Effective April 1, 2026, under the New Income Tax Act, 2025, the separate Forms 15G and 15H are being replaced by a single, unified Form 121. The Key Change: Transition to Form 121 The primary change is the consolidation of age-specific forms into one age-neutral declaration. Abolition of 15G/15H: Starting in the financial year 2026-27, […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Previous Year vs. Tax Year: Understanding the Income Tax Act 2025 Changes The transition from the dual terminology of Previous Year and assessment Year to a unified Tax Year is a major reform introduced by the Income Tax Act, 2025. This change, effective from April 1, 2026, aims to simplify tax compliance by aligning the […]
Missed e-Verification of ITR? Reasons, Consequences, and Solutions for Invalid Income Tax Returns Missing e-verification of your Income Tax Return (ITR) means your return has not been validated as required, and the Income Tax Department will treat it as not filed. The main cause is failing to complete the verification step within 30 days of […]
House Rent Allowance tax exemption is a widely used benefit employers provide to employees to help them with their rental expenses. HRA can be claimed under Section 10(13A) of the Income Tax Act, 1961, for rent paid for accommodation, but specific guidelines and conditions must be met to avail of this exemption. One such situation […]
The Full Form Of DTAA The Full form of DTAA is the “Double Taxation Avoidance Agreement.” DTAA is an agreement between two countries That aims to eliminate or reduce the double taxation of income or wealth that may arise when a taxpayer is a resident of one country but earns income or holds assets in […]