The new Income Tax portal, 'www.incometax.gov.in’ has been redesigned to provide taxpayers with a more modern, user-friendly, and seamless experience for filing their income tax returns (ITRs) and accessing other tax-related services. New Income Tax Portal Launch DateThe Central Board of Direct Taxes (CBDT) launched the New Income Tax 2.0 Portal on 7th June 2021, replacing the older portal. This upgrade was aimed at offering a more intuitive, user‑friendly experience for filing ITRs and managing tax-related tasks. Features of e-Filing Portal 2.0The e-filing 2.0 website is simple and user-friendly and is equipped with the features listed below:ITR Processing The new user-friendly portal will immediately process a taxpayer's income tax return. This will enable faster refunds to the taxpayers.Free ITR Preparation SoftwareThe Income Tax Department offers free ITR preparation utilities in both Excel and Java formats to help taxpayers file their returns easily. These utilities are updated every financial year to reflect changes in ITR forms. Taxpayers can either download these tools or file directly online through the e-filing portal. With built-in interactive questionnaires, the software simplifies the process of preparing and submitting your Income Tax Return.Call Centre ServicesThe new web portal is integrated with a ‘new call centre’ for immediate response to queries. Additionally, detailed FAQs, tutorials, videos, and chatbot/live agents address taxpayers’ issues.Single Dashboard InteractionA taxpayer can see all the interactions, uploads, and pending actions in a single dashboard along with the follow-up action.Multiple Payment OptionsThe new Income Tax Portal offers a wide range of convenient payment options for taxpayers. You can now pay your taxes using RTGS/NEFT, credit card, UPI, or net banking from any bank account. This flexibility makes tax payments quicker and hassle-free.Pre-filled ITRsThe new Income Tax Portal enables automatic pre-filling of key income details in your ITR. Information such as salary, income from house property, business/profession, interest, dividend, and capital gains can now be pre-filled.This is possible once employers, banks, and other institutions upload their TDS and SFT statements, thus making ITR filing faster, easier, and more accurate.Annual Information Statement (AIS)The Annual Information Statement (AIS) provides a detailed overview of a taxpayer’s financial transactions in a given financial year. It displays information from Form 26AS and includes TDS, SFT, and other financial data. Taxpayers can view both the reported value and the modified value updated based on their feedback, ensuring better accuracy and transparency in tax compliance.The National Faceless Appeals Centre (NFAC)It has been set up to implement the Scheme and facilitate the centralized conduct of e-appeal proceedings. This includes assigning appeals for disposal to Commissioners of Income Tax (Appeal) units through an automated allocation system.Electronic verificationTaxpayers can electronically verify their returns using methods such as Aadhaar OTP, net banking, or digital signature.Communication with the Income Tax DepartmentThe Income Tax Portal offers a centralized communication system where taxpayers can receive notices, respond to queries, and view assessment orders all in one place. There's no need to visit tax offices or follow up offline, as all interactions, updates, and submissions are securely managed within the portal itself.Pre-validate bank account to get income tax refundUpon the filing of ITRs, the income tax department will review them and process the refund, if any. Such refunds are now transferred electronically to your bank account linked with your PAN. New Income Tax Portal Login and RegistrationRegistered taxpayers can log in to the new income tax portal using their PAN number as the user ID and their password. For new taxpayers who are yet to register, the portal provides an easy registration process where they need to enter details such as PAN, date of birth, phone number, and email ID to create their account. Once registered, taxpayers can access all e-filing services, file returns, check refund status, and manage their tax compliance online.Improvements in e-Filing 2.0 PortalThe following are improvements made in e-filing portal 2.0 from the previous e-filing portal:Enhanced security featuresMore user-friendly interfaceFaster processing timesIt's aim is to improve taxpayers' experience when they file their income tax returns.Related ArticlesHow To Register PAN On New Income Tax E-Filing Portal?How To File ITR Online.

Presently, all the individuals are taxed under equal rates, irrespective of gender . Except for senior citizens, who have some concessional taxes under the old regime, male and female taxpayers are subject to the same income tax slabs rates under the old and new regime for FY 2025-26.Income Tax Slabs FY 2025-26Income Tax Slabs under New RegimeThe revised tax slabs under the new regime for FY 2025-26 (AY 2026-27) are as follows:Annual Income Tax SlabsIncome Tax RatesUp to Rs. 4 lakhsNILRs. 4 lakhs - Rs. 8 lakhs5%Rs.

