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For ordinary non-government TDS, deposit by the 7th of the following month; March deductions are normally due by 30 April. Government book adjustments are same-day; government challan payments have a seven-day month-end rule, including March. Form 141 transactions, specific permissions and notified extensions have separate deadlines.

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Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

For covered resident payments in Tax Year 2026-27, professional fees generally attract 10% TDS. Specified technical services, film royalty and qualifying call centres attract 2%. The Rs 50,000 annual threshold applies separately to the relevant categories; director remuneration has no such threshold. Payer eligibility and a valid PAN or lower-deduction certificate also matter.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

For a covered payment to a resident contractor, deduct 1% for an individual/HUF contractor or 2% for other contractors when one payment exceeds Rs 30,000 or the annual aggregate exceeds Rs 1 lakh. The payer must fall within the provision. Personal payments and eligible small goods-carriage contractors have specific exceptions.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Under the ordinary resident-rent provision, rates are 10% for land/buildings/furniture/fittings and 2% for plant/machinery/equipment, with a Rs 50,000 monthly threshold. A separate provision charges qualifying individual/HUF tenants 2% when monthly rent exceeds Rs 50,000. For the latter new-year route, use Form 141; earlier-year liabilities retain the applicable old form.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Notified Income-tax Rules 2026. Reviewed 8 September 2026.

Late filing of a TDS/TCS statement can attract Rs 200 per day, capped at the tax deductible/collectible. For the new Act this is section 427; earlier obligations use section 234E. Late deduction or payment interest is a separate charge. Further penalties depend on the default and statutory conditions, so do not add every possible penalty automatically.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Section 393 groups many non-salary TDS rules under the Income-tax Act 2025. Subsection (1) concerns resident payments, (2) non-resident payments and (3) specified payments across residency categories. The table entry matters. Salary and taxable early EPF withdrawals sit in section 392. Earlier-year liabilities continue under the saved 1961 Act provisions.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

A firm, including an LLP, generally deducts 10% on salary, remuneration, commission, bonus or interest credited or paid to a partner once the annual aggregate exceeds Rs 20,000. Deduction then applies to the covered total, including capital-account credits. Profit share is outside this rule. The new reference is section 393(3), Table 7; the earlier provision was 194T.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

For qualifying property bought from a resident seller, TDS is generally 1% of the higher of consideration and stamp-duty value if either reaches Rs 50 lakh. Covered payments by multiple buyers/sellers must be aggregated. Rural agricultural land and non-resident sellers require different treatment. Form 141 covers the relevant new-Act transaction; old Form 26QB remains relevant to earlier events.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Notified Income-tax Rules 2026. Reviewed 8 September 2026.

For Tax Year 2026-27, LRS remittances above the Rs 10 lakh annual threshold generally attract 2% TCS for education/medical treatment and 20% for other purposes, on the excess. Education remittances funded by a loan from a qualifying financial institution are exempt. Overseas tour programme packages have a separate 2% rule on the package amount.

Open Section 394 TCS tool

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

On e-Pay Tax, first select the Act and period governing the deduction event. New-year TDS uses the applicable Tax Year and payment description/code; earlier liabilities may still use the old Act and assessment year. Complete the appropriate payment or challan-cum-statement workflow and retain the challan. Do not select the Act merely from today's payment date.

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Reference: Income Tax Department: transition and forms. Reviewed 8 September 2026.

For AY 2026-27, choose by taxpayer type, residence, income and exclusions. ITR-1 can cover eligible resident individuals up to Rs 50 lakh, up to two houses and limited section 112A gains; business, foreign assets and other exclusions change the result. ITR-2/3 cover individuals/HUFs, ITR-4 eligible presumptive cases, ITR-5 other entities, ITR-6 eligible companies and ITR-7 specified return obligations.

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Reference: Notified ITR-1 and ITR-4 for AY 2026-27 · Income Tax Department: return transition FAQ. Reviewed 8 September 2026.

For AY 2026-27, the ordinary deadline is 31 July 2026 for residual non-audit cases, including eligible salary/investment cases. Specified non-audit business/professional cases, relevant partners and trusts have 31 August. Audit-linked/company cases generally use 31 October and transfer-pricing cases 30 November. This is a statutory category distinction; always check any later applicable notification.

Open ITR deadlines guide

Reference: Finance Act 2026. Reviewed 8 September 2026.

