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Income tax allowance plays an important role in reducing the taxable salary of salaried employees in India. Many employees focus only on their monthly in-hand salary and overlook the various exemptions, deductions, reimbursements, and perquisites available under the Income Tax Act. A properly structured salary package can significantly lower tax liability and improve overall tax efficiency. For FY 2025-26 and AY 2026-27, taxpayers can choose between the old tax regime and the

Receiving an income tax refund is often the final step in the tax filing process. Taxpayers may receive a refund when they have paid more tax than required through TDS, advance tax, or self-assessment tax. Many taxpayers wait weeks or even months due to income tax refund delays. During this period, they may not know whether the refund has been issued or is still under review. In some cases, it may have been delayed due to a verification, bank account, or return-related issue

The Hindu Undivided Family (HUF) concept, which is deeply rooted in Indian culture, is more than just upholding family values. It is also about smart tax planning and tax savings. In this article, we will look at the various tax benefits available with the HUFs to reduce their tax liability, increase their savings, and promote financial stability. From defining a HUF to identifying the eligible tax deductions and exemptions available, we aim to provide a clear and easy unders

Certain charitable and religious organisations use Form 10 to apply for income exemptions under specific provisions of the Income Tax Act of 1961. Any organisation requesting these exemptions must understand Form 10. For this reason, it is crucial for such organisations to dig deep into the essentials of Form 10 so that they can maximise their benefits. In this article, we will explain Form 10 of the Income Tax Act in detail. Table of content What is Form 10 of the Income Tax

A PAN card is a necessary document for a number of financial operations, including issuing a debit or credit card, opening a bank account, filing income tax returns, and receiving income tax refunds. However, for a number of reasons, the Indian government recently deactivated a huge amount of PAN cards. This article offers a thorough explanation of how to determine whether your PAN card is active or inactive. Table of Contents Prerequisites Required to check PAN card status S

Form 16A is one of the most important TDS certificates for taxpayers earning income other than salary. Whether the income comes from fixed deposits, rent, professional fees, commission, or consultancy services, Form 16A confirms that tax has been deducted at source and deposited with the government. Many taxpayers only check Form 16A during ITR filing and later discover mismatches between AIS, Form 26AS, bank statements, and TDS certificates. Such mismatches can delay refunds

Missing the income tax return filing deadline does not mean taxpayers lose the opportunity to file their return completely. The Income Tax Act allows taxpayers to file a belated return under Section 139(4) even after the original due date has passed. For AY 2026-27, taxpayers who fail to file their return by 31 July 2026 can still submit it until 31 December 2026, subject to certain conditions and penalties. While the belated return provision helps taxpayers avoid complete no

Advance tax payment is required when your estimated tax liability for the year exceeds the prescribed limit after reducing TDS and TCS. Instead of waiting until return filing, taxpayers are expected to pay income tax during the year as income is earned. This is why advance tax is often called the “pay-as-you-earn” system. For FY 2026-27, advance tax becomes especially important because the Income Tax Act, 2025 applies from 1 April 2026, and the e-filing portal has also introd

Advance tax is income tax paid during the financial year based on estimated income. Instead of paying the full tax amount at the time of ITR filing, eligible taxpayers pay it in installments during the year. For FY 2026-27, advance tax applies when the estimated tax payable after reducing TDS and TCS is ₹10,000 or more. Regular taxpayers generally pay advance tax in four installments. However, eligible taxpayers covered under the presumptive taxation provisions follow a diffe

Choosing the correct Income Tax Return (ITR) form is one of the most important steps in the tax filing process. Every year, thousands of taxpayers face notices, defective return communications, or delays in refunds simply because they selected the wrong ITR form. The Income Tax Department has prescribed different ITR forms based on the taxpayer's residential status, type of income, total income, and legal structure. For FY 2025-26 (AY 2026-27), taxpayers can choose from seven