Under the new tax regime, the income tax slabs for women for FY 2025-26 (AY 2026-27) are as follows: Rs. 0 to Rs. 4 lakh – Nil, Rs. 4 lakh to Rs. 8 lakh – 5%, Rs.

HRA full form stands for House Rent Allowance. HRA is often a part of the employee's CTC which can be used to avail tax benefits under Section 10(13A) of the Income Tax Act. Proper rent receipts and documentation are essential to claim this benefit. However, this deduction is available only under the old regime.HRA CalculationLeast of the following is exempt: Actual HRA received Rent paid minus 10% of basic pay50%  / 40% of basic pay (depending on whether metro or non-metro city)What is HRA?House Rent Allowance is a salary component paid by the company to help employees meet rental expenses. While HRA is taxable, a portion of it can be exempt under the old tax regime as per Section 10(13A) of the Income Tax Act.

The Income Tax Act not only provides provisions for imposing taxes on the income of citizens but also offers number of ways through which one can claim deductions and rebates. The deductions are allowed based on the way the taxpayers spend their income.One such deduction offered to salaried individuals is the standard deduction. You must know that salaried individuals and pensioners can claim a certain amount under standard deduction by default without any investment or spending of money by the taxpayers. The provision was taken down for a number of years and was re-introduced during the Budget announcement in 2018.Budget 2026 ExpectationsIt is expected that the standard deduction under the new tax regime might be increased to Rs. 1 lakh from Rs.

TDS stands for Tax Deducted at Source. It is a system under the Income Tax Act where tax is deducted by the payer and remitted to government, for certain payments like salary, rent, interest, and professional fees. TDS ensures timely tax collection and helps the government track taxable income throughout the financial year.What is TDS?TDS stands for Tax Deducted at Source. It is a system under the Income Tax Act where tax is deducted by the person making specified payments such as salary, rent, interest, commission, or professional fees. The person deducting tax is known as the deductor, and the person receiving the payment is the deductee.The deducted amount is deposited with the Income Tax Department against the deductee’s PAN. While the deductee receives the net payment (after TDS), the gross income is used to calculate total tax liability. The TDS deducted is credited against the final tax payable. If the total TDS is more than the actual tax liability, the excess is refunded after filing the income tax return.Applicability of TDSAny person making specified payments mentioned under the Income Tax Act is required to deduct TDS at the time of making such payments. Different types of payments are governed by different TDS provisions, and there is threshold limit is fixed for different types of payments.

Income from house property encompasses rental earnings from residential or commercial buildings, as well as adjoining land, owned by a taxpayer. Governed by Sections 22 to 27 of the Income Tax Act, it allows deductions such as the standard deduction, interest on housing loans, and property taxes. Key HighlightsHome loan interest deduction up to Rs. 2 lakh under the old regime for Self-Occupied & Let-Out type property.Home loan interest deduction of up to Rs. 2 lakh under the new regime applies only to Let-out type properties.What is Income from House Property?Income from House Property refers to rental income earned from letting out a building or land appurtenant thereto (such as parking space, garden, or courtyard). This includes residential houses, offices, shops, factories, or commercial complexes.In short, any rental income from a property owned by a taxpayer whether residential or commercial will be taxed under "Income from House Property," unless it is used for their own business or treated as business activity.As per Section 22 of the Income Tax Act, 1961, such income is taxable under the head "Income from House Property" if the following conditions are satisfied:The property must consist of a building or part of a building, along with land attached to it.The taxpayer must be the legal owner (or deemed owner under Section 27) of the property.The owner should not use the property for their own business or profession.

Surcharge is tax calculated as a percentage of income tax already payable by the taxpayer. Usually, high income taxpayers are subjected to surcharge provisions under the Income Tax Act. Those taxpayers who have just crossed the threshold limits, thereby liable to pay surcharge can claim marginal relief. Key HighlightsFor individuals, surcharge rates are as follows: 5% for income between 50 lakhs and 1 crore, 15% for income between 1 crore to 2 crore, 25% for income between 2 crore to 5 crore, and 37% for income over 5 crore (this rate does not apply to taxpayers opting for new regime)Surcharge on Income TaxIncome tax surcharge is an additional charge payable on income tax. It is an added tax on the taxpayers having a higher income inflow during a particular financial year.Surcharge Rates for Individuals Under the Old Regime and New RegimeNet Taxable Income limitSurcharge Rate on the amount of income tax (under old tax regime)Surcharge Rate on the amount of income tax (under new tax regime)Less than Rs 50 lakhsNilNilMore than Rs 50 lakhs ≤  Rs 1 Crore10%10%More than Rs 1 Crore ≤  Rs 2 Crore15%15%More than Rs 2 Crore ≤  Rs 5 Crore25%25%More than Rs 5 Crore37%25%Note:Surcharge for AOPs having only companies as its members to 15%. It is applicable to AOPs whose total income during the financial year exceeds Rs 1 crores. Surcharge on Capital GainsSurcharge has been capped at 15% on dividend income and Capital gains covered under section 111A, 112 and 112A.IllustrationLets understand this concept through an example:Mr.

ITR filing last date for individuals not subject to tax audit is 31st July 2026 & 31st August 2026 as applicable for FY 2025-26 (AY 2026-27). 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.Budget 2026 UpdateThe due date to file revised returns has been extended to 31st March from the existing 31st December. Due date to file ITR-3 and ITR-4 extended to 31st August with effect from FY 2025-26 (AY 2026-27)Last Date to File ITRFor FY 2025-26 (AY 2026-27), the income tax filing last date for non-audit taxpayers is 31st July 2026 for ITR-1 & ITR-2. For non-audit taxpayers required to file ITR-3 & ITR-4 the due date is 31st August 2026.

