What are TDS, TCS and what is the difference between them?

If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 57th part of this series, we explain the difference between two forms of indirect taxation.

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India, Oman revise DTAA: What’s the income tax impact on professionals earning in both countries?

India and Oman have updated their Double Taxation Avoidance Agreement, effective May 2025, to prevent double taxation and also reflect current global tax norms. The revised treaty promotes cross-border investments by lowering tax rates on royalties and technical service fees. It also introduces a non-discrimination clause and strengthens information exchange between the 2 countries.

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Can you download Form 16, Form 16A, other TDS certificates from TRACES website if your tax has been deducted?

Taxpayers cannot directly download Form 16 or 16A from the TRACES portal; only deductors like employers or banks are authorized to do so. While taxpayers can't access these forms directly, they can monitor their Form 26AS to verify TDS deductions.

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What is Form 26AS, AIS and TIS in income tax?

Taxpayers must review Form 26AS, AIS, and TIS before filing income tax returns. The Annual Information Statement (AIS) offers a detailed view of earnings, taxes, and investments, allowing taxpayers to provide feedback. Form 26AS displays tax-related details like TDS and TCS, while the Taxpayer Information Summary (TIS) provides a category-wise summary of financial data.

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Documents for ITR filing FY 2024-25 (AY 2025-26): Eight documents you need to file income tax return

Documents for ITR Filing 2025: The process of filing an income tax return begins with collecting the required documents and other necessary information. We have compiled a list of eight essential documents that you will need to collect to initiate the ITR filing process this year. Know the documents that you need to collect.

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ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25?

Deposit tax without penalty: The Central Board of Direct Taxes (CBDT) has extended the last date to file income tax return from July 31, 2025, to September 15, 2025, for the financial year 2024-25. In the past, CBDT has asked the taxpayers to deposit self-assessment tax by July 31, even though the ITR filing deadline has been extended.

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Didn’t report your crypto earnings? Income tax dept sending tax notices, conducting search & seizure for undisclosed income; know your options

The Income Tax Department is contacting taxpayers about cryptocurrency taxes. Many individuals did not report crypto transactions correctly. The department is using data from exchanges and TDS returns to find discrepancies. Notices are going out to those who under-reported or failed to disclose crypto income. Read below to know what are these notices and how to tackle them.

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NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds

NPCI has launched a new PAN and Bank Account Validation API for government departments, enabling real-time verification of taxpayer details directly from banks' Core Banking Systems. This initiative aims to streamline income tax refunds and direct benefit transfers by ensuring faster, error-free processing and reducing fraud risks. Banks are advised to prioritize implementation for the Government of India.

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Mitra can save Rs 55,000 tax by opting for NPS, new tax regime

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Income tax slabs for ITR filing FY 2024-25 are different under new tax regime: Check details

Many taxpayers are unaware of the income tax slabs that will apply to their income under the new tax regime, which is necessary to calculate their tax liability. This is because the income tax slabs for FY 2024-25 (AY 2025-26), i.e., for the previous financial year, differ from those for the current financial year 2025-26.

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NRI wins capital gains tax case in Delhi high court regarding sale of Rs 2 crore property despite Rs 46 lakh tax demand notice

An NRI faced tax issues after a property sale in Pune for Rs 2 crore. The buyer used the wrong TDS form (26QB), causing problems. The Income Tax Department issued a tax demand notice of Rs 46 lakh. The Delhi High Court intervened, directing the department to correct the TDS records. The court ordered a tax refund computation for the NRI. Read below to know more.

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Advance tax without CII: Indexation helps property sellers save LTCG tax, but CII not being notified for FY26, what should they do?

Property sellers who bought property before July 23, 2024, can lower capital gains tax using the cost inflation index (CII). However, the CII for FY 2025-26 is not yet notified, creating challenges for advance tax payments due June 15. The solution is Taxpayers can estimate CII using past trends or last year's value to avoid penalties.

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New ITR Utility: Is landlord’s PAN card needed for claiming HRA while filing income tax return?

Rent HRA: The income tax department has released new excel and online utilities for ITR-1 and ITR-4. However, in the new excel utilities taxpayers who want to claim rent HRA tax exemption need to give some additional details like place of work, saalry, etc. Question is do you need to give PAN of the landlord? Answer is yes, but when? Read to know more.

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Attention B2C GST filers who are facing problem with GSTR-1: GSTN issues new advisory, Here’s what experts say

GSTN's mandatory B2B sales information and HSN code in GSTR-1, table 12, is creating issues for taxpayers with only B2C sales. The system isn't allowing filing due to a blank B2B HSN code column. A workaround suggests entering '0' in the B2B HSN column, enabling successful GSTR-1 filing until GSTN provides a solution.

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Waiting for pending old ITR? You may soon get ITR refund or income tax demand notice as CBDT extends the deadline till 30 Nov 2025

The Income Tax Department will process pending ITRs for AY 2023-24 (FY 2022-23) by November 30, 2025, potentially leading to tax refunds, demand notices, or no change. This applies to ITRs filed by July 31, 2023, or belatedly by December 31, 2023, excluding those under scrutiny or delayed due to taxpayer issues.

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Form 16 for ITR filing: Higher standard deduction for these taxpayers to other changes in Form 16 for FY 2024-25 (AY 2025-26)

Form 16 TDS Certificate: Due to the income tax changes made in the FY 2024-25 (AY 2025-26), Form 16 will show certain changes this year. It will primarily show the following three changes for certain taxpayers. Read on to know more about the changes and how they will impact ITR filing for salaried employees.

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ITR-1 and ITR-4 forms enabled for online filing through income tax e-filing portal for AY 2025-26, know who all can file online income tax returns

The Income Tax Department has launched the online utility for filing income tax returns for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 forms are available for online filing. The article specifies eligibility criteria for each form, detailing income sources and limitations for individuals, HUFs, and firms. Read below to know more.

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ITR filing for AY 2025-26: 7 prominent changes in ITR excel utilities for FY 2024-25, which taxpayers including salaried should know

The income tax department has introduced enhanced validation rules in the ITR filing utility for FY 2024-25 (AY 2025-26), primarily affecting salaried individuals and those claiming deductions under the old tax regime. Taxpayers must now provide detailed information for HRA, Section 80C, 80D, 80E, 80EE/80EEA, 80EEB, and 80DDB claims, aiming to curb false claims and expedite ITR processing.

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Got an income tax notice? Here are common types of tax notices and what to do to avoid penalties

Income tax notices can be daunting, but understanding them is crucial. The Income Tax Department issues various notices for reasons like mismatches, pending dues, or inquiries. Prompt action, accurate information, and expert help when needed are essential to avoid penalties and ensure compliance. Addressing these notices can effectively safeguard you against further complications with the Income tax department

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Which ITR form you should use to file your income tax return depends on your income sources and taxpayer category: Here’s how to pick right

While filing income tax returns, it is important to select the correct ITR form. The Income Tax Department has released updated forms for Assessment Year 2025-26. Individuals with salary, investments, or business income must choose carefully, depending on their category. ITR 1 suits simple incomes, while ITR 2 is for investors and NRIs. Business owners use ITR 3, and small businesses may use ITR 4.

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