Income tax is integral to Indian tax law for people and companies. Thе CRN, full form in incomе tax, is Challan Rеfеrral Numbеr, and onе of thе stеps thе govеrnmеnt has takеn to makе it еasiеr for pеoplе to filе and pay thеir taxеs. This article dеtails thе idеa of CRN in incomе tax and what it mеans and how to makе it and usе it to pay taxеs.What is CRN in Income Tax?A unique 14 digit codе referred to as Challan Rеfеrral Numbеr is madе by using thе Income Tax Dеpartmеnt's е-filing portal. The CRN number will get generated automatically while making the tax paymеnts likе self assеssmеnt tax, tax collеctеd at source or tax deducted at sourcе (TDS). The CRN number helps to connect the tax payment with the taxpayer account identification, thereby confirms that thе payment is crеditеd corrеctly and matchеd too.Significance of CRN in Income TaxThе adoption of CRN has dramatically hеlpеd thе tax paymеnt procеss in India.

Section 269SS of the Income Tax Act, prohibits a person from accepting loans, deposits, or advances in relation to a transfer of an immovable property of Rs. 20,000 or more in cash. Such transfers must be received through prescribed banking modes such as account payee cheque, bank draft or electronic transfer. The Rs. 20,000 limit applies to transactions to:Per personPer daySingle transactionIn simple terms, a person cannot accept a loan, advance or deposits of Rs.

The Budget 2025 introduced major changes to the existing Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) provisions of the Income Tax Act, 1961. These amendments were introduced with the objective of simplifying tax compliance for businesses and individuals. These changes focus mainly on a higher threshold limit, removal of TCS on certain transactions and introduction of new provisions to streamline compliance and smoothen taxation processes. This article will cover all the major changes in TDS and TCS that one must know and help understand in an easy way.Enhanced Threshold Limits For TDSThe applicability of TDS or TCS is only attracted when the transaction is above the threshold limit. With effect from April 1, 2025, the threshold limits for a few sections have been increased from their previous limits. The previous and enhanced limits for TDS are given in the following table: SectionBefore 1st April 2025From 1st April 2025193 - Interest on SecuritiesNIL10,000194A - Interest other thanInterest on securities(i) 50,000/- for senior citizens;(ii) 40,000/- in case of others when the  payer is the bank, cooperative society and post office(iii) 5,000/- in other cases(i) 1,00,000/- for senior citizen(ii) 50,000/- in case of others when the payer is a bank, cooperative society and post office(iii) 10,000/- in other cases194 – Dividend, for an individual shareholder5,00010,000194K - Income in respect of units of a mutual fund5,00010,000194B - Winnings from lottery, crossword puzzle Etc.194BB - Winnings from horse raceAggregate of amounts exceeding 10,000/- during the financial year10,000/- in respect of a single transaction194D - Insurance commission15,00020,000194G - Income by way of commission, prize etc. on lottery tickets15,00020,000194H - Commission or brokerage15,00020,000194-I - Rent2,40,000 (in a financial year)50,000 per month or 6,00,000 lacs in the financial year.194J - Fee for professional or technical services30,00050,000194LA - Income by way of enhanced compensation2,50,0005,00,000Enhanced Threshold Limit For TCSThe threshold limit for TCS for remittance under Liberalised Remittance Scheme (LRS) and foreign tour packages has been increased to Rs. 10 Lakhs from the previous limit of Rs.

Section 24 of the Income Tax Act allows for deductions against the head “Income form House Property”. Taxpayers having a self-occupied property are allowed a deduction of up to Rs. 2 lakh against home loan interest repayment under old tax regime only. Taxpayers with a let-out property are allowed various deductions such as a 30% standard deduction, deduction for municipal taxes and deduction on interest paid on home loans against the rental income from such property. Key HighlightsEntire interest paid can be claimed as a deduction in case of a property let out on rent against the rental income of such property.Interest deduction for self occupied property is not available under the new tax regime.Loss under “Income from House Property” can be set-off against other income sources up to Rs. 2 lakh under the old tax regime.

