For a salary range of Rs 15 lakhs, the most important part of the tax strategy is to determine the most beneficial regime. The new tax regime offers limited deductions with relaxed slab rates, whereas the old regime offers a pleathora of deductions with tighter slab rates.The old tax regime becomes more beneficial only if the taxpayer claims deductions exceeding Rs. 5,43,750.Key Deductions under the New Tax RegimeStandard Deduction: Rs. 75,000 of flat standard deduction is available against salary income under the new regime.Section 80CCD(2): Employer's contribution to NPS can be claimed as a deduction, up to 14% of the basic pay of the employee.Section 24: Entire interest paid on home loan of a let out property can be claimed as a deduction, without any threshold limit.Retirement Benefits: Gratuity, leave encashment, and other retirement benefits are eligible for exemption under the new regime, subject to ceiling limits.Key Deductions under the Old Tax RegimeUnder the old tax regime, there are various exemptions and deductions available, and they are described below.1. ExemptionsYou can structue your CTC in such a manner that you can optimize your tax outlflow under the old regime. Salary ComponentTaxabilityBasic Fully-taxableDearness Allowance Fully-taxableHouse Rent Allowance (HRA)Exempt up to a certain limit. Calculate nowLeave Travel Allowance (LTA)Actual travel ticket expenses are exempt for two trips in 4 years under 10(5). Read moreMobile/ Internet reimbursement Exempt if:– used predominantly for office purposes – proofs/bills submittedChildren's Education and Hostel AllowanceRs  1200 per child (max 2 children)FoodRs 50 per meal (max 2 meals a day)Annual = Rs 26,400 (50*2*22 days*12 months)Professional TaxGenerally Rs 2,400 (Varies from state to state)2.

For a salary income of Rs. 1 Crore, opting for the right tax regime is important to maximise tax savings. For a taxpayer having significant deductions and exemptions to claim, the old tax regime would be beneficial. However, opting for the new tax regime would be better where the taxpayer do not have much deductions and exemptions to claim.To save tax on Rs. 1 Crore income, the old tax regime would be beneficial if the overall deductions & exemptions to claim exceed Rs.

The ITR filing process gets complicated based on residential status, nature of income earned, and the ITR type chosen. You can complete the ITR filing process online through Income Tax Portal. Alternatively, you can file ITR using the offline utility and uploading it on the Income Tax portal.  Simple Steps to file ITR OnlineYou can file your ITR following these simple steps:Step-1: Login to the Income Tax PortalStep-2: Go to ‘File Income Tax Return’Step-3: Select Tax yearStep-4: Select 'Filing Status"Step-5: Select ‘ITR Type’Step-6: Select reason for filing the returnStep-7: Validate the detailsStep-8: E-verify the returnWhat 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 tax 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?The step-by-step guide on how to file ITR online for FY 2025-26 through the Income Tax Portal:Step 1: Log in to the Income Tax PortalLog in to the income tax portal by entering your PAN and password. Step 2: Select the relevant Tax Year and mode of filing ITRSelect ‘Tax Year’ as ‘AY 2026-27’ if you file for FY 2025-26 and click on Online, then "Continue".

Form 26AS is a statement that provides details of all TDS or TCS, advance tax/self-assessment tax paid, and high-value transactions of a taxpayer during the financial year.How to Download Form 26AS Online 2026?Step-1: Login to the Income Tax Portal,Step-2: Go to e-file > Income Tax Returns > View form 26AS. You will be redirected to TRACES website. Step-3: Click on ‘Confirm’ after reading the disclaimer. You will be redirected to TDS-CPC portal.Step-4: Check on the 'Agree' check box and click 'Proceed'.  Step-5: Click ‘View Tax Credit (Form 26AS/Annual Tax Statement)’Step-6: Select the ‘Assessment Year’ and ‘View type’ (HTML or Text)Step-7: Click ‘View/Download’ and then ‘Export as PDF’.What is Form 26AS?Form 26AS is the annual tax statement provided by the Income Tax Department to every taxpayer. It is a consolidated statement which contains all the high value transactions, TDS deducted, TCS collected, corresponding income, refund issued, etc.The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, turnover as per GST records, etc.Form 26AS is considered an important and convenient document for tax filing, as it contains most of the required information at one place.Income tax filing can be done without Form 26AS, since it is not a mandatory document for tax filing. But it is highly recommended to have Form 26AS handy while filing the returns, as chances of getting an Income Tax notice is high, even if a miniscule transaction reflected in the form is missed out in the returns.Information Available on Form 26ASForm 26AS is a statement that shows the below information:Details of tax deducted at sourceDetails of tax collected sourceAdvance tax paid by the taxpayerSelf-assessment tax paymentsRegular assessment tax deposited by the taxpayers (PAN holders)Details of income tax refund received by you during the financial year Details of the high-value transactions regarding shares, mutual funds, etc.Details of tax deducted on sale of immovable propertyDetails of TDS defaults (after processing TDS return) made during the yearTurnover details reported in GSTR-3BDetails of specified financial transactionsPending and completed income-tax proceedingsStructure and Parts of Form 26AS PART-I Details of Tax Deducted at SourceTDS on salary, business, profession, interest income etc., shall be reported herePART-II Details of Tax Deducted at Source for 15G/15HTDS on which no TDS is made because of Form 15G/15H due to income being less than the basic exemption limit. Mainly applicable for senior citizen taxpayersPART-III Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194STDS made on payment made in kind (car in a lottery, foreign trips for meeting sales targets etc.)PART-IV Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)TDS made on sale of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/sale of virtual digital asset (cryptocurrency)PART-V Details of Transactions under Proviso to sub-section(1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)PART-VI Details of Tax Collected at SourceTCS made under various sections of 206CPART-VII Details of Paid Refund (For which source is CPC TDS.

