Cryptocurrencies are emerging as prominent financial innovation, offering decentralised and borderless transactions. In India virtual digital assets (VDAs) such as cryptocurrencies, NFTs, etc. are now subject to taxation, whose capital gains are taxable at a flat 30%. Also, TDS is deducted at 1% of sale consideration. In this article, we will learn in detail the taxation implications on virtual digital assets.What are Crypto Currencies?In layman's terms, cryptocurrencies are digital currencies designed to buy goods and services, similar to other currencies.

The new income tax slab rates under the new regime for the FY 2025-26 (AY 2026-27) are as follows: Rs. 0 to Rs. 4 lakh – Nil, Rs. 4 lakh to Rs. 8 lakh – 5%, Rs.

The Income Tax Department has released various ITR forms covering taxpayers from different income domains. Each ITR form caters to different types of taxpayers. There are a total of 7 ITR forms, of which the taxpayers have to choose the appropriate form to file their tax return. All these forms can be accessed through the income tax portal. The Income Tax Department has released excel based utility for ITR-1 and ITR-4 for financial year 2024-25 (AY 2025-26, thus marking the start of ITR filing for the assessment year. Taxpayers can now proceed filing their returns by downloading these excel utilities from 'downloads' section of the Income Tax portal.   Download ITR-1 and ITR-4 excel based utilityYou can download the PDF format of these ITR forms from the official website of the Income Tax department for AY 2025-26.

Form ITR-V stands for 'Income Tax Return-Verification' Form. It is a single-page document which is received when an ITR is filed online without a digital signature. The income tax department sends ITR-V to taxpayers through email. Taxpayers can also download a copy of ITR-V from the income tax e-filing website. To complete the income tax filing process, verification of ITR is an important step.

ITR stands for Income Tax Return. The Central Board of Direct Taxes (CBDT) releases all the ITR forms and specifies the procedures to be followed. Taxpayers have to opt for the appropriate ITR based on their income and source of income. This article provides an in-depth understanding of the definition of ITR and the types of ITR forms. Read this article to know which ITR form is most suitable for you. Latest UpdateThe Central Board of Direct Taxes has enabled e-filing of Forms ITR-1 (SAHAJ) and ITR-4 (SUGAM) thus starting the tax filing season for AY 2025-26.

The Income Tax Department keeps changing its ITR forms to simplify the ITR filing procedure. Likewise, several updates have been made for the Assessment Year 2025-2026 (FY 2024-2025) that taxpayers should know about. Read on to learn the changes in AY 2025-26 ITR forms!Key Changes in ITR Filing: Updates for AY 2025-26The Income Tax Department has released the updated ITR-1 and ITR-4 Forms for AY 2025-26. Some significant updates have been made to the ITR filing process that every taxpayer must know before filing.Expansion of Eligibility to File ITR-1 And ITR-4From AY 2025-2026 (FY 2024-25), the Income Tax Department expanded eligibility criteria, making more taxpayers eligible to file ITR-1 and ITR-4. This new rule now allows even taxpayers with long-term capital gain from listed equity shares and equity mutual funds under section 112A to file a tax return using ITR-1 and ITR-4, subject to the condition that the capital gain does not exceed Rs. 1,25,000 and there are no carry forward or brought forward losses.Aadhaar Enrollment ID No Longer Valid for Filing ITRBudget 2024 has removed the acceptance of the Aadhar Enrollment ID for the PAN application and filing of the ITR.