Form 15G and Form 15H are self-declaration forms submitted by taxpayers to prevent TDS deduction on certain incomes such as bank interest, dividends, rent, or pension when their total tax liability for the year is nil. Generally, Form 15H is filed by senior citizens, while Form 15G is used by other eligible individuals.Key HighlightsForm 15G and Form 15H help you avoid TDS on FD interestYou can submit these forms only if your total tax liability is zeroApplicable on interest income from FDs, RDs, and savings accountsCan be submitted online or offlineForm 121 is a proposed new form that may replace 15G or 15H in futureWhat is Form 15G and Form 15H?Form 15G and Form 15H are self-declaration forms submitted by taxpayers to prevent TDS on certain incomes such as bank interest, dividends, rent, or pension when their total tax liability for the financial year is nil. Form 15G is filed by individuals below 60 years of age and certain entities, while Form 15H is specifically meant for senior citizens aged 60 years or above. These forms allow eligible taxpayers to receive income without TDS deduction, provided they meet the prescribed conditions under the Income Tax Act, 1961.TDS Sections Where Form 15G/15H Can Be UsedSectionNature of PaymentThreshold Limit (In Financial Year)Eligible for 15GEligible for 15H192APremature withdrawal of EPFRs.50,000YesYes193Interest on securities such debenture, govt.bonds, etc.Rs.5,000 or Rs.10,000YesYes194DividedRs.10,000YesYes194AInterest from Bank, FD, RD, etc.Rs.50,000(Rs.1,00,00 for senior citizen) YesYes194EENational Saving Scheme Withdrawal (NSS)Rs.2,500YesYes194DInsurance CommissionRs.20,000YesYes194DAMaturity proceeds of life insuranceRs.1,00,000YesYes194-IRent from land, building plant and machineryRs. 50,000 per month or Rs.6 lakhs per annum.YesYes194KIncome from mutual funds unitsRs.10,000YesYesWho Can Submit Form 15G and Form 15H?1. Form 15G (For individuals below 60 years)Form 15G can be submitted to prevent TDS deduction in the following situations:Individual or HUFsTaxpayers below 60 years of ageTotal income below the basic exemption limitZero tax liability2.

Section 234B levies interest on non-payment or short-payment of advance tax. It is levied at the rate of 1% per month, from April 1st of the next financial year, until the tax is paid. What is an Advance Tax?If your tax liability is Rs 10,000 or more in a financial year, advance tax is applicable for you. Advance tax means paying your tax dues in installments on the specified due dates provided by the income tax department. It is also known as ‘pay-as-you-earn’ tax. If you don’t pay advance tax on time or default completely, interest liability under section 234B will be applicable.Who Needs to Pay Advance Tax?All assesses including salaried employees, self-employed professionals, businessmen, etc. are required to pay advance tax, where the tax payable even after reducing TDS/TCS/Relief under Section 89 and 90 is Rs 10,000 or more.  What is assessed tax?Assessed tax is the total income tax on taxable income less the following deductions:Tax deducted at the source, tax collected at the sourceTax relief or deduction, such as Sections 89, 90, and so onTax credit under sections 115JAA or 115JDInterest under Section 234B: Default in Payment of Advance TaxInterest under section 234B is applicable when:Your tax liability after reducing TDS/TCS/Relief under Sections 89 and 90 for the financial year is more than Rs 10,000 and you did not pay any advance tax.You paid advance tax, but the amount paid is less than 90% of the ‘assessed tax’.If the taxpayer files an updated ITR, the amount of advance tax paid is lower than the existing interest payable under section 234B.If the tax is paid in middle of the month, the interest liability is calculated for the full month only.In the above cases, interest under section 234B shall be applicable. Interest is calculated at 1% on assessed tax less advance tax. Part of a month is rounded off to a full month.