For a salary range of Rs 50 lakh, the most important step in the tax strategy is determining the most beneficial regime. The new regime remains the most beneficial for taxpayer with limited deductions, whereas the old regime favours those who have a lot of tax saving deductions.The old tax regime remains the most beneficial when you have a tax deduction of more than Rs. 8 lakhs.Key Deductions under the New Tax RegimeStandard Deduction: Rs. 75,000 of standard deduction is available under the new regime for all salary levels.Section 80CCD(2): Up to 14% of the basic salary can be claimed as a deduction on employer's contribution to NPS.Section 24: Entire interest due for the financial year can be claimed as a deduction on home loan interest paid on a let out property.Retirement Benefits: Settlements like gratuity are leave encashment are also exempt under the new regime, subject to ceiling limits.Key Deductions under the Old Tax RegimeUnder the old tax regime there are many components in your salary that are exempted from taxes and deductions Let’s break down some key components of salary that are exempt from taxes:Salary (-) Exemptions = Taxable Salary IncomeTaxable Salary Income (-) Deductions = Net taxable incomeTake a look at them below:Salary ComponentsTaxabilityBasic PayFully-taxableDearness Allowance (DA)Fully-taxableHouse Rent Allowance (HRA)Exemption up to a certain limit. Calculate nowLeave Travel Allowance (LTA)Actual travel ticket expenses exempt for two  trips in 4 years under 10(5).Mobile/ Internet reimbursement Exempt if:– used predominantly for office purposes – proofs/bills submittedChildren’s Education and Hostel allowanceRs 4800 per child (max 2 children)Food ExpensesRs 50 per meal (max 2 meals a day)Annual= Rs 26,400 (50*2*22 days*12 months)Standard DeductionRs 50,000 (Will be given to all without any restrictions)Professional TaxGenerally Rs 2,400 (Varies from state to state)Moreover, when you are tax planning for a salary above 20 lakhs, you can get deductions on the following:ParticularsLimitStandard deduction Rs. 50,000 under the old regime.Paying health insurance policy premium (Section 80D)Self, your spouse, and your dependent children: Rs 25,000 (Rs 50,000 if aged 60 and above)Parents: Rs 25,000 (Rs 50,000 if aged 60 and above)Opting for an education loan (Section 80E)Interest deduction for 8 years from the year of repayment of loan taken for the higher education of yourself, your spouse, dependent children, or a student of whom you are the legal guardian.Donating to charity (Section 80G)50% or 100% of the eligible amount.Investing in tax saving instruments (Section 80C)Tax benefit of Rs.1,50,000 per year.

