Section 80C is one of the most popular tax-saving deductions, allowing both individuals and HUFs to claim up to Rs. 1.5 lakh deduction per financial year. It covers a variety of investments and payments such as PPF, ELSS, life insurance premiums, NSC, EPF, Sukanya Samriddhi Yojana, home loan principal repayment, and tuition fees; this section brings a wide range of savings and payments under one umbrella. The Income Tax Act, 2025 now folds these provisions under Section 123. This article covers how Section 80C works and how to make the most of it before your investments are locked in for the year. Key Highlights Section 80C deduction is available only under the old tax regime.Additional Rs.

Form 16 is the TDS certificate that is issued under Section 2023 by your employer, showing salary income, exemptions, deductions and tax deducted for the financial year, which is essential for filing your ITR accurately. Form 16 has two parts: Part A (TDS summary,e mployer/employee PAN-TAN) and Part B (Salary breakup, deductions, tax computations), and must be issued by the 15th of the financial year 2025-26. This article covers whether Form 16 is mandatory and its upcoming renaming to Form 130 as per the Income Tax Act 2025. This blog explains in detail about Form 16, which is applicable for FY 2025-26 and preceding years. Form 16 Renamed as Form 130Under the Income Tax Act 2025, Form 16 has been renumbered as Form 130 effective from Tax Year 2026-27 (April 1, 2026) and onwards. For FY 2025-26, your employer will still issue Form 16 as usual.  What is Form 16?Form 16 is a TDS certificate issued by the employer containing TDS deducted on salary, the salary income during the financial year. It serves as a handy document for ITR filing process as it contains various information related to employer, the taxpayer, TDS deducted, income estimate, deductions claimable etc.

Short-term capital gains (STCG) refer to profits earned from the sale of capital assets held for a short duration. A short term capital gain arises usually when an asset is transferred within 24 months .The short term capital gains tax rate is 20% (for listed equity shares and equity mutual funds). For other assets such as gold, silver, house property, or land, the short term capital gains are taxed at the applicable income tax slab rates. Key HighlightsShort term capital gain arises when capital assets are sold within 12 months (listed equity shares or equity mutual funds) or 24 months (other assets).Short term capital gain on shares is taxed at a flat 20% under Section 111A.Short term capital gains tax on other assets (property, gold, etc.) is charged as per income tax slab rates.No indexation benefit is allowed, and proper reporting is required in ITR under Schedule CG.What is Short-Term Capital Gains (STCG)?Short-term capital gains or STCG is the capital gains which arises due to the transfer of a short-term capital asset such as equity shares, mutual fund units, gold, silver, property or any such capital asset. Short-term capital assets are those which are held for up to 12 months (for listed equity shares, units of equity oriented mutual funds or units of business trusts) or 24 months in case of other assets. Short-Term Capital Gains Tax RateThe short-term capital gain tax rate varies depending on the type of capital asset being sold. STCG on equity shares, units of equity oriented mutual funds, or units of business trusts are taxed at a flat fixed rate of 20% under Section 111A.

Form 26AS is an annual tax credit statement issued by the Income Tax Department against your PAN. It records all Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax payments, self-assessment tax, refunds and major financial transactions for a financial year. Steps to Download Form 26ASGo to the Income Tax e-filing portal and log in with PAN and password.From “e‑file” choose “Income Tax Returns,” then click “View Form 26AS.”You’ll be redirected to TRACES; check the box on the screen and click “Proceed.”Select “View Tax Credit (Form 26AS),” pick the assessment year and choose HTML.Click “View/Download,” then “Export as PDF”Form 26AS Latest UpdateForm 168 replaces Form 26AS: Under the Income Tax Rules, 2026, Form 168 has been introduced as the new tax credit statement, replacing Form 26AS.Current filing season: For FY 2025-26 (AY 2026-27), taxpayers will continue to use Form 26AS, as Form 168 applies from FY 2026-27 onwards.Review your tax credits: Before filing your ITR, verify your TDS, TCS, advance tax, and self-assessment tax details in Form 26AS to avoid mismatches and notices.What is Form 26AS?Form 26AS acts as a tax passbook, which contains all TDS deducted against your income in one place. It contains all the information about TDS deducted, income against which TDS is deducted, specified financial transactions (SFT) and so on. Its scope has expanded significantly over the years, which now includes details of foreign remittances, mutual fund purchases, dividend income, and even your turnover as reported in GST records.How to Download Form 26AS?Taxpayers can download Form 26AS through their traces portal for the relevant financial year. Taxpayers can download Form 26AS through the below steps:Visit the Income Tax e-filing portal and log-in using PAN and password. Navigate to “e-file” then click on “Income Tax Returns” and click on “View Form 26AS”You will now be redirected to the TRACES website.

Income tax is the most popular direct tax levied by the government. The Central Board of Direct Taxes holds the authority to govern the effective implementation of the levy and collection of income tax in India. For FY 2025-26, they can choose between the old and new tax regimes, which is the most beneficial for them. With effect from 01st April 2026, income earned are assessed under the provisions of Income Tax Act, 2025.Key HighlightsWhile the old regime offers a plethora of deductions, the new regime has relaxed slab rates with limited deductions.Certain income, such as long-term capital gains, sale of crypto assets, betting income, lottery winnings, etc., are taxed at special rates.Income earned from 1st April 2026 are governed under the provisions of Income Tax Act, 2025.What is Income Tax?Income tax precisely means tax levied on the income earned by the assessee during the relevant financial year. Who should pay Income Tax?As per section 2 of the Income Tax Act, 1961, every person who is liable to pay tax or any other sum under this Act is termed the assessee. An assessee can be categorised under the following legal status:IndividualHindu Undivided FamilyAssociation of PersonsBody of IndividualsTrustsPartnership firmsCo-operative societiesCompaniesLocal authorityArtificial Juridical PersonWhat is the Income Tax Act?As per Article 265 of the Indian Constitution, no tax can be levied except under the authority of law.

