Form 26QB should be filed on purchase of immovable property. Section 194-IA deals with TDS deduction on purchase of property. If you buy a property by paying at least Rs. 50 lakhs, TDS should be deducted under section 194-IA at 1%, and it should be remitted to the government using a challan cum statement called form 26QB. It should be filed within 30 days from the end of the month in which the transaction took place.A person does not need to possess a TAN for this TDS deduction, and this form can be filed directly through the income tax portal.

Confused about how to file your Income Tax Return for FY 2024-25? ClearTax offers multiple hassle-free options like file on your own with our DIY ITR platform, get expert help with our Assisted Filing plans, or use our AI-powered chat-based ITR filing on WhatsApp, Slack, or MS Teams. Choose what suits you best and file your ITR with ease!But which platform is right for you? ClearTax and Quicko are two of India's most popular ITR filing platforms, but they offer different features and benefits. So, how do you decide which one is right for you? To help you make an informed decision, here's a comprehensive comparison of ClearTax and QuickoClearTax vs Quicko ITR Filing Differences:1. AI-Powered Chat-Based Tax FilingIn 2024, ClearTax launched an AI-powered WhatsApp chat solution for easy tax filing, initially helping over 2 lakh gig workers claim Rs. 30+ crores in refunds.

Are you someone wanting to file your Income Tax Return for FY 2024-25, and confused how to go about it? Well, we have got you all covered with our diversified tax filing options. ClearTax offers DIY(Do It Yourself) product for you to file your ITR without having to fall behind a traditional tax return preparer. ClearTax also has Assisted Filing plans, where our Tax Experts handle your ITR round the year and even provide notice management services, and our AI-Powered-Chat-Based ITR filing, which you can access through platforms like WhatsApp, Slack, and MS Teams, and file your ITR with just a few clicks! But with the availability of many ITR filing options, it is important to choose the right platform to get your task done. In this article, we will compare the ITR product and services of ClearTax with that of TaxBuddy's, a similar online ITR filing platform. Comparison of ClearTax vs TaxBuddyClearTax offers both self-filing and expert-assisted plans, while TaxBuddy solely provides expert-assisted plans. Let us compare the service offerings of ClearTax and TaxBuddy1.

New Tax Regime Slabs for FY 2025-26The new income tax slabs under the new tax regime for FY 2025-26 (AY 2026-27) are: Nil for income up to Rs. 4 lakh, 5% for Rs. 4 lakh - Rs. 8 lakh, 10% for Rs. 8 lakh - Rs.

Under section 139(9) of the Income Tax Act, 1961, Defective Return Notice is sent to the taxpayer if the information provided by the taxpayer in their Income Tax Return does not align with the information the Income Tax Department procured from various sources like employers, banks, mutual funds, registrar, entities deducting TDS or collecting TCS, etc. There can be multiple other reasons for sending a defective return notice to the taxpayer, like incomplete information in the ITR, incorrect basic details, incorrect ITR form, etc. The taxpayer must respond to the defective return notice within 15 days of receiving the notice. Failure to respond to the defective return notice will be treated as if not filed, and the consequences of non-filing of ITR will apply to the taxpayer. However, the taxpayer can provide the revised ITR within the stipulated time and submit the response to the Income Tax department to avoid penalties.What is a Defective Return?The tax authority sends out a defective return notice when they find mistakes or inconsistencies in your ITR.

Every individual needs to file their taxes in the specified IT return form. ITR-2 is specifically designed for Individuals and HUFs with income from salary, multiple house property, capital gain, foreign assets and other sources. ITR-2 is commonly used for income exceeding 50 lakhs in a financial year or for those having investments in stocks, mutual funds, or assets that result in capital gain. However, if your total income for a financial year includes income from a business or profession, you must file ITR-3. ITR-2 is required, especially for Capital gains and foreign asset & income disclosure requirements.Eligibility Criteria to File ITR-2 FormIf you fulfil the following criteria, then it is mandatory to file the ITR-2 form:Any Indian individual or member of the HUF (Hindu Undivided Family)Resident, RNOR and Non-Resident eligible for ITR-2.Salaried or pensioned individuals having income exceeding Rs.50 lakhs.Individuals earning capital gains from the sale of shares, mutual funds, immovable property, and virtual digital assets.   If you earn rental income from multiple house propertiesIf you earn more than Rs.5,000 from agricultural incomeIf you have foreign assets or generate a foreign incomeIf you are a director in any company (Foreign or domestic)If you hold an unlisted equity share in any company (Foreign or domestic)If you have any brought forward loss or loss to be carried forward under any head of incomeIndividuals earning income through other sources like horse racing, lottery winning, etc.Note: If you are earning from a business, any profession, partnership firm, etc., you are not eligible to file an ITR-2 form.Documents Required to File ITR-2 FormCheck out the essential documents required for filing the ITR-2 form:Aadhaar CardPAN (Permanent Account Number)TDS certificates / Form 26ASForm 16 if you are a salaried IndividualAIS/TIS statement from Income tax portalChallan of the paid taxesBank account detailsOriginal return details (if you are filing for a revised return)Notice-related details (if you are filing in response to any notice)Documents Required For Filing Capital Gain ITR Form:For Sale of Immovable Property :Sales and purchase deeds, improvement cost details, transfer expenses showing the sale value, purchase value and any cost of improvement.Full Address of the Property.Details of the buyer, like PAN and Aadhaar.Necessary supporting document if you claiming exemption u/s 54 or 54ECFor Sale of Mutual funds, Equity shares or Virtual Digital Assets:For the Sale of Mutual funds, you can generate consolidated capital gain statements from CAMs and Kfintech.For the Sale of Equity shares, you can check with your broker for a capital gain statement or Tax P&LFor the sale of Virtual Digital Assets, you can generate Transaction report or Profit and Loss report from the respective exchangesFor any other types of capital, you must have a document showing the sale consideration and the purchase cost details as required.Steps to File Income Tax Returns for Capital Gains on the E-Filing PortalYou can log in to the official portal of the income tax department and file your ITR for capital gains by following these steps: Step 1: Select Income Tax Returns from ‘e-File’, and then click on ‘Income Tax Returns’ and select ‘File Income Tax Returns’.Step 2: You need to select the assessment year, for instance, 2024-2025, and select ‘Online’ as the mode of filing.Step 3: Next, select the form type (ITR-2) after choosing the status.Select the reason for ITR filing and click on ‘continue’Step 4: On the next page, you can find 5 types of schedules. Click on ‘General’ and select ‘Income Schedule’. Step 5: Click on ‘Schedule Capital Gains’ and select the appropriate capital asset type from the list.Step 6: If you want to file for STCG, click on ‘Add Details’ and enter the consolidated amount you have obtained from selling short-term assets and the Cost of Acquisition in a given financial year.

