On the job change(s) made during the financial year, the employee will have Form 16 certificates from the current and previous employer. Consideration of financial information from both the employers is necessary for accurate ITR filing.Key HighlightsInclude income as per Form 16  from both employers from in your ITR.Submit Form 12B to report previous salary details to your new employer. Non intimation to the new employer may cause duplicate deductions and result in advance tax and interest liability.What is Form 16?Form 16 is a TDS certificate issued by the employer to the employee showing the total amount of salary paid to the employee and the amount of tax deducted on the total salary by the employer. Form 16 is issued by 15th June after the end of the financial year (year ending on 31st March, 2026). The last date of filing ITR is 31st July of the year succeeding the financial year (AY 2026-27).Salaried individuals who change jobs during a financial year will be issued multiple Form 16 from every employer. Reasons for Struggle in Filing ITR with Multiple Form 16Individuals face a struggle in filing ITR with Multiple Form 16 because of the complex calculations involved in calculating the total taxable income. Some entries of exemptions and deductions may have been duplicated or missed when producing Form 16 by multiple employers. For example, standard deduction, basic exemption limit, and other case specific deductions may be taken into account by current and previous employer, resulting in less TDS deduction.There can also be an increase in tax liability and penal interest because of the significant difference in the payment of advance tax.IllustrationFor instance, Mr Raj left ABC company in December 2025 and joined a new company, XYZ, in January 2026. He has not been informed about his previous salary to XYZ.

Do you know that you can take a loan on your salary from your employer? The loan from your employer may be interest-free or at a concessional rate. For example, you may be required to only pay the money you have taken from the employer and need not pay any interest for this loan, or pay concessional interest. The interest-free or concession in interest is taxable for an employee.Income Tax Rules 2026The new Income Tax Rules 2026, with effect from 1st April 2026 brings the following changes in taxation of interest free or concessional loans from employer Loans from employers is tax-free if the aggregate loan received is up to Rs. 2 lakh from the previous limit of Rs. 20,000.Loans received for treatment of specified illness under Rule 18 are completely exempt.

A joint declaration form is an Employees’ Provident Fund (EPF) form used to correct Provident Fund (PF) member details. It is a combined form that the employee and employer sign and submit to the regional PF commissioner to update the wrong information entered in the employees’ PF accounts.Update Details Through Joint Declaration Form EPFAn EPF member should fill out the joint declaration form to correct details like father’s name, joining date, etc., as these details will be verified against the documents submitted for verification. The Joint Declaration Form can be submitted physically to the regional PF office or can be uploaded online on the official EPFO website. The details that can be changed or corrected through a joint declaration form EPF are as follows:NameFather or Husband’s namePF or EPS account numberDate of birthJoining dateDate of leavingEPF Joint Declaration Form PDF DownloadDownload the PDF version of the Joint Declaration Form.Physical Submission of Joint Declaration Form EPF The EPF members or employees should physically submit the joint declaration form to the regional PF office with which the company or establishment is registered. The employees should enter the following details on the joint declaration form EPF:Date of form submissionRegional PF commissioner addressName and company nameCorrect particulars, i.e., particulars that need to be corrected or updated in the PF member accountWrong particulars, i.e., particulars that have been wrongly entered in the PF member accountSignature of the applicant, name of the authorised signatory for the establishment and signature of establishment with its sealAfter filling in the above details on the form, the employees should attach self-attested identity proof documents to support the correction claim and submit the form to the regional EPFO office where the establishment is registered.Online Submission of Joint Declaration FormVisit the official website of the Employees' Provident Fund Organisation (EPFO)Login to your Account. If you are an employee, log in using your Universal Account Number(UAN) and password.

