Skip to main content

Finally #AY 2025-26

Finally the ITR Filing Season Started from Today as all the ITR Forms for Individuals Released by Income Tax Department

Income From Salary : Taxable as per Slab Rates (75,000 Standard Deduction in New Tax Regime)

Income From House Property: 30% Standard Deduction then Taxable at Slab Rates

Income From Business and Profession: Taxable at Slab Rates 

Income From Capital Gain:
Short Term Capital Gain before 23rd July 2024 taxable at 15%
Short Term Capital Gain on or after 23rd July 2024 taxable at 20%
Long Term Capital Gain before 23rd July 2024 taxable at 10% 
Long Term Capital Gain on or after 23rd July 2024 taxable at 12.5%
(Exempt upto 1,25,000)

Income From Other Source: Taxable at Slab Rates

Income from winning or online gaming or VDA: Taxable at special rates

Slab Rates under New Tax Regime:
Income Slab : Tax Rate
Up to ₹ 3,00,000 : Nil
₹ 3,00,001 - ₹ 7,00,000 : 5%
₹ 7,00,001 - ₹ 10,00,000 : 10%
₹ 10,00,001 - ₹ 12,00,000 : 15%
₹ 12,00,001 - ₹ 15,00,000 : 20%
Above ₹ 15,00,000 : 30%

Pay your due taxes file your ITR before due date to avoid interest and late fees

Due Date is 15th September for Non Audit ITR but pay your taxes on Capital Gain now to avoid Interest on Late Payers 

From this year required to provide this additional details in Income Tax Return in Old Regime

For Deductions Related to --

▪︎ Life Insurance - Policy Number Required in ITR

▪︎ Health Insurance - Name of the Insurance Company and Policy Number Required in ITR

▪︎ For Interest on Home Loan - Name of the Loan Giver, Loan Account Number, Date of Section of Loan, Total Amount of Loan, Closing Balance at the year end and Interest Amount on loan u/s 24(b)

▪︎ For Interest on Loan taken for Higher Education - Name of the Loan Giver, Loan Account Number, Date of Section of Loan, Total Amount of Loan, Closing Balance at the year end and Interest Amount

▪︎ For Interest on Loan taken for Purchase of Electric Vehicle - Name of the Loan Giver, Loan Account Number, Date of Section of Loan, Total Amount of Loan, Closing Balance at the year end, Interest Amount and Vehicle Registration Number

Comment or DM corrections if any

Thanks

This is just a short summary for knowledge purpose and not a legal advice or opinion, for correct Calculation of Taxes read relevant provisions of law

#TaxationUpdates

Comments

Post a Comment

Popular posts from this blog

Income Tax Department Grapples with 9.7 Million ITR Backlog, Taxpayers Await Refunds

The Income Tax (I-T) Department is facing a significant backlog of over 9.7 million verified income tax returns (ITRs) for the Assessment Year (AY) 2025-26, according to the latest official figures. As of Sunday, November 2, 2025, while the department has successfully processed a substantial 6.72 crore (67.2 million) ITRs, a staggering 97,07,702 verified returns remain in the queue, causing anxiety among taxpayers, especially those expecting refunds. The data, sourced directly from the Income Tax Department’s official portal and reflected in a screenshot from November 2, reveals the scale of the task. The department has received 8,01,81,924 filed returns, of which 7,69,31,814 have been verified by taxpayers. The gap between verified and processed returns constitutes the current backlog. (Screenshot of the Income Tax Department portal showing ITR statistics as on November 2, 2025) This delay is particularly troubling for individuals who filed their returns around the July 31...
Post a Comment
Read more

Form 10IEA Filing Requirements

Default Regime is New Regime for ITR Filing Form 10IEA Filing Requirements  ITR 1 - No Requirements to File Form 10IEA to Opt for old regime or re-entering to New Regime (No Switching Restrictions) ITR 2 - No Requirements to File Form 10IEA to Opt for old regime or re-entering to New Regime (No Switching Restrictions) ITR 3 - Form 10IEA Filing mandatory when opting for old regime and if opting again for New Regime in subsequent Year  (if opted old regime for one year and then opted for new regime in subsequent year then not eligible to opt old regime again means one time Switching option is there (Need to file Form 10IEA maximum 2 times only, First when you opt for old regime and Second when you opt for new regime in subsequent year and leaving old regime) (If Form 10IEA already filed for old regime for particular year then cant opt new regime in such year and vice-versa) ITR 4 - Form 10IEA Filing mandatory when opting for old regime and if opting again for New Regime in subse...
Post a Comment
Read more

ðŸšĻ ITR REFUND ALERT – READ THIS BEFORE 31 DEC ðŸšĻ

Thousands of taxpayers are suddenly receiving this message 👇 👉 “Your ITR refund is on hold due to risk management discrepancies. File revised return within a week.” ðŸ’Ą Irony? ⏳ Income Tax Dept took 4+ months to identify the issue ⏰ And now gives taxpayers barely a few days to fix it ❓ Why no detailed email received? Because most of these are system-generated risk flags. Sometimes:  • Email goes to old registered ID • Lands in spam • Or only SMS/portal alert is triggered 👉 Always check the ITR portal → e-Proceedings / Worklist 📌 What does “ITR processing on hold” mean? It does NOT mean notice or scrutiny ❌ It means:  ðŸ”đ Refund claim looks unusual compared to data available with department ðŸ”đ Return is paused before issuing refund ðŸ”đ Taxpayer is given a chance to self-correct ⚠️ Common reasons refunds get flagged : ðŸ”đ TDS/TCS mismatch TDS claimed in ITR is higher than what appears in Form 26AS (employer/bank hasn’t deposited or corrected data yet) ðŸ”đ AIS vs ITR income mismat...
Post a Comment
Read more