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Section 115BAC forms the core of India’s new tax regime, designed to simplify taxation by offering lower slab rates in exchange for fewer deductions. Recent updates under the Union Budget FY 2025-26 have significantly changed how taxpayers calculate benefits, especially around the higher standard deduction of ₹75,000 and the increased Section 87A rebate of up to ₹60,000. These changes push the effective tax-free income threshold to ₹12.75 lakh for salaried individuals and pe

Introduction When employees join a company, they are eligible for a number of advantages. One of them is a paid leave benefit that employees can use as a leave encashment in the event that it is not used. The possibility of exchanging unused leaves for cash provides employees with an additional safety net. The employer permits the employee to roll over any unused leave to the following year in such a situation. Instead of taking vacation time, employees can choose to be compe

Filing Income Tax Return (ITR) without Form 16 is entirely possible under Indian tax laws if other supporting documents are used correctly. Form 16 is a TDS certificate issued by employers that summarizes salary and tax deducted. However, many salaried individuals face delays or non-receipt of Form 16 due to job changes or employer issues. In such cases, alternate documents like salary slips, Form 26AS, bank statements, and investment proofs can help compute taxable income a

When salary income is received from more than one employer in a financial year, the income tax return (ITR) process requires extra attention. Each employer deducts TDS separately, which can lead to double taxation or underpayment if not reported correctly. To ensure accurate reporting, it’s essential to consolidate all salary details, check Form 26AS for tax credits, and file the correct ITR form under the Income Tax Act, 1961. With the help of platforms like TaxBuddy , taxp

Section 10 of the Income Tax Act, 1961, offers valuable exemptions that reduce taxable income for salaried employees. These provisions include allowances, reimbursements, and retirement benefits that ease the financial burden while improving compliance efficiency. Understanding these exemptions is essential during salary structuring, bank account verification, and year-end tax planning. By optimizing these benefits under the correct regime, employees can achieve better in-ha

Form 26AS and Form 16 are two key documents under the Indian Income Tax Act that ensure transparency and accuracy in income tax filing. Both serve as crucial records of taxes deducted and deposited, but they differ in purpose, structure, and scope. Form 26AS reflects the total tax deducted, collected, or paid under your PAN, while Form 16 certifies the tax deducted on your salary by your employer. Understanding their differences helps prevent tax mismatches, avoid defective

Earning income from multiple jobs during a financial year may seem straightforward, but filing Income Tax Returns (ITR) in such cases...

Form 16 is a crucial document for salaried individuals in India, serving as a certificate issued by employers that details the salary...

Filing your Income Tax Return (ITR) can become more complicated when you change jobs during the year, especially when you have multiple...

A joint home loan is a common way for multiple individuals, typically spouses or family members, to pool resources to purchase a...