Shares are treated as capital assets under the Income Tax Act, 1961, and any profit from their sale is taxed as capital gains, with tax treatment differing for listed and unlisted shares. Listed equity shares become long-term capital assets when held for more than 12 months, and long-term capital gains (LTCG) are taxed at 12.5% without indexation after an exemption of Rs. 1.25 lakh, while short-term capital gains (STCG) on listed shares are taxed at 20% under Section 111A of the Income Tax Act. In the case of unlisted shares and other shares, assets held for more than 24 months qualify as long-term capital assets, with LTCG taxed at 12.5% without indexation, whereas STCG is taxed at the applicable income tax slab rates.Types of Capital Gains on SharesUnder the head ‘Capital Gains’, income is further classified into:Long-term capital gainsShort-term capital gainsThis classification is made according to the holding period of the shares. The holding period means the duration for which the investment is held, starting from the date of acquisition till the date of sale or transfer. For income tax purposes, holding periods of listed equity shares and equity mutual funds is different from the holding period of debt mutual funds.

The new Income Tax portal, 'www.incometax.gov.in’ has been redesigned to provide taxpayers with a more modern, user-friendly, and seamless experience for filing their income tax returns (ITRs) and accessing other tax-related services. New Income Tax Portal Launch DateThe Central Board of Direct Taxes (CBDT) launched the New Income Tax 2.0 Portal on 7th June 2021, replacing the older portal. This upgrade was aimed at offering a more intuitive, user‑friendly experience for filing ITRs and managing tax-related tasks. Features of e-Filing Portal 2.0The e-filing 2.0 website is simple and user-friendly and is equipped with the features listed below:ITR Processing The new user-friendly portal will immediately process a taxpayer's income tax return. This will enable faster refunds to the taxpayers.Free ITR Preparation SoftwareThe Income Tax Department offers free ITR preparation utilities in both Excel and Java formats to help taxpayers file their returns easily. These utilities are updated every financial year to reflect changes in ITR forms. Taxpayers can either download these tools or file directly online through the e-filing portal. With built-in interactive questionnaires, the software simplifies the process of preparing and submitting your Income Tax Return.Call Centre ServicesThe new web portal is integrated with a ‘new call centre’ for immediate response to queries. Additionally, detailed FAQs, tutorials, videos, and chatbot/live agents address taxpayers’ issues.Single Dashboard InteractionA taxpayer can see all the interactions, uploads, and pending actions in a single dashboard along with the follow-up action.Multiple Payment OptionsThe new Income Tax Portal offers a wide range of convenient payment options for taxpayers. You can now pay your taxes using RTGS/NEFT, credit card, UPI, or net banking from any bank account. This flexibility makes tax payments quicker and hassle-free.Pre-filled ITRsThe new Income Tax Portal enables automatic pre-filling of key income details in your ITR. Information such as salary, income from house property, business/profession, interest, dividend, and capital gains can now be pre-filled.This is possible once employers, banks, and other institutions upload their TDS and SFT statements, thus making ITR filing faster, easier, and more accurate.Annual Information Statement (AIS)The Annual Information Statement (AIS) provides a detailed overview of a taxpayer’s financial transactions in a given financial year. It displays information from Form 26AS and includes TDS, SFT, and other financial data. Taxpayers can view both the reported value and the modified value updated based on their feedback, ensuring better accuracy and transparency in tax compliance.The National Faceless Appeals Centre (NFAC)It has been set up to implement the Scheme and facilitate the centralized conduct of e-appeal proceedings. This includes assigning appeals for disposal to Commissioners of Income Tax (Appeal) units through an automated allocation system.Electronic verificationTaxpayers can electronically verify their returns using methods such as Aadhaar OTP, net banking, or digital signature.Communication with the Income Tax DepartmentThe Income Tax Portal offers a centralized communication system where taxpayers can receive notices, respond to queries, and view assessment orders all in one place. There's no need to visit tax offices or follow up offline, as all interactions, updates, and submissions are securely managed within the portal itself.Pre-validate bank account to get income tax refundUpon the filing of ITRs, the income tax department will review them and process the refund, if any. Such refunds are now transferred electronically to your bank account linked with your PAN. New Income Tax Portal Login and RegistrationRegistered taxpayers can log in to the new income tax portal using their PAN number as the user ID and their password. For new taxpayers who are yet to register, the portal provides an easy registration process where they need to enter details such as PAN, date of birth, phone number, and email ID to create their account. Once registered, taxpayers can access all e-filing services, file returns, check refund status, and manage their tax compliance online.Improvements in e-Filing 2.0 PortalThe following are improvements made in e-filing portal 2.0 from the previous e-filing portal:Enhanced security featuresMore user-friendly interfaceFaster processing timesIt's aim is to improve taxpayers' experience when they file their income tax returns.Related ArticlesHow To Register PAN On New Income Tax E-Filing Portal?How To File ITR Online.

