ITR-2 is an Income Tax Return form for individuals and HUF who do not have income from business or profession. It is applicable to taxpayers earning income from capital gains, more than one house property, foreign assets or foreign income, and for NRIs.In simple terms, taxpayers who are not eligible for ITR-1 and do not have business or professional income should file ITR-2.ITR-2 Filing for FY 2025-26 (AY 2026-27)The Income Tax Department has enabled the online and excel utility based filing of ITR-2 form for FY 2025-26. Taxpayers can now file ITR-2 through the Income Tax e-filing Portal.  Who Can File ITR-2?ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’.Income from salary or pensionIncome from house property (income can be from more than one house property)Income from capital gains or loss on sale of investments or property (both short-term and long-term)Income from other sources (including winning from lottery, bets on racehorses and other legal means of gambling)Agricultural income of more than Rs 5,000Resident not ordinarily resident and a non-residentThe total income from the above sources may exceed Rs 50 lakh.Further, if you are a Director of any company and an individual who has invested in unlisted equity shares of a company, you must file returns in ITR-2.Who Cannot file ITR-2?Any individual or HUF having income from business or profession.Note - Taxpayers eligible to file ITR-1 can also file ITR-2. However, it is advisable to file using ITR-1 as long as they meet the eligibility criteria.Last Date to File ITR 2 for FY 2025-26 (AY 2026-27)The due date to file ITR-2 for FY 2025-26 (AY 2026-27) is 31st July 2026.

Sukanya Samriddhi Yojana (SSY) Calculator instantly calculates the maturity amount, total interest earned, and total investment value for your daughter’s future. Enter the annual investment amount, the girl child’s age, and the investment start year to calculate SSY returns based on the latest interest rates.Sukanya Samriddhi Yojana is a government-backed savings scheme offering tax-free returns and guaranteed growth for girl children below 10 years. The calculator helps parents plan future expenses like education and marriage with ease while understanding the long-term benefits of disciplined savings.What is SSY Calculator Formula?The SSY calculator use formula below:  A = P(1+r/n)^nt where,P = Initial Depositr = Rate of interestn = Number of years the interest compounds t = Number of years A = Amount at maturity Example For Sukanya Samriddhi Yojana CalculationThe SSY account offers an interest rate of 8.2% p.a. Let us calculate the maturity amount after 21 years. If you deposit Rs.

Salary includes a bundle of various allowances and benefits, which have different taxation exemption rules. By smartly claiming Income tax deductions and exemptions available to salaried employees, you can significantly lower your tax liability. Sections like HRA, standard deduction, leave travel allowances, and more, provide an excellent and wide range of benefits that can help you to optimise your salary structure and maximise tax savings.In this article, we have listed some of the most important income tax deductions and tax-free allowances available to salaried persons, using which one can reduce their income tax liability.Exemption of Allowances1. House Rent AllowanceA salaried individual having a rented accommodation can get the benefit of HRA (House Rent Allowance). This could be totally or partially exempted from income tax.  However, it will be taxable if you don’t live in any rented accommodation and continue receiving HRA.

Resident individuals, specifically Resident and Ordinary Resident investing in US shares are required to report and pay tax on capital gains arising on transfer on such US stocks and shares. Such shares will be classified as long-term if held for more than 24 months and will be taxed at 12.5% but without the Rs. 1.25 lakh exemption. Short-term capital gains will be taxed at applicable slab rate. Why Should You Invest In U.S. Stocks?Investment in the U.S.

In India, there are various types of provident fund (PF) accounts that individuals can use to save. The income tax rules for PF contribution, withdrawal, and taxability of income on PF vary depending on the type of PF account. Let us understand the various type of provident funds and their tax implications in this blog. In this article, we will discuss the various types of provident fund, benefits, features, and tax implications on the same.Types of Provident FundsThere are different types of provident funds utilised by a person for investment or regular savings for retirement. They are as follows:Statutory Provident Fund – This scheme is set up under the Provident Funds Act, 1925. It is meant for government employees, universities, recognised educational Institutions, railways, etc. Recognised Provident Fund – The Provident Fund Act, 1952 (PF Act) applies to all establishments employing 20 or more employees.

