The Post Office Monthly Income Scheme (POMIS) is a government backed savings scheme offered through the India Post that allows investors to deposit a lump sum amount and earn a fixed monthly income. It is designed for individuals seeking stable and low risk returns, making it particularly suitable for retirees or conservative investors who prefer predictable cash flow instead of market-linked investments.The POMIS offers an interest rate is 7.40% per annum, which is payable monthly, with an investment tenure of 5 years. The maximum amount that an investors can deposit is Rs. 9 lakh for a single account and Rs. 15 lakh for a joint account.Post Office Monthly Interest Scheme - Key HighlightsParticularsDetailsScheme TypeGovernment-backed savings schemeInterest Rate7.40% per annumTenure5 yearsMaximum DepositRs.

Income tax is the tax that individuals and businesses must pay to the government on the income they earn in a financial year. In India, income tax is governed by the Income Tax Act and is calculated based on income tax slabs, deductions, and exemptions available to taxpayers.Key Highlights of Income Tax for FY 2025-26 (AY 2026-27)New tax regime is the default for individuals and HUFs.Income up to Rs. 12 lakh is effectively tax-free under the new tax regime. Most income is taxed as per slab rates, while some income like capital gains is taxed at special rates.Excess tax deducted as TDS can be claimed as a refund when filing the ITR.What is Income Tax?Income tax is levied on the income earned by the taxpayer in the relevant financial year. Income tax is classified as a direct tax because it is borne by the taxpayer directly, and the tax burden cannot be passed on further, unlike indirect taxes. India follows a progressive tax rate for individuals, meaning the tax rate increases with the assessee's income.

Kisan Vikas Patra (KVP), is one of the post office savings schemes, that doubles your investment in 115 months (9.5 years). Kisan Vikas Patra Interest Rate The Kisan Vikas Patra for Q4 (January-March) of FY 2025-26 will have an interest rate of 7.5% and the maturity period is 115 months. What is Kisan Vikas Patra?India Post introduced the Kisan Vikas Patra (KVP) as a small saving certificate scheme in 1988. The tenure for the scheme is now 115 months (9 years and 5 months).And if you invest a lump sum amount today, you can get double the amount at the end of the 115th month. Initially, it was meant for farmers to enable them to save for the long term, hence the name. Now it is available for all. The minimum investment amount is Rs.1,000, and there is no upper limit. To prevent the possibility of money laundering, the government in 2014 made PAN card proof compulsory for investments above Rs.50,000. To deposit Rs.10 lakh and above, you must submit income proofs (salary slips, bank statements, ITR documents etc.).  It is a low-risk savings platform where you can safely park your money for a certain period. Further, it is also mandatory to submit the Aadhaar number as proof of identity of the account holder.KVP EligibilityThe following are eligible for investing in KVP:The applicant must be an Indian citizenThe applicant must be above 18 years of ageAn adult can apply on behalf of a minor or a person of unsound mindHindu Undivided Family (HUF) and Non-Resident Indians (NRIs) are not eligible to invest in KVPKVP Interest RateThe effective interest rate for Kisan Vikas Patra varies depending on the number of years invested in KVP  at the time of purchase. The current interest rate of Kisan Vikas Patra (KVP) is 7.5% p.a.

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.Key HighlightsForm 16 contains your salary breakup, deductions, and all other tax related information related to your salary.Form 16 is provided by the employer. Users cannot download it from the official Income Tax Portal.As per the provisions of the new Income Tax Rules, 2026, Form 16 has been replaced by Form 130. 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 can be used as a proof of income and TDS deducted 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.

The Income Tax Act 2025 was introduced in the previous budget to replace the age-old Income Tax Act 1961 in India. It consists of 536 sections, with over 23 chapters which intend to modernise the direct tax system of the country, simplify compliance and reduce litigation. It comes in effect from 1st April 2026 as announced in Budget 2026.Key HighlightsThe concept of 'Assessment Year' and 'Financial Year' has been replaced by 'Tax Year'.The act has been made technologically more consistent, including digital transactions, records and assets the relevant provisions. What is the Income Tax Act 2025?The Income Tax Act 2025 is a comprehensive legislation governing the levy, administration, collection, and recovery of direct taxes in India. The new tax provision aims to bring an income tax reform by simplifying income tax laws.The new act aims at simplification of tax laws, making it easier to understand, interpret and comply with. Easy, more automated and user friendly compliance is expected to reduce the instances of non-compliance and tax avoidance techniques.When Does the Income Tax Act 2025 Come Into Effect?The Income Tax Act, 2025 will come into effect from 1st April 2026 completely replacing the existing Income Tax Act 1961.