Presently, all the individuals are taxed under equal rates, irrespective of gender . Except for senior citizens, who have some concessional taxes under the old regime, male and female taxpayers are subject to the same income tax slabs rates under the old and new regime for FY 2025-26.Income Tax Slabs FY 2025-26Income Tax Slabs under New RegimeThe revised tax slabs under the new regime for FY 2025-26 (AY 2026-27) are as follows:Annual Income Tax SlabsIncome Tax RatesUp to Rs. 4 lakhsNILRs. 4 lakhs - Rs. 8 lakhs5%Rs.

Form 15G and Form 15H are self-declaration forms submitted by taxpayers to prevent TDS deduction on certain incomes such as bank interest, dividends, rent, or pension when their total tax liability for the year is nil. Generally, Form 15H is filed by senior citizens, while Form 15G is used by other eligible individuals.Key HighlightsForm 15G and Form 15H help you avoid TDS on FD interestYou can submit these forms only if your total tax liability is zeroApplicable on interest income from FDs, RDs, and savings accountsCan be submitted online or offlineForm 121 is a proposed new form that may replace 15G or 15H in futureWhat is Form 15G and Form 15H?Form 15G and Form 15H are self-declaration forms submitted by taxpayers to prevent TDS on certain incomes such as bank interest, dividends, rent, or pension when their total tax liability for the financial year is nil. Form 15G is filed by individuals below 60 years of age and certain entities, while Form 15H is specifically meant for senior citizens aged 60 years or above. These forms allow eligible taxpayers to receive income without TDS deduction, provided they meet the prescribed conditions under the Income Tax Act, 1961.TDS Sections Where Form 15G/15H Can Be UsedSectionNature of PaymentThreshold Limit (In Financial Year)Eligible for 15GEligible for 15H192APremature withdrawal of EPFRs.50,000YesYes193Interest on securities such debenture, govt.bonds, etc.Rs.5,000 or Rs.10,000YesYes194DividedRs.10,000YesYes194AInterest from Bank, FD, RD, etc.Rs.50,000(Rs.1,00,00 for senior citizen) YesYes194EENational Saving Scheme Withdrawal (NSS)Rs.2,500YesYes194DInsurance CommissionRs.20,000YesYes194DAMaturity proceeds of life insuranceRs.1,00,000YesYes194-IRent from land, building plant and machineryRs. 50,000 per month or Rs.6 lakhs per annum.YesYes194KIncome from mutual funds unitsRs.10,000YesYesWho Can Submit Form 15G and Form 15H?1. Form 15G (For individuals below 60 years)Form 15G can be submitted to prevent TDS deduction in the following situations:Individual or HUFsTaxpayers below 60 years of ageTotal income below the basic exemption limitZero tax liability2.

Section 234B levies interest on non-payment or short-payment of advance tax. It is levied at the rate of 1% per month, from April 1st of the next financial year, until the tax is paid. What is an Advance Tax?If your tax liability is Rs 10,000 or more in a financial year, advance tax is applicable for you. Advance tax means paying your tax dues in installments on the specified due dates provided by the income tax department. It is also known as ‘pay-as-you-earn’ tax. If you don’t pay advance tax on time or default completely, interest liability under section 234B will be applicable.Who Needs to Pay Advance Tax?All assesses including salaried employees, self-employed professionals, businessmen, etc. are required to pay advance tax, where the tax payable even after reducing TDS/TCS/Relief under Section 89 and 90 is Rs 10,000 or more.  What is assessed tax?Assessed tax is the total income tax on taxable income less the following deductions:Tax deducted at the source, tax collected at the sourceTax relief or deduction, such as Sections 89, 90, and so onTax credit under sections 115JAA or 115JDInterest under Section 234B: Default in Payment of Advance TaxInterest under section 234B is applicable when:Your tax liability after reducing TDS/TCS/Relief under Sections 89 and 90 for the financial year is more than Rs 10,000 and you did not pay any advance tax.You paid advance tax, but the amount paid is less than 90% of the ‘assessed tax’.If the taxpayer files an updated ITR, the amount of advance tax paid is lower than the existing interest payable under section 234B.If the tax is paid in middle of the month, the interest liability is calculated for the full month only.In the above cases, interest under section 234B shall be applicable. Interest is calculated at 1% on assessed tax less advance tax. Part of a month is rounded off to a full month.