Are you planning a car purchase? If yes, you should know about TCS and how to claim a TCS refund on a car purchase. Tax Collected at Source (TCS) on Car Purchase comes under Section 206C(1F) of the Income Tax Act, 1961. Before we dig deeper into Section 206C(1F), we will try to understand TCS on car purchase. What is Tax Collected at Source (TCS)Tax Collected At Source (TCS) under section 206C is a tax the seller collects from the buyer at the time of sale. It is a certain percentage of the purchase amount that a seller collects from the buyer based on the sale consideration. TCS is collected when the buyer’s account is debited by the amount liable to be paid or when the seller receives such amount from the buyer in cash, draft, cheque, or any other mode of payment, whichever is earlier.The buyer is required to submit the TCS to the government within the stipulated time.

Bonds allow investors to lend money to companies or governments in exchange for regular interest payments and the return on their primary investment at maturity. They work as fixed-income instruments and provide financial stability. Usually, they are less risky than other investment options. However, you must know how taxes impact your earnings from bonds. Let’s get into more detail on what bonds are, the types of bonds that are prevalent, taxation on bond transactions, and more.What are BondsThe issuer can be a company or government that pays a fixed or varied interest rate to investors who purchase bonds.

If you have a salary income and your total income is more than Rs. 50 lakh then you must file your income tax return using ITR-2 form. You will have to fill out the different salary components as required by the department.Let’s understand the breakup of the salary components required in filing the ITR-2 form for FY 2025-26 (AY 2026-27):Break-Up Of Salary Components To Be Reported In ITR-2 For FY 2025-26For the AY 2026-27, the ITR-2 form requires a taxpayer to provide the break-up or the components of the salary. The various components of the salary for which information is required are mentioned below:1. Salary under Section 17(1)The salary structure comprises several components such as Basic Salary, House Rent Allowance (HRA), Leave Travel Allowance (LTA), Gratuity, and other allowances like medical, conveyance, and special allowances.

Form 15G and Form 15H are self-declaration forms used by taxpayers to prevent TDS deduction on certain incomes such as bank interest, dividends, rent, or pension when their total tax liability for the financial year is nil. These forms are submitted to banks or financial institutions under the Income Tax Act, 1961, allowing eligible taxpayers to receive income without TDS deduction, provided they satisfy the prescribed conditions. Under the Income Tax Rules, 2026, Form 15G & 15H have been merged into a single new Form 121.Quick Highlights: Form 15G vs Form 15HParticularsForm 15GForm 15HEligible AgeBelow 60 years60 years and aboveKey ConditionTotal estimated tax liability for the financial year must be NilTotal estimated tax liability for the financial year must be NilWho Can SubmitResident individuals, HUFs, and certain eligible assesseesResident senior citizensValidityValid for one financial yearValid for one financial yearSubmission RequirementMust be submitted separately to each bank, post office, or deductor where income is earnedMust be submitted separately to each bank, post office, or deductor where income is earnedWhat is Form 15G?Form 15G is a self-declaration form for individuals to submit to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.Form 15G is generally used by individuals below 60 years of age and Hindu Undivided Families (HUFs) to ensure that TDS is not deducted on interest earned from sources such as fixed deposits or recurring deposits. Form 15G is valid for FY 2025-26 and previosu years. What is Form 15H?Form 15H is a self-declaration for senior citizens (aged 60 years or above) that can be submitted to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.By submitting this form, the taxpayer declares that their total tax liability for the financial year is nil, so that the payer do not deduct TDS on the interest earned. Form 15H is valid for FY 2025-26 and earlier years. What is Form 121?Form 121 is the new self-declaration form which taxpayers can submit to avoid TDS on income earned from banks or other financial institutions when their total income is below the basic exemption limit.

Leave Travel Allowance (LTA) lets salaried employees claim tax-free reimbursement for travel within India. Here’s how to calculate, claim, and save taxes under Section 10(5).Key HighlightsLeave Travel Concession is an employee reimbursement for vacation expenses within India.Exemption can be claimed for 2 out of 4 block years. The current block year is 2022-25.Leave Travel Allowance is available only under the old regime.Though the  Income Tax Act takes effect from 01st April 2026, the provisions of the 1961 act applies for AY 2026-27, as it pertains to income earned up to 31st March 2026. Though the Income Tax Act 2025 takes effect from 01st April 2026, the provisions of the 1961 act applies for AY 2026-27, as it pertains to income earned up to 31st March, 2026. What is Leave Travel Allowance (LTA)?Leave Travel Allowance / Leave Travel Concession is a type of allowance given to employees for travelling to any place in India. It forms part of your salary structure, and it can be used as a tax reduction tool, since deductions are provided under section 10(5) of the Income Tax Act. (Section 11 Schedule III of the Income Tax 2026.)Eligibility for LTAOnly individuals (residents and non-residents) can claim LTA for travel costs incurred on tour within India.