For the FY 2025-26, taxpayers for an income up to Rs. 12 lakhs can be practically tax-free. The rebate limit has been increased to Rs. 60,000 for an income up to Rs 12 lakhs under the new regime.Tax Slabs Under The New Tax Regime For FY 2025-26The revised tax slabs under the new regime for FY 2025-26 (AY 2026-27) are as follows:Income Tax SlabsTax RateUp to Rs. 4 lakhsNILRs.

Section 139(4) of the income tax act deals with belated return, which can be filed if a taxpayer misses the due date for filing the original return under Section 139(1). Such a return can still be filed up to 31st December 2025, but it attracts a late fee under Section 234F and may also lead to loss of certain benefits, such as carrying forward losses.Key HighlightsPenalty: Late fee of Rs. 1,000 / 5,000 (u/s 234F) and interest (u/s 234A/B/C).Limitations: Business and capital losses cannot be carried forward; certain deductions are disallowed.Revision: A belated return can be revised only up to 31st December 2025.What is a Belated Return?If you have missed filing your return with the original return due date, you can still file belated return under section 139(4).The due date for filing original returns for FY 2024-25 is 16th September, 2025. Usually, the original return due date is 31st July of the next financial year.The due date for filing belated return 31st December of the relevant assessment year. For financial year 2024-25, the due date for filing belated return is 31st December, 2025.It is recommended to file belated return even if you have missed your original return due date, to avoid consequences of not filing ITR.Limitations of a Belated ReturnIf you miss the due date for ITR and file belated returns, you may face the following consequencesInterest: Interest may be applicable under sections 234A, 234B and 234C.Late fee: A late fee will be levied under Section 234F while filing a belated return: Gross Total IncomeLate Feeup to Rs.

Investment in gold can be in the form of digital gold, physical gold, Gold Exchange Traded Funds, Gold Mutual Funds, and gold derivatives. The taxation on gold depends on the holding period of the assets. Long term capital gains on gold are taxed at 12.5% without indexation benefit and short term capital gains are taxed at the applicable slab rates.What is Digital Gold?The concept of digital gold is not different from that of physical gold.The only difference is that you can buy them online and the issuer will store them in vaults on your behalf. Moreover, government bodies like RBI or SEBI have no authority to regulate this investment type.Income Tax on Digital Gold in IndiaSale of digital gold attracts taxes as per the income tax rules for gold purchases. Returns from gold held for 24 months or more are termed long-term capital gains; returns from gold that are held for less than this period are termed short-term capital gains (STCG).The tax on the sale of digital gold will attract the same as physical gold and paper gold. LTCG on gold attracts 12.5% of tax with applicable cess. In the case of STCG, the tax is charged as per your income slab.Taxes on Physical Gold PurchaseThe physical form of gold includes jewellery, gold biscuits, gold ornaments, gold coins, etc. For ages, the physical form of gold has been a popular investment option in India. However, according to the Income Tax Act of India, you need to pay a 12.5% tax on long-term capital gains (LTCG) while selling gold. However, this rate is not applicable for short-term capital gains.

Sections 269SS and 269T of the Income Tax Act 1961, prohibit cash transactions of Rs. 20,000 or more mainly for loans and deposits. If these rules are violated, a penalty equal to 100% of the loan or deposit amount can be imposed.What is Section 269SS?Section 269SS prohibits any person from accepting loans or deposits or any other specified sum of Rs. 20,000 or more in cash. It is to be noted that the threshold limit applies for amount paid to one person, in a day, with respect to a single transaction.Such loans or deposits have to be accepted only through specified payment channels as per Section 269SS of the Income Tax Act 1961.Specified sum here refers to an advance or otherwise, in relation to the transfer of any immovable property.Therefore, in a nutshell, a person cannot accept a cash loan or deposit of Rs 20,000 or more from another person.Specified Modes of TransactionAs per the income tax rules, the specified modes of accepting loans or deposits or specified sums are:Account payee cheque/bank draft,Electronic Clearing System (ECS) through a bank account; orNet Banking;Credit Card;Debit Card;RTGS;NEFT;BHIM,IMPS; andUPI.Exceptions to 269SSAny loan or deposit or specified sum “taken or accepted from” or “taken or accepted by” the following entities –The governmentAny banking company, post office savings bank or cooperative bankAny corporation established by a Central, State or Provincial ActAny government company as defined in clause (45) of section 2 of the Companies Act, 2013 (18 of 2013)Any institution, association or body or class of institutions, associations or bodies notified in Official Gazette.A person earning only agricultural income accepts a loan or deposit from another person also earning only agricultural income and neither of them has any Income chargeable to tax under the Act.Other exceptional cases:Receiving cash from relatives during emergencies. Here intention should not be to evade the taxes.Partners contributing cash capital into a partnership firm.Where there is mere book entry and no receipt of money in cash or any other form.Section 269SS Examples1.

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 3rd installment of advance tax for Q3 FY 2025-26 (Oct-Dec) is December 15, 2025 Taxpayers should make sure to pay 75% of the total tax liability for the year by December 15, 2025. What 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 207 to section 219 of the Income tax act.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 208 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.