The purpose of this act is to simplify 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. The new Income Tax Act 2025 come into force from 1st April 2026.Budget 2026 UpdateIncome Tax Act 2025 will come into effect from 1st April 2026 as proposed in the budget.The due date to file ITR-3 & ITR-4 for non-audit cases has been extended to 31st August.The due date to file revised return has been extended to 31st March from the existing 31st December. Purpose of the New Income Tax actIn the Budget Speech of 2024, Finance Minister Nirmala Sitharaman revealed the government's intention to scrutinise the Income Tax Act, 1961 in totality. Through this scrutiny, the Act was to be made more concise so that the taxpayers could easily read and understand it.The primary objective mentioned by the Minister is to reduce disputes and litigation involving the tax system. The government would thereby enhance tax certainty with the promise of offering clarity and ease of compliance for taxpayers. After the announcement, the Income Tax Department launched a public consultation process where taxpayers could propose changes they would like to see in the new law.

The ITR-3 form is specifically designed for individuals and Hindu Undivided Families (HUFs) engaged in business or profession, who are required to maintain books of accounts. Budget 2026 UpdateDue date to file ITR-3 for non-audit cases extended to 31st August 2026 from FY 2025-26 (AY 2026-27).The due date to fill ITR-3 for audit cases remains the same 31st October 2026.What is the ITR-3 Form?The ITR-3 is applicable for individual and HUF who have income from profits and gains from business or profession. One can call it a master Form, as this is the one form where an individual or HUF can report all the possible incomes.Who Should File ITR-3 Form?Individuals and HUFsCarrying on business under presumptive schemeCarrying on ProfessionIncome From Dividend/InterestIncome from freelancing or consultancyIncome from F&O Trading/Intraday/Share TradingThe return may include income from house property, salary/pension, capital gains, and other sources.Remuneration received from a partnership firm (Not from LLPs)Who is Not Eligible to File the ITR-3 Form?No persons other than individuals & HUF are eligible to file ITR -3 Form.Individuals & HUFs not having income by way of business or profession or partnership firm are not eligible to file the ITR-3 Form. In other words, any person who is eligible to file ITR-1, ITR-2 and ITR-4 is not eligible to file ITR-3.Due date for Filing ITR-3For non-audit cases, the due date  to file ITR-3 for FY 2025-26 (AY 2026-27) is 31st August 2026 and for accounts requiring audit, the due date is 31st October 2026.How to E-File ITR-3 with ClearTax?On the ClearTax platform taxpayers can file their Income Tax Return (ITR). Here is a guide on filing ITR-3 if you have income from business or profession, intra-day trading or Futures and Options (F&O) trading. Before we get started, you should have the following documents at hand to pace up the process:PANAadhaarBank account detailsForm 16 if applicableInvestments detailsBooks of accountStep 1: LoginLogin to your ClearTax account (www.cleartax.in). You can file ITR by yourself in a few simple steps.

Form ITR-4 should be filed by taxpayers having business & professional income, having opted for presumptive taxation under Sections 44AD, 44ADA, and 44AE with total income not exceeding Rs. 50 lakhs. Budget 2026 changed ITR4 due date to 31st August for non-audit taxpayers. Budget 2026 UpdateDue date to file ITR-4 for non-audit cases has been extended to 31st August 2026 for FY 2025-26 (AY 2026-27)The due date to file ITR-4 for audit cases is 31st October 2026What is the ITR-4?ITR-4 of Sugam is an Income Tax Return form for resident individuals, HUF, and partnership firms (excluding LLPs) declaring business & professional income under presumptive taxation as per Section 44AD, Section 44ADA and Section 44AE with total income up to Rs. 50 lakhs. Who Should File ITR-4?ITR-4 is to be filed by the individuals/HUF/Partnership firm who fulfill the following conditions:Is a Resident of India as per Income Tax ActHaving Business or Professional IncomeIncome from business income calculated under Section 44AD or 44AEIncome from profession calculated under Section 44ADALong-term capital gains income on equity share & mutual funds up to Rs. 1.25 lakhs (having no brought-forward or carry-forward capital loss)Should not have income from more than one house propertyWho Should Not File ITR-4?An individual whose total income exceeds rupees 50 lakhs.An individual who is either a director in a company An individual who has invested in unlisted equity shares cannot use this form.An individual, HUF or partnership firm who is required to maintain the books of accounts under the Income-tax Act, 1961.Resident but not ordinarily residents (RNOR) and Non-residentsIndividuals  who have earned income through the following means: Lottery, racehorses, legal gambling, etc.Individual who has more than one house propertyTaxable capital gains (short-term and long-term)Agricultural income exceeding Rs 5,000A resident that has assets (including financial interest in any entity) outside India or is a signing authority in any account located outside IndiaIndividuals claiming relief of foreign tax paid or double taxation relief under section 90/90A/91Gains from Virtual Digital Assets (Crypto currency)Individuals for whom the TDS has been deducted under Section 194NDue Date to File ITR-4 For FY 2025-26 (AY 2026-27)The last date to file ITR-4 for FY 2025-26 (AY 2026-27) was changed in Budget 2026 to 31st August 2026 for non-audit taxpayers.