Form 15G and Form 15H are self-declaration forms that help eligible resident taxpayers avoid TDS on interest income when their total taxable income is below the applicable exemption limit. Understanding Form 15G and Form 15H eligibility, submission rules, and TDS provisions is essential for effective tax planning and maximizing income from fixed deposits and other investments.Important (FY 2026-27): From April 1, 2026, Form 15G and Form 15H have been replaced by the new Form 121 under the Income Tax Act, 2025. If you are filing for FY 2025-26 or earlier, use Form 15G/15H. For FY 2026-27 onwards, use 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.

In Advance tax system, tax is paid during the financial year, on estimated total income. Advance tax payment is compulsory for taxpayers with a tax due exceeding Rs. 10,000 after TDS/TCS for the year, as per the provisions of the Income Tax Act.Advance Tax Payment - FY 2026-27The due date to pay the 1st installment of advance tax payent for FY 2026-27 is 15th June 2026. Taxpayers are required to pay at least 15% 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.

Indian taxes are divided into two types, Direct Taxes and Indirect Taxes. Talking about direct taxes, it is levied on the income that different types of business entities earn in a financial year. There are different types of taxpayers registered with the Income tax department and they pay taxes at different rates. For eg, an individual and a company being a taxpayer are not taxed at the same rate.What is Corporate Tax in India?A corporate is an entity that has a separate and independent legal entity from its shareholders. Domestic as well as foreign companies are liable to pay corporate tax under the Income Tax Act.

The new Income Tax Act 2025 was introduced to modernise the tax laws that had become complex after decades of amendments. The new act reorganises provisions into 536 sections across 23 chapters, making it easier for taxpayers, businesses, and tax professionals to understand and comply with tax rules.Income Tax Act 2025 - At a GlanceParticularsIncome Tax Act 1961Income Tax Act 2025Effective Date19611st April 2026Total ChaptersMultiple23 ChaptersSections700+ (including sub-sections)536 SectionsTax Year ConceptPrevious Year + Assessment YearSingle Tax YearTDS ProvisionsMultiple SectionsSection 393StatusReplacedCurrent LawWhat 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 new act aims at simplification of tax laws, making it easier to understand, interpret and comply with. Easy, more automated and user friendly compliance is expected to reduce the instances of non-compliance and tax avoidance techniques.Why Was the Income Tax Act 2025 Introduced?The Income Tax Act 1961 had become extremely complex after hundreds of amendments over decades. Many provisions were outdates, repetitive, scattered, or were in language difficult for taxpayers to interpret. The Income Tax Act 2025 was introduced to address these issues with the following objectives:Simplify the tax lawReduce litigationImprove complianceModernise tax administrationNew Income Tax Act 2025 PDF DownloadYou can download the Income Tax Act pdf from the Income Tax Department website, that will be effective from 1st April 2026.When Does the Income Tax Act 2025 Come Into Effect?The new Income Tax Act 2025 comes into effect from 1st April 2026 completely replacing the existing Income Tax Act 1961.

The Public Provident Fund (PPF) is one of India’s most trusted long-term savings schemes, offering attractive interest rates and tax benefits under Section 80C. It's commonly used for retirement planning, funding education, or saving for a home. However, many account holders are unsure about the PPF withdrawal rules, especially regarding partial withdrawals, premature closure, and withdrawals after the 15-year lock-in period.Key Highlights of PPF WithdrawalPartial Withdrawal: Eligibility after 5 years, limit of 50% of the balance (as per rules), no penalty.Premature Withdrawal: Eligibility after 5 years (with a valid reason), full withdrawal allowed, 1% reduction in interest rate; conditions to be met.Withdrawal After 15 Years: Eligibility upon maturity, full balance, no penalty, fully tax-exempt.Withdrawal After Extension: Eligibility after extending for 5 years, up to 60% of the balance over 5 years, one withdrawal allowed per financial year.What is PPF Lock-in Period?A Public Provident Fund (PPF) account has a 15-year lock-in period, meaning the full balance cannot be withdrawn before then. After maturity, you can either withdraw the entire amount and close the account, extend it in 5-year blocks with fresh contributions, or extend it without contributions while continuing to earn interest.What are PPF Withdrawal Rules?The PPF withdrawal rules, set by the government of India, dictate when and how you can access your invested funds while encouraging long-term savings and retirement planning.There are three basic kinds of PPF withdrawal rules:Partial WithdrawalPremature Closure Withdrawal After Maturity1. PPF Partial WithdrawalPartial withdrawal from a PPF account is possible when the account has been operational for at least 5 years.

A sign-on bonus received from an employer is generally taxable as salary in the year of receipt. However, tax issues arise when the employee is required to refund the bonus due to early resignation or breach of employment conditions. This case law examines whether such refunded amounts can be claimed as a deduction or otherwise adjusted for income-tax purposes.Details of Case LawCase Law: Income Tax Appellate Tribunal – Chennai, S.S.N.Ravi, Chennai vs ACIT on 6 May 2016 I.T.A. No.933/Mds/2015. Assessment year: 2008-2009.Facts of the caseThe taxpayer filed the income tax return for FY 2007-08 and disclosed a salary income of Rs.43,54,815.

