Every person whose taxable income has crossed the basic exemption limit is required to file ITR. Whether you're a salaried employee, self-employed, or a senior citizen, you can easily e-file your ITR through the Income Tax Department’s portal.Key HighlightsStep-1: Login to the Income Tax PortalStep-2: Go to ‘File Income Tax Return’Step-3: Select Assessment yearStep-4: Select 'Filing Status"Step-5: Select ‘ITR Type’Step-6: Select reason for filing ITRStep-7: Validate the detailsStep-8: E-verify the ITRPre-Requisites for Filing ITRBefore filing ITR, there are a few documents and details that you need to gather in order to file ITR.PAN and AadhaarBank StatementsForm 16Donation receiptsStock trading statements from the broker platformInsurance policy paid receipts related to life and healthBank account information linked to PANAadhaar registered mobile number for e-verifying the returnInterest certificates from banksHow to File ITR Online?The step-by-step guide on how to file ITR online for AY 2025-26 through the Income Tax Portal:Step 1: Log in to the Income Tax PortalLog in to the income tax portal by entering your PAN and password.Step 2: Select the relevant Assessment Year and mode of filing ITRSelect ‘Assessment Year’ as ‘AY 2025-26’ if you file for FY 2024-25 and click on Online, then "Continue".Step 3: Select your filing statusSelect your applicable filing status i.e., Individual, HUF, or others and click "Continue".Step 4: Select the applicable ITR FormBefore filing your income tax return, it's important to choose the correct ITR form based on your income sources. ITR 1 to ITR 4 are meant for individuals and HUFs. For instance, if you have capital gains income but no income from business or profession, you should file using ITR 2.Step 5: Choose the Reason For Filing ITRIn the following step, you will be prompted to specify the reason for filing your returns. Select the appropriate option applicable to your situation:Taxable income is more than the basic exemption limitMeets specific criteria and is mandatorily required to file ITROthersStep 6: Fill in all the Information, Validate, Confirm, and SubmitMost personal details like PAN, Aadhaar, name, contact info, and bank details are pre-filled in your ITR.

A Belated Income Tax Return (ITR) 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 HighlightsCost: 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?A Belated Return, governed by Section 139(4) of the Income Tax Act, is filed after the original due date, which for FY 2024-25 is September 15, 2025, but before December 31, 2025, of the assessment year. Taxpayers who miss the original ITR filing deadline should file a belated return to remain compliant and avoid penalties for non-filing.However, belated ITR filing comes with certain drawbacks. A late filing fee under Section 234F (₹1,000 or ₹5,000, depending on total income) is levied, along with possible interest under Sections 234A, 234B, and 234C on unpaid tax.

ITR last date for individuals is 15th September, 2025 for FY 2024-25 (AY 2025-26). Missing this deadline can lead to interest charges under Section 234A and a late filing fee up to Rs. 5,000 under Section 234F. However, if you miss the due date, you can still file a belated return until 31st December of the assessment year.Last Date to File ITR for AY 2025-26For FY 2024-25 (AY 2025-26), the income tax filing last date for non-audit taxpayers is 15 September 2025, extended from the original 31 July 2025 deadline. If you miss this date, you can file a belated return until 31 December 2025, but late filing fees and interest will apply.Income Tax Filing Due Dates for FY 2024-25 (AY 2025-26)Category of TaxpayerDue Date for Tax Filing - FY 2024-25 *(unless extended)Individual / HUF/ AOP/ BOI       (books of accounts not required to be audited)15th September 2025 Businesses (Requiring Audit)31st October 2025Businesses requiring transfer pricing reports (in case of international/specified domestic transactions)30th November 2025Revised return31st December 2025Belated/late return31st December 2025Updated return31 March 2030 (4 years from the end of the relevant Assessment Year)If the due date of updated return is also passed, then the person cannot file their ITR except a notice is issued by the department.Consequences of Missing the ITR Filing DeadlineInterestIf you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.Late feeIn case of late filing, Section 234F imposes a late fee ofRs.5,000, if your total income exceeds Rs.

The Employees’ Provident Fund (EPF) is a retirement savings scheme where both the employer and employee contribute monthly. The balance earns 8.25% annual interest and can be withdrawn after 5 years of service or earlier for specific needs & emergencies. Regular EPF balance checks through EPF passbook, or UAN, help you track contributions, interest, withdrawals, and loans while also ensuring tax benefits under Section 80C.Key HighlightsQuick & Easy Ways to check EPF Balance:Give a missed call to 9966044425 from your registered mobile number.Send an SMS with the text “EPFOHO UAN” to 7738299899 from your registered mobile number.Log in to the EPFO Member Portal using your UAN to check your PF balance online.Download the UMANG app & link it with your UAN for a quick EPF passbook balance check on your smartphone.How to Check PF Balance?There are multiple ways to check your PF balance, both with and without UAN. EPF Balance Check Using UANMembers can do their PF balance check with UAN number using the following methods: 1. PF Balance Check through EPF PortalTo check your EPF balance, you must first activate your Universal Account Number (UAN), a unique ID allotted to every employee under the EPF scheme. Once activated, you can access your balance through the following steps:Step 1: Visit the EPF portal and click on the ‘For Employees' section under ‘Services’ at the top of the page.Step 2: Click on ‘Member Passbook’ under the ‘services’ section.Step 3: On the next page, sign in with your UAN, password & Captcha. Step 4: You will receive an OTP on your Aadhaar-linked phone number.Step 5: Enter the OTP and click ‘Verify’.