For AY 2026-27, a belated return is ordinarily allowed through 31 December 2026 or completion of assessment, whichever is earlier. Where section 234F applies, the fee is Rs 1,000 if total income does not exceed Rs 5 lakh, otherwise Rs 5,000. Interest and loss-carry-forward effects are separate. ITR-U later has eligibility restrictions and additional tax.

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Reference: Income Tax Department: return transition FAQ · Finance Act 2026. Reviewed 8 September 2026.

An updated return is a limited route to disclose omitted income or correct an eligible underpayment, generally within 48 months from the end of the relevant assessment year under the earlier Act. Additional tax is 25%, 50%, 60% or 70% of the prescribed tax-and-interest base. It cannot create/increase a refund, reduce an earlier tax liability or report a loss.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

The Income Tax Department's refund manual gives a usual indication of four to five weeks after e-verification. This is not a guaranteed service deadline. Processing checks, bank validation, demands or notices can take longer. Track the filed return and refund status on the portal; do not assume a delay means the return was rejected.

Open refund status guide

Reference: Income Tax Department: refund status manual. Reviewed 8 September 2026.

Check whether the return was verified and processed, whether the nominated bank account is validated, and whether a refund failure, outstanding demand or notice is shown. Reconcile TDS against the relevant statement and your certificates. The portal status determines the next step; a delayed refund alone does not identify the cause.

Open refund status guide

Reference: Income Tax Department: refund status manual. Reviewed 8 September 2026.

An individual taxpayer's section 143(1) PDF commonly uses the PAN in lowercase followed by date of birth in DDMMYYYY, without spaces, for example abcde1234f01011990. Follow the password instructions in your actual Department communication; entity documents can use the incorporation date. Download the intimation from the official portal if the email appears suspicious.

Open refund status guide

Reference: Income Tax Department: dashboard, worklist and filed returns. Reviewed 8 September 2026.

For earlier years, Form 26AS shows TDS/TCS credit information, while AIS contains wider reported transactions and taxpayer feedback; TIS summarises processed information. Reconcile discrepancies with certificates and the reporting entity rather than treating either display as a final legal decision. From Tax Year 2026-27, Form 168 under rule 245 is a single annual information statement that consolidates TDS/TCS, specified financial transactions, tax payments, demand, refund and proceedings.

Open AIS vs 26AS guide

Reference: Income Tax Department: AIS feedback FAQ · Income Tax Department: Form 168 guidance. Reviewed 8 September 2026.

An electronically filed ITR normally needs verification or signed ITR-V within 30 days. If verification is late, the Department's rules may treat the verification date as the filing date, with late-filing consequences. An unverified return is invalid unless a permissible condonation request is accepted. Certain taxpayers must use a digital signature rather than an OTP route.

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Reference: Income Tax Department: verification FAQ. Reviewed 8 September 2026.

For ordinary income in Tax Year 2026-27's new regime: nil to Rs 4 lakh; then 5%, 10%, 15%, 20% and 25% for successive Rs 4 lakh bands up to Rs 24 lakh; 30% above. Add applicable cess/surcharge. The resident-individual rebate can eliminate ordinary slab tax up to Rs 12 lakh total income, but does not wipe out special-rate tax.

Open slab rates guide

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Only eligible resident individuals in the new regime get the rebate up to Rs 60,000 where total income does not exceed Rs 12 lakh. Tax on special-rate income, such as specified capital gains, is excluded from that rebate. Salary of Rs 12.75 lakh can produce Rs 12 lakh taxable income after the Rs 75,000 standard deduction if there is no other income.

Open slab rates guide

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Compare the tax under both regimes using your income mix and deductions actually allowed in each. There is no universal Rs 4 lakh or Rs 4.5 lakh break-even deduction: income level, HRA, loan interest, special-rate gains and rebates change it. The linked calculator estimates ordinary-income cases within its stated scope; business regime elections need a separate eligibility check.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Old-regime HRA exemption is the least of actual HRA, rent minus 10% of defined salary, and 50%/40% of that salary according to the eligible city. Salary includes basic, qualifying DA and turnover-based commission, not basic alone. Rule 279's city list applies to Tax Year 2026-27; earlier years use their own list. Landlord PAN is required for employer evidence above Rs 1 lakh annual rent.

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Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

For a covered monthly-rated employee, a common gratuity computation is last-drawn statutory wages multiplied by 15/26 and eligible service years. Service exceeding six months normally rounds up. Five years is the usual eligibility condition, with exceptions including death/disability and qualifying fixed-term employment. The wage definition, employment category and tax-exemption calculation need checking before using the estimate.

