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 2025?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.

Section 80C provides deductions up to Rs.1.5 lakhs on various investments and expenses. These include deductions for life insurance premiums, PPF, home loan principal repayment, ELSS mutual funds, Sukanya Samriddhi Yojana, and many more. Deduction under section 80C is not available under the new regime.Key HighlightsTaxpayers can be diversify into various eligible investments, thereby saving taxes and maximizing returns at the same time.    Section 80C deduction is are only available under the Old Tax Regime,You can save up to Rs 2 lakhs, under the ceiling limits provided under section section 80CCE (Rs 1.5 lakh) and section 80CCD (Rs 50,000).What is Section 80C?Section 80C of the Income Tax Act 1961 is a key provision that offers tax deduction benefits to taxpayers by reducing their gross total income, effectively lowering their taxable income and their overall tax liability for the financial year. Section 80C continues to be one of the most popular options in the old tax regime for the following reasons.Variety of investment options: Like life insurance, provident fund, fixed deposit, government backed investments like national savings certificate, etc.Span of investment: For many 80C investments, the investment horizon is 5 years, which is comparatively less than pension funds.Promotes tax savings and financial planning: These specified investments assists in smart financial planning and saving taxes at the same time.Protection against inflation: These investments often have returns more than the inflation trend of the economy.

The due date for filing original return for FY 2024-25 is already passed. If you still have not filed your returns, you can file a belated return under section 139(4) of the Income Tax Act. Ensure that you choose the ‘belated return’ option during the filing process.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 Assessment 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 returnHow to File ITR Online?The step-by-step guide on how to file ITR online for AY 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 Assessment Year and mode of filing ITRSelect ‘Assessment Year’ as ‘AY 2025-26’ if you file for FY 2024-25 and click on Online, then "Continue".Step 3: Select your filing statusSelect your applicable filing status i.e., Individual, HUF, or others and click "Continue".Step 4: Select the applicable ITR FormBefore filing your income tax return, it's important to choose the correct ITR form based on your income sources. ITR 1 to ITR 4 are meant for individuals and HUFs. For instance, if you have capital gains income but no income from business or profession, you should file using ITR 2.Step 5: Choose the Reason For Filing ITRIn the following step, you will be prompted to specify the reason for filing your returns.

If you travel abroad frequently or are planning your first trip, it's important to understand the TCS (Tax Collected at Source) on tour packages. According to the  Liberalised Remittance Scheme(LRS) of RBI, resident individuals (including minors) can remit funds outside India with ease under a permissible limit. To regulate the foreign remittances, TCS (Tax Collected at Source) is collected by the sellers on all payments exceeding Rs. 10 Lakh from the buyer. The sellers then deposit TCS to the government.

In advance tax mechanism, tax is paid during the financial year by the taxpayer instead of paying while filing the returns. If the tax on such income exceeds Rs. 10,000 for the financial year, he should pay advance tax.Advance Tax Due DateThe due date to pay the 3rd installment of advance tax for Q3 FY 2025-26 (Oct-Dec) is December 15, 2025 Taxpayers should make sure to pay 75% of the total tax liability for the year by December 15, 2025. Advance Tax Calculator – Calculate Advance Tax LiabilityUse this intuitive tool from ClearTax to calculate your advance tax liability:What is Advance Tax?Advance tax is income tax paid through multiple installments before the end of financial year, instead of a lump sum payment after the end of the financial year. The provisions related to advance tax are covered under section 207 to section 219 of the Income tax act.The taxpayer calculates the estimated total income at the beginning of the financial year, thereby estimating his tax liability. The advance tax payments have to be made in fixed percentage through four installments as per the due dates provided by the income tax department.Who Should Pay Advance Tax?As per section 208 of the Income tax act, any assessee whose estimated tax liability for the financial year exceeds Rs 10,000, he or she is required to pay advance tax. If TDS is already deducted against a person, and still Rs 10,000 tax is payable as per estimation, he /she also needs to pay advance tax.This provision applies to all taxpayers, salaried individuals, freelancers, and businesses.Who is not Required to pay Advance Tax?Senior citizens– People aged 60 years or more who do not have income from any business or profession during the financial year are exempt from paying advance tax.