An Income Tax Return or ITR is a statement of your income and tax liability for a particular year that you file with the government. Within the relevant due date, it is essential to file ITR for every taxpayer who is required by the law to file returns. Key HighlightsITR Due Date: 31st July, for a simple income structure, and not subject to tax audit.Consequences of Delay: Interest under section 234A for late payment of taxes, and late fees under section 234F for late filing.Revised Return: Errors in the return already filed can be revised until 31st March of the next financial year.What is ITR?ITR stands for Income Tax Return.As previously mentioned, it is a formal statement filed by the taxpayer which contains the income earned, the deductions claimed and taxes payable, along with important disclosures as necessary.Income Tax Return is mandatory for satisfaction of certain conditions, and is optional for others.ITR can be filed even if the tax liablity is nil for the assessee.What is the Last Day to submit the ITR for FY 2025-26?The due date to file the Income Tax Return (ITR) is July 31st yearly. However, if you don't manage it by this deadline, you are allowed to submit a belated return up to December 31st with late filing fees.What happens if ITR is not filed?Late-filing fee: If you do not file ITR within the due date, you may have to pay a late-filing penalty of Rs 5,000. This penalty will be reduced to Rs 1,000 if your income is below Rs 5 lakh.Interest: You may have to pay interest under Section 234A @ 1% per month respectively on the unpaid tax amount. Carry forward of Losses: If the ITR is not filed on time, you will be not eligible to benefit from the carry forward of losses.Eliminate the Risk of Prosecutions under the law : If you are having taxable source of income exceeding the basic exemption limit and failed to file the return, there can be recovery of taxes by the government along with a penalty up to 60% of the income amount.Who are required to File ITR?Income Tax Return filing is mandatory in India for a person who fulfils any of the following conditions:If your Total Income is more than the Tax-Free LimitAny person whose total income in a year exceeds the basic exemption limit, otherwise the tax-free limit must mandatorily file an ITR irrespective of a tax liability or not. The below table provides the basic exemption limit applicable for FY 2024-25:AgeBasic Exemption Limit (Old Tax Regime)Basic Exemption Limit (New Tax Regime)Below 60 years2.5 Lakhs3 Lakhs60 years or more but below 80 years3 Lakhs3 Lakhs80 years and above5 Lakhs3 LakhsIf you want to claim an Income Tax RefundAn Income Tax Return is mandatory if you have a refund and want to claim it. The refund will only be initiated if the tax return has been furnished by the assessee.A person with Foreign Income Or Foreign AssetsAny person who has a foreign income or holds foreign assets is mandatorily required to file an ITR disclosing details of such income and assets as prescribed.A Company or a FirmEvery company and firm, regardless of profit or loss during the year, must file a tax return disclosing income or loss. Losses if any can only be carried forward if the assessee has filed the ITR.An Assessee having LossesAs per the Income Tax Act, assessees have the benefit of carrying forward losses and adjusting them with future gains.

Section 10(14) of the Income Tax Act provides tax exemption on Children Education Allowance received from an employer. The exemption covers tuition fees paid for a child’s education and is available only when opting for the old tax regime, subject to prescribed limits and conditions.Key HighlightsTax Regime: Only under the old tax regime.Threshold Limit: Rs. 1,200 per child for maximum two children. (Rs. 2,400 per year)New Income Tax Rules 2026: Exemption limit increased to Rs.