The new EPFO 3.0 has transformed user accessibility to provident fund. The new EPFO 3.0 brings auto-claim settlement, UPI-based withdrawals, and EPF-linked ATM cards; this saves huge time, from weeks to hours in most cases. The standard withdrawal no longer requires approval or Aadhaar verification, while the auto-settlement limit has been increased to Rs. 5 lakh from Rs. 1 lakh.

In the advance tax system, tax is paid during the financial year, on estimated total income as per the “pay-as-you-earn” system; taxpayers estimate their annual tax liability and pay it in instalments through the year rather than as a lump sum at filing time. This is advance tax, and it applies to anyone- salaried individuals, freelancers, businesses or investors- whose estimated tax liability after TDS/TCS exceeds Rs 10,000 for the financial year. Advance Tax Payment - FY 2026-27The due date to pay the 2nd installment of advance tax payment for FY 2026-27 is 15th September 2026. Taxpayers are required to pay at least 45% of their total tax liability in the 1st installment. Non-payment or short-payment of advance tax will attract interest at the rate of 1% per month under sections 424 and 425 of the Income-tax Act, 2025.What is Advance Tax?Advance tax is a ‘pay-as-you-earn’ scheme of income tax, where taxpayers pay off their tax liability for the year in four installments rather than a one time lump sum payment during ITR filing. The provisions related to advance tax are covered under section 403 to section 410 of the Income Tax Act, 2025.Who Should Pay Advance Tax?Any taxpayer (including salaried individuals, freelancers, and businesses) whose estimated tax liability for the financial year after TDS /TCS exceeds Rs. 10,000 is required to pay advance tax as per the provisions of the Income Tax Act. Salaried TaxpayersEmployees should review their overall tax liability after considering TDS and include income from all other sources, such as capital gains, interest on deposits, and any additional income earned during the year, to determine whether they are liable to pay advance tax.Senior CitizensSenior citizen taxpayers (aged 60 years and above) are exempt from advance tax payment if they do not have business or professional income. When they have business income, advance tax provisions are applicable for them, and they need to pay advance tax when their estimated tax liability exceeds ₹10,000.Investors - Capital Gains on Investments, Property and Crypto AssetsAssessees who actively invest in stock markets, who have capital gains transactions during the financial year should pay advance tax from the quarter in which capital gain incidence arises, when the tax liability exceeds ₹10,000.Freelances Businesses and Presumptive TaxationTaxpayers who earn business income during the financial year are subject to advance tax provisions, whether or not they are senior citizens.

An Income Tax Return (ITR) is a complete report of the income earned during the financial year, deductions and exemptions claimed, and the final tax liability. You can file your ITR online through the Income Tax Portal, or using the offline utility and then by uploading it on the portal. The due date for filing ITR for ITR-1 and ITR-2 is 31st July 2026, and for ITR-3 and ITR-4 (non-tax audit) is 31st August, 2026.7 Simple Steps on how to file ITR OnlineYou can file your ITR following these simple steps:Login to the Income Tax PortalGo to ‘File Income Tax Return’Select the Assessment yearSelect 'Filing Status"Select ‘ITR Type’Select reason for filing the returnValidate the details and e-verifyWhat is ITR?ITR stands for Income Tax Return, in which the taxpayer discloses all the details related to his income, assets, taxes, losses, refunds, etc. for the relevant assessment year.Documents Required 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?Before you start, download both your Form 26AS (Tax Credit Statement) and your AIS (Annual Information Statement) from the e-filing portal. Cross-check every entry against your bank statements, Form 16, broker capital gain statements and rent receipts.

The National Pension Scheme (NPS) is India’s most accepted pension-oriented product. Investing in NPS gives an edge over fixed-income schemes and allows investors to avail tax benefits up to Rs.1.5 lakh under Section 80C (Section 123) and an additional ₹50,000 under Section 80CCD(1B) for old tax regime fillers under the Income Tax Act, 1961.NPS allows investors to choose the allocation of investments. While the active choice allows investors to determine the plan and investment percentage, the auto choice allocates the investments based on the investor’s age and risk profile.National Pension Fund Managers in IndiaThere are 11 NPS pension fund managers in the country that are operating pension funds.SBI Pension Funds Pvt. Ltd.LIC Pension Fund Ltd.UTI Retirement Solutions Ltd.HDFC Pension Management Co. Ltd.ICICI Prudential Pension Fund Management Co.

Taxpayers are required to file their Income Tax Return (ITR) before the applicable due dates. As per the provisions of the Income Tax Act, the due date depends on the ITR form required to be filed by the taxpayer and applicability of tax audit or transfer pricing. Taxpayer filing an ITR after the specified due date is be liable for late fees, interest, and will lose out on various other tax benefits.For FY 2025-26, the ITR due date for taxpayers filing ITR-1 and ITR-2 is 31st July 2026. For taxpayers filing ITR-3 and ITR-4 and not requiring tax audit, the due date is 31st August 2026.ITR Filing Deadline Extension - AY 2026-27As we move closer to the due date for non-business taxpayers, discussions have been started about due date extension among the taxpayers. The Central Board of Direct Taxes (CBDT), has released the ITR forms, and ITR utility well in advance this assessment year. Also, the Income Tax Portal has been functioning so far without major technical glitches.