According to the Income Tax Act, a taxpayer’s earnings are divided into 5 heads of income. At the end of each financial year, you must correctly classify your earnings under these heads of income for accurate tax calculation. It is essential for you to know which of your earnings falls under which category. Keep reading to get a clear understanding of the income heads.What are the 5 Heads of Income? The 5 heads of income tax are:Income from SalaryIncome from House PropertyIncome from Profits and Gains from Business or ProfessionIncome from Capital GainsIncome from Other SourcesIncome from SalaryAny income that you receive in terms of the service you provide on a contract of employment is applicable for taxation under this head. This includes salary, advance salary, perquisites, gratuity, commission, annual bonus and pension. The following section governs the Income from the SalarySection 15 describes the taxability of income from SalarySection 16 explains about deduction available under salariesSection 17 explains the components of the Salary like Monetary compensation, Perquisites etc.This tax head also includes some exemptions:House Rent Allowance (HRA): As a salaried individual, if you live in a rented house, you can claim House Rent Allowance for partial or complete tax exemptions.  Transport Allowance: In case of blind/deaf and dumb/orthopedically handicapped employees, you can claim allowance of  Rs 1,600 per month.The tax calculation structure of salary income is as follows, and such information needs to be filled in Schedule S of your ITR form.Income from House Property   An individual’s income from his or her house property or land appurtenant such property is taxable under the head of income from house property. To put it simply, this head includes the policy for calculating the tax on rental income that you receive from your properties.Broadly Income from House Property has three sub-classificationsSelf Occupied Property Let out Property Deemed Let out PropertyIn case you own more than two self-occupied house, then only two of such houses is considered to be self-occupied and the rest are considered to be deemed let out.

Employee Provident Fund is a fund meant for the welfare of employees where 12% of the employee’s basic salary and dearness allowance is contributed to the fund account every month. The employer also contributes an equal amount.You can withdraw this PF balance as per the PF withdrawal rules. However, if the amount you withdraw is more than Rs.50,000 in a year, the government will deduct some tax called TDS (Tax Deducted at Source) under section 192A of the Income Tax Act. So, you will receive only the balance amount after the tax is deducted.However, you can make sure that there are no TDS deductions on your PF withdrawal amount by filling out Form 15G if your income is below the taxable limit. To learn more on this matter, please read on.What is Form 15G?Form 15G or EPF Form 15G is a document people submit to ensure no TDS is deducted on the interest you earn from your EPF, RD or FD.

Business codes, also known as Business or Profession Codes, are used in India for Income Tax Return (ITR) filing to classify the nature of business or profession. These codes are specified by the Income Tax Department and help in accurately reporting income from different sources. The codes vary depending on the type of business or profession. Taxpayers need to select the appropriate code that best represents their line of work when filing their ITR forms. The codes ensure proper categorisation and facilitate efficient tax assessment and compliance.

The Old vs New Tax Regime debate centers on tax slabs and deductions. The Old Regime allows exemptions and deductions like HRA, standard deduction, Section 80C, and 80D, making it suitable for those with high investments. The New Regime offers lower tax rates but removes most deductions. Choosing the better option depends on your income, salary structure, and eligible tax-saving investments.New Regime Income Tax Slabs FY 2025-26 (AY 2026-27) The Budget 2025 introduced enhanced income tax slab rates under the new tax regime, thus increasing the basic exemption limit to Rs. 4 lakh and making income above Rs.