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Reference: Ministry of Labour: Social Security Central Rules 2026. Reviewed 8 September 2026.

For Tax Year 2026-27, the salary standard deduction is up to Rs 75,000 in the new regime and Rs 50,000 in the old regime, limited to salary income. Pension from a former employer generally falls under salary. Family pension is different and uses its own deduction rules, so do not apply the salary amount automatically.

Open take-home calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Start with the actual salary structure. Remove employer costs included in CTC, then deduct employee contributions, tax, state professional tax and other authorised deductions from gross pay. PF is not always 12% of the full basic salary; coverage, caps and employer policy matter. The wage-definition rule does not require basic salary to equal half of CTC.

Open take-home calculator

Reference: Ministry of Labour: Social Security Central Rules 2026. Reviewed 8 September 2026.

The labour-code wage definition includes specified components and adds back excluded remuneration exceeding the permitted proportion, generally 50%. It is a statutory wage-base test, not a universal order to set basic salary at 50% of CTC. Coverage, the components included in remuneration and applicable scheme rules determine any PF/gratuity or take-home effect.

Open labour codes guide

Reference: Ministry of Labour: Social Security Central Rules 2026. Reviewed 8 September 2026.

Form 16 is the employer's salary TDS certificate for FY 2025-26 and earlier-year corrections. For Tax Year 2026-27 the corresponding certificate is Form 130, normally due by 15 June 2027 under Rule 215. Check the salary year on the certificate. Form 130's layout has three parts; it is not simply an old PDF with a changed heading.

Open Form 130 guide

Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

For qualifying listed equity shares subject to the STT conditions, a holding period up to 12 months gives short-term gains generally taxed at 20%; longer holdings can qualify for 12.5% on aggregate eligible long-term gains above Rs 1.25 lakh. Add cess and applicable surcharge. Off-market transfers and other securities need separate treatment. New references are sections 196 and 198.

Open capital gains calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Land/building held for more than 24 months is generally long-term. The ordinary rate is 12.5% without indexation. For resident individuals/HUFs selling qualifying property acquired before 23 July 2024, a statutory comparison with the earlier indexed-tax computation can cap the tax. This is not an option for every seller. Exemptions, stamp-duty rules and buyer TDS are separate calculations.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Virtual digital asset transfer income is generally taxed at 30%, plus cess and applicable surcharge. Only cost of acquisition is ordinarily deductible; transfer losses cannot be set off or carried forward under this rule. Separate 1% TDS uses Rs 10,000 or Rs 50,000 annual thresholds depending on the payer category. TDS is a credit, not the final tax rate.

Open capital gains calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

House reinvestment relief depends on the original asset, residence/ownership conditions, investment amount and deadlines. Earlier sections 54, 54EC and 54F map to new sections 82, 85 and 86. Section 54F concerns an eligible asset other than a residential house and usually tests net consideration. The Rs 10 crore caps, Rs 50 lakh bond cap and deposit-scheme deadlines can limit relief.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Advance tax generally applies when estimated tax remaining after eligible TDS/TCS is Rs 10,000 or more. Cumulative ordinary instalments are 15% by 15 June, 45% by 15 September, 75% by 15 December and 100% by 15 March. Eligible presumptive cases generally pay by 15 March. Resident seniors without business/professional income have a separate exemption.

Open advance tax estimator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Earlier section 234B concerns insufficient advance tax, commonly where payment is below 90% of assessed tax; 234C concerns instalment shortfalls. The base, period, instalment relief and permitted exceptions differ. A 1% monthly rate alone is not the calculation. For Tax Year 2026-27 the corresponding new-Act provisions are sections 424 and 425; use the tool matching your year.

Open 234 interest calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

The September 2025 changes made 5% and 18% the main rates, with a 40% category for specified supplies and continuing exemptions/special rates. Do not assume every item fits four universal slabs or choose a rate from a broad product name. Check the HSN/SAC, supply conditions, applicable notification and transaction date, especially for notified exceptions and transitional categories.

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Reference: GST Council rate-change FAQ. Reviewed 8 September 2026.

For a tax-exclusive base B and rate R%, GST is B × R / 100; the invoice total is B + GST. For a GST-inclusive total T, GST is T × R / (100 + R). Example: Rs 1,180 inclusive at 18% contains Rs 180 tax and a Rs 1,000 base. Intra/inter-state treatment determines the tax split.

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Reference: ReconScribe: GST formula and worked example. Reviewed 8 September 2026.