 Note: As per the updates of Budget 2021, Note: It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank.When it comes to savings, each individual has their own preferences. The savings instrument a person chooses may vary depending on the amount one can afford to save, the time horizon, the purpose of saving, and more. Fixed deposit (FD) accounts have been a popular choice for saving money since it is not dependent on market variations and has a constant interest rate guaranteed at the time of maturity.Interest Rate2.75% p.a. – 9% p.a.Minimum Deposit AmountRs.1,000Investment Tenure7 days to 10 yearsInterest Compound FrequencyMonthly, Quarterly,  Semi Annually  or AnnuallyPartial and Mid-term WithdrawalAllowed with PenaltyPremature ClosureAllowed with PenaltyWhat is a Fixed Deposit (FD) Account?Types of FDs AvailableTop 15 Banks and Their Interest RatesHow to Open an FD Account?What Does Lock-in Period Mean for FDs?What Does Loan Against FD Mean?Features and Benefits of FD AccountsEligibility Criteria for fixed Deposit InvestmentAdvantages of FDLimitations of FDFD CalculatorFD or ELSS – Which is the Best?Who Should Invest in Fixed Deposit?Taxation on FD EarningsFrequently Asked Questions (FAQs)1.

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.

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.

India Netherlands DTAA (Double Taxation Avoidance Agreement) helps the resident of either countries prevent their income being taxed in both the countries. Under DTAA, taxes paid in one country can be claimed as a credit in another country, ensuring that tax is effectively paid in only one country. DTAA Between India and NetherlandsIn 1989, India decided to enter into a double taxation agreement with the Netherlands to help taxpayers avoid paying income taxes in both the Netherlands and India. This DTAA applies to different types of taxes, such as dividends and income taxes.The India-Netherlands DTAA was founded on the values of justice and equity. It established a tax credit and exemption mechanism to prevent double taxation of income received. This means that if an Indian resident generates income in the Netherlands, they will only be taxed in India and not in the Netherlands.

India Singapore DTAA (Double Tax Avoidance Agreement) helps taxpayers who are residents in either countries to prevent their income from being taxed in both the countries.  Under DTAA,  taxes paid in one country can be claimed as a credit in another country, ensuring that tax is effectively paid in only one country. Indian business owners intending to start their businesses and people earning income in foreign countries benefit most from the DTAA between India and Singapore. DTAA between India and SingaporeThe DTAA tax treaty helps to avoid double taxation on income generated from the two countries and reduces the tax burden on the residents of both India and Singapore. This convention was signed in 1994 and last amended in 2017. As per the latest amendment, the Multilateral Instruments of OECD (The Organization for Economic Cooperation and Development) came into force for Singapore and India. As per this agreement, a resident of Singapore earning income from India is entitled to the same treatment of tax as Indian residents earning income from India. DTAA helps to eliminate different types of taxes on incomes, such as royalties, interest or fees for technical services.

India Ireland DTAA (Double Tax Avoidance Agreement) helps the residents of either state to prevent their income being taxed from both the countries. It allocates tax rights between Ireland and India, signifying that an entity or person will not be taxed twice on the same income.It covers different types of income like royalties, dividends, interests and fees for technical services where different withholding tax rates are applicable.This treaty also facilitates improvement in trade relationships and economic growth.DTAA between India and IrelandThe India-Ireland DTAA is a bilateral arrangement to promote investment and trade between the two nations.  Moreover, under this Convention, the residents of both nations are entitled to certain tax exemptions and credits.Even though the Convention possesses a standard Article of non-discrimination, as per the agreed protocol, India has the right to charge an Irish Company permanently established in India at a tax rate which is higher than that imposed on the profits of a similar Indian company.  Moreover, it also eliminates the payment of double taxes on earnings from aircraft and shipping at international traffic.Significance of DTAA for India and IrelandIndia and Ireland share significant commercial and cultural links. Ireland is India's most substantial retail partner in the European Union (EU).