Rebate is a tax reduction available to resident individuals when they earn income within 10% tax slab. Under the new regime, a rebate of Rs.25,000 is allowed for an income up to Rs. 7 lakhs. Under the old regime, a rebate of Rs. 12,500 is allowed for an income up to Rs.

Paying your income tax for the first time is a milestone in any citizen’s life. Income tax is the most popular form of direct tax levied and collected in India. For individuals, the taxes are levied progressively, i.e., the tax rate increases as the income increases. Slab rates are fixed for individuals, under old regime and new regime. There are various tax benefits available, using which the person can minimize the final tax liability. Taxes for a particular financial year is usually paid in next year - which is called assessment year.

Section 54F exemption of the Income Tax Act helps taxpayers save long term capital gains tax on sale of assets like gold or shares. Investing the sale proceeds in a residential property allows you to claim an exemption up to Rs 10 crores.Key HighlightsOnly the proportion of sales proceeds invested in the new residential property can be claimed as an exemption.The new residential house should be situated in India.The exemption can be claimed even by non-residents.Eligibility to claim Exemption under Section 54FCapital Gain exemption under section 54F is subject to certain conditions, which are:Taxpayer should invest the net sales amount of the old asset in purchase of a new residential house.The new residential property must be:Purchased: either 1 year before or 2 years after the sale of asset or Constructed: within 3 years of sale of old assetTaxpayer should not own more than one residential house on the date of sale, other than the one bought for claiming exemption under this section.Taxpayer should not purchase any other house within 2 years or construct one within 3 years from the transfer date.If the above conditions are not satisfied, then exempt Capital Gains taxable in the year in which such other residential house is purchased/ constructed.Net Sale ConsiderationNet sale consideration means the sale value of property after reducing the transfer expenses like legal fees, commission, registration charges, etc.,How to Calculate Exemption u/s 54F?Exemption u/s 54F is available to the amount invested proportionate amount of sales consideration. It can be arrived using the formula below.54F Exemption = Capital Gains * Amount invested in residential property / Net Sale ConsiderationNote:When the amount invested in residential property exceeds Rs. 10 crore, the maximum amount taken for exemption calculation should be restricted to Rs. 10 crore.

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.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. Eligibility for LTAOnly individuals (residents and non-residents) can claim LTA for travel costs incurred on tour within India. Expenses can be claimed for self and family.

Short-term capital gains or STCG arise when assets are transferred within 24 months (12 months for listed equity shares equity mutual funds). They are taxed at applicable income tax slab rates (20% for listed equity shares and equity mutual funds).What is Short-Term Capital Gains(STCG)?Classification of Capital Gains as short-term and long-term depends on the period of holding. Short-Term Capital Gain (STCG) refers to the profit earned from selling capital assets held for a period within 24 months (or 12 months for listed equity shares and equity-oriented mutual funds). Indexation benefits are not available on sort-term capital gains.Short-Term Capital Gains Tax RateThe short-term capital gain tax rate varies depending on the type of asset being sold. The tax rates applicable for different types of assets are as follows:Asset TypeShort-Term Capital Gains TaxationTax RateListed Equity Shares & Equity-Oriented Mutual FundsListed Equity Shares & Equity-Oriented Mutual FundsListed Equity Shares & Equity-Oriented Mutual FundsTaxed under Section 111A (if STT is paid)20%      Other Assets (e.g., Real Estate, Land, Unlisted Shares)Other Assets (e.g., Real Estate, Land, Unlisted Shares)Taxed at normal income tax slab rates applicable to the taxpayerSlab ratesWhat are Short-Term Capital Assets?Capital Assets are classified as short term or long term based on holding period.