The Annual Information Statement (AIS) is a summary of key financial transactions and income for the year. For FY 2025-26, it includes details such as TDS deducted, interest earned on savings and fixed deposits, purchase and sale of shares or mutual funds, high-value transactions like property or vehicle purchases, and more.Key Highlights Covers TDS/TCS, interest, dividends, securities and mutual fund transactions, property/vehicle purchases, foreign remittances, and more.Provides both Reported Value (from reporting entities) and Modified Value (after taxpayer feedback).Taxpayers must report all income, even if it is not shown in the AIS, to avoid mismatches, penalties, and notices.What is the Annual Information Summary (AIS)?The Annual Information Statement (AIS) is a summary of a taxpayer's information as reported by various organizations from which taxpayers have received any benefit, whether in cash, kind or otherwise. It includes new information – interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. for FY 2025-26.Summary of AIS information is in the form of Taxpayer Information Summary (TIS) for ease of filing return (All the information will be pre-filled in your return). Taxpayers will be able to submit online feedback on AIS’s information.

Fixed Deposits (FDs) interest income are taxed at regular slab rates. Section 80TTB allows a maximum deduction of Rs.50,000 under the old regime for senior citizens who earn interest income from savings account or deposits. Where can I Check my FD Interest Income?More often than not, bank interests are not considered for income tax calculation and tax planning strategies because of their quantum as compared to other major sources of income.But, it is necessary to consider FD interest for tax implications to avoid under-reporting of income and consequent penalties.FD interest can be checked on any of the following.Bank statementsForm 26ASAnnual Information Statement (AIS)Taxpayer Information Statement (TIS)How to Calculate Income Tax on FD Interest?After considering all these sources, the FD interest is added to the income earned.The interest income earned is shown under the head ‘Income From Other Sources’ in your Income Tax Return.Deduction under section 80TTB of the Income Tax Act, 1961 can be claimed if the taxpayer is a resident senior citizen under the old regime.Amount of principal deposited under section 80C of the Income Tax Act, 1961, can be claimed as a deduction under the old regime. Tax is calculated on the respective slab rates of the taxpayer. The tax implications might differ based on the regime he chooses, the age of taxpayer and residential status. TDS, if any deducted from the interest income, is reduced from the overall tax liability. Adjustment of TDS with tax payable might result in reduction of tax payable or refund.FD Interest Deduction under Section 80TTB Resident senior citizens opting for old tax regime can claim this benefit.Interest received from savings account, fixed deposits or recurring deposit can be claimed as a deduction under this section.Maximum limit of Rs. 50,000 deduction is allowed under this section.

Form 16 is a TDS certificate issued by an employer that shows the tax deducted from your salary and a detailed breakup of your income, exemptions, deductions, and taxable amount for the financial year. It is an important document for salaried taxpayers to verify TDS and file their income tax return accurately, and can be downloaded from the employer or payroll portal once issued.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. It is issued under section 203 of the Income Tax Act, 1961.Form 16 is divided into 2 parts: Part A and Part B.

ITR filing last date for FY 2025-26 (AY 2026-27) is on 31st July for ITR-1 and ITR-2 filers, and 31st August, 2026 for ITR-3 or ITR-4 filers (not subject to tax audit). Missing the due date can lead to consequences like late fees, restriction on choice of regime and carry forward of certain losses to future assessment years.Income Tax Filing FY 2025-26 (AY 2026-27)The Income Tax Department has released offline utility and enabled online filing of ITR-1, ITR-2, ITR-3 and ITR-4 for AY 2026-27.Taxpayers missing the initial deadline can file a belated return before 31st December 2026 by paying additional late fees and interest.ITR Filing Last Dates for FY 2025-26The due date to file ITR for different types of taxpayers for FY 2025-26 (AY 2026-27) is as follows:ITR-1 and ITR-2 (Salary and capital gains income): 31st July 2026ITR-3 and ITR-4 (Business income - Non-audit cases): 31st August 2026ITR-3 and ITR-4 (Business income - Cases requiring audit): 31st October 2026Businesses requiring transfer pricing reports (international transactions or specified domestic transactions): 30th November 2026Belated (Late) Return: 31st December 2026Revised Return: 31st March 2027Updated Return (ITR-U): 31st March 2031 (within 4 years from the end of the relevant Assessment Year)*Due dates are applicable unless extended by the Income Tax Department.Can I File ITR After Due Date?Yes, if you failed to file ITR within the due date, you can still file a belated return before 31st December of the relevant assessment year. In case you fail to file a belated return, you can still file an updated return within 48 months (4 years) from the end of the relevant assessment year.The following table explains the purpose and due dates for belated and updated returns.Basis of DifferentiationBelated ReturnUpdated ReturnUsed byTaxpayers who have missed the original return filing due dateTaxpayers who have missed both original and belated return due datesDue Date31st December of the assessment year31st March of 4 years from the end of assessment yearDue Date for return FY 2025-2631st December , 202631st March 2031What if ITR Filing has Errors?Worried that you have already filed ITR and made some mistakes in it? You can easily revise the return that is already filed.1. Revised ReturnRevised returns allows the assessee to rectify the errors made in the original return filed by the him.The due date for filing revised returns is 31st March of the next year.Lets understand this with an example. Mr.