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. 1.5 lakh is available under section Section 80C of the Income Tax Act.

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for the girl child. Parents or legal guardians can invest under this scheme to secure their daughter’s future. Minimum and maximum investment of SSY scheme is Rs. 250 and Rs. 1.5 Lakh respectively, per financial year. Such contributions qualify for section 80C deduction up to Rs 1.5 Lakh.

The new Income Tax Act 2025 simplifies the complex Income Tax Act of 1961. The new laws aims at simplification of tax provisions, removal of redundant sections, and keep pace with the evolving technology and economic environment.Key Updates - Income Tax act 2025 v/s existing ActThe new Income Tax Act 2025 spanning over 600 pages, 536 sections, 23 chapters and 16 schedules has provisions which are extensive yet easier to understand and aims at improving the compliance procedure. Being easier to read and understand for taxpayers and tax authorities alike, it is set to give more certainty to taxation and reduce litigation between taxpayers and the revenue authority. The following are the changes in the new income tax act:1. Ease of ComplianceThe new Income Tax Act will make compliance easier for the taxpayers and the income tax authorities. It has a more structured and streamlined tax administration process and includes the use of modern compliance mechanisms.2.

The Income Tax Act 1961, offers a higher basic exemption limit to senior citizens under the Old Tax Regime. While Senior Citizens between 60 to 80 years enjoy a basic exemption limit of Rs. 3 lakhs, super senior citizens above 80 years of aNge enjoy Rs. 5 lakhs basic exemption limit. However, the New Tax Regime does not offer any such kind of higher basic exemption limit for Senior and Super Senior Citizens. Who is a Senior Citizen for Income Tax Purposes?The Income Tax Act categorises resident individuals into the following three categories:Individuals aged below 60 yearsIndividuals aged between 60 to 80 years i.e., senior citizensIndividuals aged above 80 year i.e., super senior citizensAs per the Income Tax Act, a senior citizen is a resident individual aged between 60 to 80 years. Whereas, a super senior citizen is a resident individual aged above 80 year.

In advance tax mechanism, tax is paid during the financial year by the taxpayer instead of paying while filing the returns. If the tax on such income exceeds Rs. 10,000 for the financial year, he should pay advance tax.Advance Tax Due DateThe due date to pay the 1st installment of advance tax for Q1 FY 2026-27 (Apr-Jun) is June, 2026 Taxpayers should make sure to pay 15% of the total tax liability for the year by June 15, 2026. Taxpayers shall refer to section 403 to 410 of the Income Tax Act, 2025 with effect from 1st April 2026What is Advance Tax?Advance tax is income tax paid through multiple installments before the end of financial year, instead of a lump sum payment after the end of the financial year. The provisions related to advance tax are covered under section 403 to section 410 of the Income tax act, 2025.The taxpayer calculates the estimated total income at the beginning of the financial year, thereby estimating his tax liability. The advance tax payments have to be made in fixed percentage through four installments as per the due dates provided by the income tax department.Who Should pay Advance Tax?As per section 404 of the Income tax act, any assessee whose estimated tax liability for the financial year exceeds Rs 10,000, he or she is required to pay advance tax. If TDS is already deducted against a person, and still Rs 10,000 tax is payable as per estimation, he /she also needs to pay advance tax.This provision applies to all taxpayers, salaried individuals, freelancers, and businesses.Note: Senior citizens - People aged 60 years or more who do not have income from any business or profession during the financial year are exempt from paying advance tax. However, senior citizens (60 years or more) having business or professional income must pay advance tax.Advance Tax Rates and Due Dates For FY 2026-27The due date for advance tax payments for FY 2026-27 is given below:Regular Taxpayers InstalmentDue DateAdvance Tax Payment PercentageFirst InstalmentOn or before 15th June 202615% of tax liabilitySecond InstalmentOn or before 15th September 202645% of tax liability (-) advance tax already paidThird InstalmentOn or before 15th December 202675% of tax liability (-) advance tax already paidFourth InstalmentOn or before 15th March 2027100% of tax liability (-) advance tax already paidNote: No interest u/s 425 shall be levied if you have paid advance tax up to 12% in first instalment and up to 36% in second instalment.Taxpayers Opting Presumptive Taxation For freelancers, small business owners who have opted for Presumptive Taxation Scheme under sections 44AD & 44ADA – the advance tax due dates are as follows.Due DateAdvance Tax Payment PercentageOn or before 15th March 2027100% of advance tax**Taxpayers opting for presumptive taxation also have the option to pay all of their tax dues by 31st March.