An Income Tax Return or ITR is a statement of your income and tax liability for a particular year that you file with the government. Within the relevant due date, it is essential to file ITR for every taxpayer who is required by the law to file returns. Key HighlightsITR Due Date: 31st July, for a simple income structure, and not subject to tax audit.Consequences of Delay: Interest under section 234A for late payment of taxes, and late fees under section 234F for late filing.Revised Return: Errors in the return already filed can be revised until 31st March of the next financial year.What is ITR?ITR stands for Income Tax Return.As previously mentioned, it is a formal statement filed by the taxpayer which contains the income earned, the deductions claimed and taxes payable, along with important disclosures as necessary.Income Tax Return is mandatory for satisfaction of certain conditions, and is optional for others.ITR can be filed even if the tax liablity is nil for the assessee.What is the Last Day to submit the ITR for FY 2025-26?The due date to file the Income Tax Return (ITR) is July 31st yearly. However, if you don't manage it by this deadline, you are allowed to submit a belated return up to December 31st with late filing fees.What happens if ITR is not filed?Late-filing fee: If you do not file ITR within the due date, you may have to pay a late-filing penalty of Rs 5,000. This penalty will be reduced to Rs 1,000 if your income is below Rs 5 lakh.Interest: You may have to pay interest under Section 234A @ 1% per month respectively on the unpaid tax amount. Carry forward of Losses: If the ITR is not filed on time, you will be not eligible to benefit from the carry forward of losses.Eliminate the Risk of Prosecutions under the law : If you are having taxable source of income exceeding the basic exemption limit and failed to file the return, there can be recovery of taxes by the government along with a penalty up to 60% of the income amount.Who are required to File ITR?Income Tax Return filing is mandatory in India for a person who fulfils any of the following conditions:If your Total Income is more than the Tax-Free LimitAny person whose total income in a year exceeds the basic exemption limit, otherwise the tax-free limit must mandatorily file an ITR irrespective of a tax liability or not. The below table provides the basic exemption limit applicable for FY 2024-25:AgeBasic Exemption Limit (Old Tax Regime)Basic Exemption Limit (New Tax Regime)Below 60 years2.5 Lakhs3 Lakhs60 years or more but below 80 years3 Lakhs3 Lakhs80 years and above5 Lakhs3 LakhsIf you want to claim an Income Tax RefundAn Income Tax Return is mandatory if you have a refund and want to claim it. The refund will only be initiated if the tax return has been furnished by the assessee.A person with Foreign Income Or Foreign AssetsAny person who has a foreign income or holds foreign assets is mandatorily required to file an ITR disclosing details of such income and assets as prescribed.A Company or a FirmEvery company and firm, regardless of profit or loss during the year, must file a tax return disclosing income or loss. Losses if any can only be carried forward if the assessee has filed the ITR.An Assessee having LossesAs per the Income Tax Act, assessees have the benefit of carrying forward losses and adjusting them with future gains.

Section 10(14) of the Income Tax Act provides tax exemption on Children Education Allowance received from an employer. The exemption covers tuition fees paid for a child’s education and is available only when opting for the old tax regime, subject to prescribed limits and conditions.Key HighlightsTax Regime: Only under the old tax regime.Threshold Limit: Rs. 1,200 per child for maximum two children. (Rs. 2,400 per year)New Income Tax Rules 2026: Exemption limit increased to Rs.

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 over 23 chapters and 16 schedules which intend to modernise the direct tax system of the country, simplify compliance and reduce litigation. It come in effect from 1st April 2026 as announced in Budget 2026.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 act was passed in the parliament on 21st August 2025 and will come into effect from 1st April 2025.The new act aims at simplification of tax laws, making it easier to understand, interpret and comply with.

HRA or House Rent Allowance is one of the most common salary components that helps salaried individuals save tax by claiming an exemption on the rent paid. Even if you live with your parents, you can still claim HRA exemption by paying rent to parents and meeting the required conditions. However, this benefit is available only under the old tax regime and not under the new tax regime. This guide explains how to claim HRA while staying in your parent's house and the rules you must follow to avoid tax issues.New Income Tax Rules 2026 UpdateThe new income tax rules makes it mandatory to declare the relationship between the taxpayer and landlord for taxpayers claiming HRA exemption. This is to ensure no fraudulent deductions are being claimed. What Does The Income Tax Act Say?The Income Tax Act of 1961 permits claiming HRA exemption for rent paid to parents under certain conditions:Genuine Rental Agreement: A formal rental agreement is mandatory, outlining details like rent amount, duration, and payment mode.Proof of Payment: Rent should be demonstrably paid through bank transfers or traceable channels.

If you are a salaried individual, you have likely come across the term HRA in your salary slip. HRA full form is House Rent Allowance, a salary component provided by the employer to help employees cover their residential rental expenses. It forms a significant part of the employee's cost to company (CTC) and plays a significant role in tax planning. House Rent Allowance is a taxable income, the Income Tax Act offers considerable relief to taxpayers. Under Section 10(13A) of the Income Tax Act, a portion of HRA can be claimed as an exemption, effectively reducing the taxable income. However, the HRA exemption is only available under the Old Tax Regime.

The Income Tax Act 2025 will be effective from 1 April 2026 and replaces the six decade old Income Tax Act 1961. The new Act simplifies tax provisions, introduces a single “Tax Year” concept, and retains both the New and Old Tax Regimes with updated income tax slabs and rebate provisions.Income Tax Act 2025 - Key HighlightsReplaces the Income Tax Act 1961, effective 1 April 2026Introduces a single Tax Year concept replaces Financial Year & Assessment YearNew Regime: zero tax up to Rs. 12 lakh after rebateOld Regime: zero tax up to Rs. 5 lakh after rebate1. When will the Income Tax Act 2025 come into effect?The Income Tax Act 2025 will come into effect from 1 April 2026.