An income tax refund arises when the tax you have paid to the government is more than your actual tax liability. This excess tax can occur due to higher TDS deductions or advance tax payments during the year.  You can claim the refund while filing your income tax return.Income Tax Refund Status Check AY 2025-26Income tax refund status for FY 2024-25 can be checked by logging into your income tax portal, or by just entering your PAN and assessment year in NSDL protean website. You can track your refund here.What is Income Tax Refund?When the taxes paid by you in the form of TDS, advance tax and self assessment tax is more than your TDS deducted, the excess tax paid is given to you in the form of Income Tax Refund.Income Tax Refund Delay FY 2024-25If the refund credit is getting delayed, in other words, the refund is awaited beyond this time, the following could be the reasons for the same.Enhanced Verification and Delayed ITR ProcessingThe income tax returns are processed in a more stringent manner for the current assessment year, compared to preceding assessment years.This year, a lot of additional disclosures were mandated for claiming various deductions. Therefore, the department has more database to verify the authenticity of deductions claimed.Returns may be processed late if the department suspects an incorrect refund claim. If you have made error in the returns, you can revise it within December 2025 (for FY 2024-25).High Refund ClaimsTaxpayers claiming higher refunds (for example, above Rs. 50,000), or higher refunds than in previous years, are facing delays in refund processing this year. This is because the department is verifying each claim using the expanded database available.Mismatch between returns and Form 26AS/ AISEnsure the particulars as mentioned in the returns match with data as per Form 26As or AIS.It might be that sometimes details on AIS or Form 26AS is incorrect.

Form 15G and 15H are tax exemption declaration forms filed by individuals to save TDS on incomes like bank interest, dividends, rent, and pension if the total income is below the basic exemption limit or persons total tax liability for year is nil. Form 15G is filled by any person who is below 60 years, and Form 15H is filled by resident senior citizens aged 60 years or more. Filing these forms at the beginning of the financial year helps avoid unnecessary TDS deductions.Key HighlightsEvery resident can claim nil tax deduction by filing Form 15G.Senior citizens can avail the same benefits by filing Form 15H.These form needs to be filed quarterly.What is Form 15G?Resident individuals aged below 60 years can file Form 15G to prevent the deduction of TDS. It can also be filed by HUFs, trusts, or any other person (except a firm or company). It can be filed only if the estimated income of resident individuals for the relevant financial year is less than the basic exemption limit.Form 15G has to be submitted quarterly to the person or entity responsible for deducting TDS, either electronically or in physical paper form.What is Form 15H?Form 15H can be filed by resident senior citizens aged 60 years or above.  It can be filed only if the senior citizen’s total income for the relevant financial year results in nil tax liability.Form 15H must be submitted quarterly to the person or entity responsible for deducting TDS, either electronically or in physical form.IllustrationsForm 15GMeena is 35 years old and lives in Delhi. In FY 2025–26, she does not have any salary or business income. She has only a fixed deposit in the bank, which gives her interest income of Rs.

Section 10 contains many exemptions like House Rent Allowance (HRA), Leave Travel Allowance (LTA), interest on provident fund, gratuity, agricultural income, etc. Disclosure of exempt income is mandatory in ITR. It is to be noted that certain exemptions are exclusively available only under the old regime, from the introduction of new tax regime in the year 2020.Popular Section 10 ExemptionsHouse Rent Allowance (HRA) Leave Travel AllowanceAgricultural IncomeInterest on provident fund (on satisfaction of conditions)Retirement settlement amount such as gratuity, leave encashment, pension, etc. (on satisfaction of conditions)What are Section 10 Exemptions of the Income Tax Act?While calculating the tax liability of an individual, there are certain incomes which is exempt and do not form a part of the total income. Section 10 of the Income-tax Act 1961 includes all those exemptions that a taxpayer can claim while paying income tax. From an employee's perspective, the exemptions available under the act can be classified as exempt allowances, and other exempt income.

DTAA or Double Tax Avoidance Agreement, is a tax treaty between two or more countries. The main objective behind signing this treaty is to avoid taxing the same income twice. If a non-resident Indian is residing in another country and earning there, the tax applicable comes under the consideration of DTAA. While signing the agreement, both contracting states decide on the tax rates and jurisdictions for income arising from both nations. India has signed DTAAs with almost 100 countries. DTAAs are beneficial for NRIs and help resolve inconsistencies in tax collection from non-residents.

Assets like stocks, bonds, property, mutual fund units, property etc., are great investment options that generate capital gains when sold/redeemed. Thus, they are called capital assets, and the profits generated from their sale are liable for taxation under the head capital gains.So, if you are thinking of investing in such assets, it is important to know about capital gains tax, its types, and available exemptions. Keep reading for a deeper insights around the following:Recent Budget Updates on Capital GainsWhat is capital gains taxCapital gains Tax Rules for different asset classesTax exemptions on capital gainsConclusion  What is Capital Gains Tax?As mentioned above, when you gain profits from the sale of capital assets, there are tax implications. This is called capital gains tax. Now, based on the holding period of the assets, there can be two types of applicable capital gains tax:Short-term capital gains tax orLong-term capital gains taxShort-Term Capital Gains TaxWhen you sell your capital assets after holding them for a period of less than or equal to 24 months, it would be considered a short-term asset.