The most important part of tax strategy for a salary range of Rs. 20 lakhs, is to determine the most beneficial regime. The new tax regime would be beneficial when the taxpayer has limited tax saving deductions. On the other hand, old regime is more beneficial when you have more deductions.In a salary level of Rs 20 lakhs, old regime is the most beneficial when you have deductions more than Rs. 7,08,330 under the old regime. Key Deductions and Exemptions in the New Tax RegimeThe following deductions and exemptions are available to a taxpayer opting for the new tax regime:Standard deduction of Rs 75,000 under the new tax regime applicable.Section 80CCD(2): Up to 14% of the basic pay can be claimed as a deduction on employer’s contribution to NPS account .Section 24: Entire interest on Home Loan on the let-out property, can be claimed as a deduction, without any threshold limt.Retirement deductions: Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA)Key Deductions and Exemptions in the Old Tax RegimeUnder the old tax regime there are many components in your salary that are exempted from taxes and deductions Let’s break down some key components of salary that are exempt from taxes:Salary (-) Exemptions = Taxable Salary IncomeTaxable Salary Income (-) Deductions = Net taxable incomeTake a look at them below:Salary ComponentsTaxabilityBasic PayFully-taxableDearness Allowance (DA)Fully-taxableHouse Rent Allowance (HRA)Exemption up to a certain limit. Calculate nowLeave Travel Allowance (LTA)Actual travel ticket expenses exempt for two  trips in 4 years under 10(5). Mobile/ Internet reimbursement Exempt if:– used predominantly for office purposes – proofs/bills submittedChildren’s Education and Hostel allowanceRs 4800 per child (max 2 children)Food ExpensesRs 50 per meal (max 2 meals a day)Annual= Rs 26,400 (50*2*22 days*12 months)Standard DeductionRs 50,000 (Will be given to all without any restrictions)Professional TaxGenerally Rs 2,400 (Varies from state to state)Moreover, when you are tax planning for a salary above 20 lakhs, you can get deductions on the following:ParticularsLimitStandard DeductionFlat Rs.

For a salary level of Rs 30 lakhs, the most important part of the tax-saving strategy is the choice of the most beneficial regime. The new regime would be the most beneficial when the taxpayer do not have much of tax saving deductions, and vice versa. When you have deductions under the old regime more than Rs 8 lakhs, then the old regime is the most beneficial. Else, it is better to choose the new regime.Key Tax Deductions under the New RegimeStandard Deduction of Rs. 75,000 is available under the new regime.Section 80CCD(2) allows deduction for contributions made by employers in the National Pension Scheme (NPS). Up to 14% of the basic pay can be claimed as a deduction under the new regime.Under section 24, home loan interest due during the financial year for the let out property - can be claimed as a deduction.

Have you ever wondered what would happen if you made an investment, but couldn't explain where the funds for it came from? Section 69 of the Income Tax Act, 1961, addresses such circumstances. If an assessee is not able to explain the source of such investments incurred in a financial year, then the Assessing Officer can consider it as income for that financial year and would impose a a higher rate of tax and heavy penalties. Now, what if your investments are under this section, and how will it impact your taxes? Let's explore the details.What is Section 69 of the Income-tax Act, 1961?Section 69 of the Income-tax Act, 1961 deals with unexplained investments made by an assessee during the financial year immediately preceding the assessment year. If these investments are not recorded in the books of account and the assessee fails to provide a satisfactory explanation about their source, the Assessing Officer may treat the value of these investments as the income of the assessee for that financial year.Tax Rate Applicable for Unexplained Investments under Section 69?The income under Section 69 is taxed at a flat rate of 60%. Additionally, a 25% surcharge and a 4% Health and Education Cess apply, making the effective tax rate 78%.Tax rate = 60% + 25% Surcharge + 4% cessExample: Consider an individual who invests ₹100,000 in a financial year without recording it in their books of account. If they fail to provide a satisfactory explanation for the source of this investment, the Assessing Officer may treat this amount as income under Section 69. Tax liability would be computed as follows:ParticularsAmount (Rs.)Income tax60,000 (1,00,000 x 60%)Surcharge15,000 (60,000 x 25%)Cess3,000 ((60,000 + 15,000) x 4%)Total tax liability78,000ConclusionIn summary, Section 69 of the Income Tax Act levies a 60% tax on unexplained investments, in addition to 25% surcharge and 4% cess, making the effective rate 78%. Penalties may also be imposed on taxpayers for not disclosing the source of their investments.

Section 269SS of the Income Tax Act, prohibits a person from accepting loans, deposits, or advances in relation to a transfer of an immovable property of Rs. 20,000 or more in cash. Such transfers must be received through prescribed banking modes such as account payee cheque, bank draft or electronic transfer. The Rs. 20,000 limit applies to transactions to:Per personPer daySingle transactionIn simple terms, a person cannot accept a loan, advance or deposits of Rs.

ITR-4 (Sugam) is an income tax return for resident individuals, HUFs and firms with total income up to Rs. 50 lakhs and having business or professional income under the presumptive taxation scheme as per Sections 44AD, 44ADA or 44AE along with salary, one house property and other incomes. Tax audit is generally not applicable for ITR-4 as it is designed for small taxpayers with business income. However, tax audit becomes applicable when income crosses certain limits. ITR-4 (Sugam) – Key Details You Should KnowCriteriaDetailsEligibilityResident individuals, HUF and firm with business income under presumptive taxation.Not EligibleBusiness income not under presumptive scheme, capital gains, more then one house propertyDue Date31st August 2026Income LimitRs. 50 lakhWho Can 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 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 Cannot 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.