Tax planning helps you reduce your tax liability and increase your income by using the deductions allowed under the Income Tax Act for various investments, savings, and expenditures made during a financial year. The act offers deductions and exemptions, such as Section 80C, 80D, HRA and home loan interest repayment. While we often invest in products that improve our quality of life but strain our finances, the government provides income tax exemptions and deductions to ease this burden.Key HighlightsNew Tax Regime – Lower slab rates, higher rebate limit (Rs.7 lakh from FY 2024-25), but limited deductions.Old Tax Regime – More deductions/exemptions are available (80C, 80D, 24 B, 80E, 80G, etc.), albeit with higher slab rates.Tax Planning Strategy – Compare tax regimes early in the year, account for existing expenses, and invest wisely in ELSS, PPF, NPS, or insurance based on your goals.Tax Saving Under the New Tax RegimeUnder the new tax regime, only limited deductions are available, making it suitable for taxpayers with fewer tax-saving investments. The tax slabs are lower and more relaxed compared to the old regime, so if you do not have significant deductions to claim, opting for the new tax regime can reduce your overall tax liability. The tax slabs under the new tax regime are as follows:Tax Slabs under the new tax regime for FY 2025-26 are as followsTax Slab for FY 2025-26 Tax RatesUpto Rs.

Companies provide special allowances to employees as part of their salary to cover work-related expenses. One such benefit is conveyance allowance, given to meet commuting or transportation costs. Apart from easing travel expenses, it also offers tax benefits under both old and new tax regimes, subject to specified conditions, helping employees reduce their overall taxable income.Key HighlightsOffered to employees who don't have employer-arranged transport; varies based on the employee's position.Exemptions are available under both the old and new regimes.Form 16 vs Proof: Even if not reflected in Form 16, an exemption can still be claimed if you have sufficient proof of expenses.What is Conveyance Allowance?Conveyance allowance is a special allowance companies provide to their employees to cover their expenses while travelling to and from their workplace to perform office or employment duties.They are usually offered on top of their basic pay and are eligible for tax deductions up to the actual expenses amount or a maximum of Rs.1,600 per month (Annually Rs.19,200). Generally, conveyance allowance eligibility is only applicable to employees who do not have a transportation system arranged by their employers. Furthermore, it depends on the employee’s position in the organisation. Conveyance Allowance exemption can be claimed by employees under both the old and new tax regimes.Conveyance Allowance Exemption Limit for AY 2025-26According to Section 10(14)(ii) of the Income Tax Act and Rule 2BB of the Income Tax Rules, salaried individuals can claim conveyance allowance exemption up to the actual expenditure incurred for official purposes or Rs.1,600 per month (Rs.19,200 annually), whichever is lower. For example, if an employee spends Rs.1,200 per month on commuting, only Rs.1,200 will be exempted.How to Calculate Conveyance Allowance in Salary?There is no specific method for calculating the amount of conveyance allowance deduction you can avail of within a financial year.

Section 80EE of the Income Tax Act allows first-time homebuyers to claim an additional deduction of up to Rs. 50,000 per year on interest paid on home loans sanctioned between FY 2016-17. To qualify, the property value must not exceed Rs. 50 lakh, and the loan amount must be Rs. 35 lakh or less.

Form 15G and 15H are self-declaration forms filed to prevent TDS deduction on certain income, such as pension, interest from bank, dividends, rent, insurance commission or received payment in respect of deposit under national saving schemes, etc., 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 (other than a firm or company) who is below 60 years, and Form 15H is filled by resident senior citizens aged  60 years or more. These forms should be filed at the beginning of the financial year in which such income is expected to be received.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.IllustrationMeena is 35 years old and lives in Delhi. In FY 2025–26, she does not have any salary or business income.

Section 80C provides deductions up to Rs.1.5 lakhs on various investments and expenses. These include deductions for life insurance premiums, PPF, home loan principal repayment, ELSS mutual funds, Sukanya Samriddhi Yojana, and many more. Claiming the right deductions can significantly lower your tax liability for the year. It is important to note that these deductions  and are disallowed under the New Tax Regime.Key HighlightsTaxpayers can be diversify into various eligible investments, thereby saving taxes and maximizing returns at the same time.    Section 80C deduction is are only available under the Old Tax Regime, not under the new tax regime.Overall ceiling limit for specified investments is Rs.

Section 194Q of the Income-tax Act 1961, deals with Tax Deducted at Source (TDS) on the purchase of goods. The buyer is required to  deduct TDS at 0.1% under this section while making a payment to the resident seller, when the value of purchase exceeds Rs. 50 lakhs in a financial year.Key HighlightsIf the buyer's turnover in the preceding financial year is within Rs.10 crore, then no TDS required.If the transactions fall under any other TDS sections, section 194Q will not be applicable on such transactions. Since TCS on general purchases was abolished in budget 2025, now only TDS applies for purchase transactions.  What is Section 194Q?Section 194Q provides for TDS on purchase transactions. This section was mainly implemented curb tax evasion practices, by collecting the tax amount directly at the time of sale transactions.