/NEFT, or at a bank counter.Always download the challan (with BSR code & challan number) for ITR filing.Tax payment for Tax Year 2026-27 onwards must be must as per the Income Tax Act 2025 by using new challan forms (ITNS 280N, 281N, 288N). How to e-Pay Tax Online?Here's a step-by-step guide on how to pay tax online through the Income Tax Portal:Step 1: Navigating to 'e-Pay Tax' SectionVisit the Income Tax PortalOn the homepage, locate the 'Quick Links' section on the left side. Click on the 'e-Pay Tax' option or use the search bar to find 'e-Pay Tax'.Step 2: Enter PAN/TAN and Mobile NumberEnter your PAN and re-enter to confirm it. Provide your mobile number and click 'Continue'.Enter the 6-digit OTP received on your mobile number and click 'Continue'.Step 3: Select the correct Assessment Year and Payment TypeSelect the first box labelled as ‘Income Tax’ and click ‘Proceed’ From the ‘Assessment Year’ dropdown, select ‘2026-27’Under the ‘Type of Payment’, select ‘Self-Assessment Tax (300)’ and click on 'Continue'.Step 4: Enter Tax Payment DetailsEnter the payment amounts accurately under the relevant categories.Step 5: Select the Payment MethodSelect the payment method and bank to make the tax payment and press 'Continue'.Payment can be made using internet banking, debit card, credit card, RTGS/NEFT, UPI or you can choose to pay at the bank counter.Step 6: Verify Payment InformationAfter clicking 'Continue', you can preview the challan details.Double-check the payment information for accuracy.Click 'Pay Now' to make the payment or 'Edit' to modify the details.Step 7: Submit the PaymentTick the checkbox to agree to the Terms and Conditions.Click 'Submit To Bank' to proceed with the payment.Step 8: Receive Payment ConfirmationYou will receive a confirmation once your tax payment has been successfully submitted.  Note: Remember to download the challan as you will need the BSR code and Challan number to complete the return filing process.Step 9: Declaring Tax Paid DetailsDownload the payment challan from the Income Tax portal.After making the tax payment, update the payment information on ClearTax.Go to the 'Tax Summary' page and click 'Add Paid Tax Details'.Upload the challan or enter the details manually.Once done, your tax payment status will change to 'taxes paid'. Proceed to e-file and e-verify your return on ClearTaxYou may refer to this guide for further steps. Eligibility for e-Tax PaymentThe following assessees have to mandatorily pay taxes online:All the corporate assessees.All assessees (other than company) to whom the provisions of section 44AB of the Income Tax Act, 1961 are applicable.Self-Assessment TaxYou cannot submit your income tax return to the income tax department unless you have paid tax dues in full. Sometimes, you may see tax payable at the time of filing your return.

The National Pension System (NPS) is a government-backed retirement savings scheme that helps you build a pension corpus while saving tax. Regulated by PFRDA, NPS offers market-linked returns, low costs, and tax benefits under Sections 80CCD(1B) and 80CCD(2). This guide explains NPS meaning, features, tax benefits, eligibility, Tier I and Tier II accounts, and how to open an NPS account online.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. 1,000 per year thereafter.Returns: Market-linked returns with no fixed interest rate.Tax Benefits: Tax deductions available under Sections 80CCD(1), 80CCD(1B), and 80CCD(2).National Pension Scheme - Interest RateAs NPS is a scheme where its returns depends on market performance of the fund irrespective of equity allocation, there is no fixed interest rate for this scheme, unlike other savings scheme.