The Income Tax Act broadly classifies income under these heads: salary, house property, business or profession, and capital gains. However, certain types of income do not fit into these categories. Such income is taxed under the head ‘Income from Other Sources’ as per Section 56 of the Act. This is a residuary category that includes earnings like interest on savings, fixed and recurring deposits, lottery winnings, gifts, and certain types of rental income. Casual income like lottery, income from horse race winnings, etc are taxed at 30%. Other income like bank interest are taxed under the respective slab rates. What is Income From Other Sources?Income that is taxable under the head of income from other sources can include the following income:Bank interestInterest on securities that are not taxable under the head, Profits and Gains from business and professionFamily pensionLottery winnings , crossword puzzles, card games, races including horse races, and gambling of any formDividendsAny sum an employer receives from his employees towards contribution in EPF, Superannuation fund or ELSI, which is not taxable under the head, Profit and gains from business and profession, and not deposited in the relevant fund.Plant and machinery owned by the taxpayer is let out for rental purposes, if it does not fall under the head of income from business and profession.Rental income from the composite unit of plant, machinery and furniture with the building that is not separable and is not taxable under the head, Profits and Gains from business and profession.Amount received under the Keyman insurance policy (including bonuses) which is not taxable under the head, Profits and Gains from business and profession.Interest received on compensation or enhanced compensation.Any compensation received by the person due to the termination of employment.Savings Bank Account – Interest IncomeInterest that gets accumulated in your savings bank account must be declared in your tax return under income from other sources. Note that the bank does not deduct TDS from bank interest. Deduction on Interest Income Under Section 80TTAFor a residential individual (age of 60 years or less) or HUF, interest earned up to Rs.10,000 in a financial year is exempt from tax. The deduction is allowed on interest income earned from savings account with a bank, co-operative banking society or post office.Senior citizens are not entitled to benefits under section 80TTA.Tax On Fixed Deposits InterestInterest earned from fixed deposits is taxable at applicable slab rates.Senior citizens can claim up to Rs.50,000 tax deduction on the interest earned from savings bank accounts, fixed deposits, recurring deposits with banks, post offices, etc., under Section 80TTB.TDS is deducted on fixed deposits when the interest crosses the applicable threshold limit. Family PensionIf you are collecting a pension on behalf of someone who is deceased, then you must show this income under income from other sources. This will be added to the taxpayer’s income and tax must be paid at the tax rate that is applicable. There is a deduction of Rs.15000 ( Rs.

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.In this article, we will read about filing ITR-2 and its applicability.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.Latest UpdateThe Central Board of Direct Taxes (CBDT) has notified Form ITR-2 for AY 2025-26 for individuals and HUF not having income from profits and gains from business and professions. The following are the changes for AY 2025-26:Income from Capital Gains split between before and after 23 July 2024.Capital loss on buyback allowed if corresponding dividend income is declared as Income From Other Sources.Limit raised to Rs.

Section 115BAC of the Income Tax Act introduced a new tax regime offering concessional slab rates in exchange for fewer deductions and exemptions. It is now the default tax regime for individuals and Hindu Undivided Families (HUFs). While the new regime simplifies tax compliance and benefits those who do not claim many deductions, taxpayers still have the option to choose the old regime by filing Form 10-IEA before the due date of filing their income tax return. Otherwise, they will be taxed under the new regime by default. Understanding Section 115BAC is essential for making informed tax planning decisions.What is Section 115BAC – The New Tax Regime Slabs?The new tax regime introduced concessional tax rates with reduced deductions and exemptions. Section 115BAC was amended in Budget 2023, making the new tax regime the default from FY 2023–24 onwards. The tax rates under the new regime was again revised in Budget 2024. If an individual or HUF wants to opt for the old tax regime, then he must file Form 10-IEA before the due date of filing ITR.Old regime cannot be chosen after due date, the taxpayer can file ITR only under the new regime.What are the Tax Rates Under the New Tax Regime?For FY 2025-26 (AY 2026-27), the income tax slabs was further relaxed.

The income tax department introduced TDS to collect taxes quickly and conveniently. Any HUF or individual purchasing real estate property worth Rs. 50 lakh or more must deduct TDS before paying the seller. This TDS amount must be paid to the government by filing Form 26QB within a specific time frame. In this article, we have explored everything related to online Form 26QB. Scroll down and read further.What Is Form 26QB?The Income Tax Act, 1961 has set specific rules for purchasing and selling immovable property.