Eligible resident individuals/partnership firms other than LLPs in specified professions can use the 50% presumptive method within Rs 50 lakh receipts, or Rs 75 lakh if cash receipts do not exceed 5%. Eligibility, actual higher income and lower-profit audit rules still matter. Eligible businesses have separate 8%/6% rules and turnover limits. These methods sit in new section 58.

Open 44ADA calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

The Income-tax Act 2025 applies from 1 April 2026 and reorganises the law into 536 sections, using Tax Year for new-year income. The 1961 Act continues to govern saved earlier-year obligations, including AY 2026-27 returns. Renumbered sections and forms must be read with the applicable Rules and Finance Act amendments; it is not safe to assume every rate stayed unchanged.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

A Tax Year is the income period under the 2025 Act, ordinarily 1 April to 31 March. Tax Year 2026-27 covers income earned from 1 April 2026 to 31 March 2027. AY 2026-27 refers to income of FY 2025-26 under the earlier Act. These labels describe different income periods even though the numbers look alike.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

The principal section 80C deduction maps to section 123 under the 2025 Act. Related old 80D maps to 126 and the resident-individual rebate in 87A to 156. A section number alone does not establish eligibility or regime availability. The ReconScribe finder covers 117 selected mappings; use the Department's comparison utility for provisions outside that selection.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Form 168 is the annual information statement under section 510 and Rule 245 for Tax Year 2026-27. It contains identification details plus reported tax and financial information. The TIS view remains available. For AY 2026-27 filing, reconcile the relevant earlier-year statements; choosing a new form solely because filing takes place after April 2026 would mix periods.

Open Form 168 guide

Reference: Income Tax Department: Form 168 guidance. Reviewed 8 September 2026.

Enter the genuine rent period, amount, property and landlord details in the generator, then print the receipt for the landlord's acknowledgement. A generated image or stamp is not proof that rent was paid or that a required revenue stamp was affixed. Retain payment evidence and provide landlord PAN for employer HRA evidence where annual rent exceeds Rs 1 lakh.

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Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

For an eligible working partner and authorised remuneration, the deduction ceiling is the higher of Rs 3 lakh or 90% of the first Rs 6 lakh of book profit, plus 60% of the balance. At Rs 10 lakh book profit this is Rs 7.8 lakh. The partnership deed, book-profit definition and other conditions still apply; this ceiling differs from partner-payment TDS.

Open 194T calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Savings interest is normally taxable even without TDS. Under the old regime, eligible non-senior individuals/HUFs can deduct up to Rs 10,000 of qualifying savings interest; eligible resident seniors have a separate deduction up to Rs 50,000 for qualifying deposit interest. New section 153 retains distinct conditions. Report actual income from records rather than assuming every amount appears in AIS.

Open AIS guide

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Money gifts from specified relatives or on an individual's marriage can be exempt. For non-exempt money gifts from non-relatives, if the annual aggregate exceeds Rs 50,000, the whole covered amount is ordinarily taxable. Property gifts have separate valuation rules. The statutory relative definition matters, and income later earned from some gifted assets can be subject to clubbing.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

The main old-regime investment deduction is capped at Rs 1.5 lakh in aggregate across qualifying items, subject to their conditions. Eligible additional NPS Tier I contributions can have a separate Rs 50,000 deduction. Under the new Act, check sections 123 and 124 and their combined limits. The same contribution cannot be deducted twice, and the personal deductions are generally unavailable in the new regime.

Open regime calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

First check whether a belated return remains possible. For AY 2026-27 the ordinary endpoint is 31 December 2026 or earlier assessment completion. After that, ITR-U is available only if its conditions are met and is not a refund route. In appropriate refund/loss cases, a separate condonation application may be relevant. Do not assume every missed year has one universal remedy.

Open ITR-U guide

Reference: Income Tax Department: return transition FAQ. Reviewed 8 September 2026.

This page searches 100 prepared Indian tax and finance summaries. It does not generate a new solution, read your assignment or check a marking scheme. Use the worked calculation and linked primary material to understand a concept, then show your own reasoning. An answer's review date and stated scope do not make it a substitute for the applicable law or your course requirements.

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Reference: ReconScribe editorial policy. Reviewed 8 September 2026.

Yes. Searching and reading all 100 summaries requires no sign-in. Each entry links to a related guide or calculator and its reference. Some downloadable Excel resources on ReconScribe require a free account. The question bank covers selected Indian topics, and it is updated editorially rather than retrieving live government information for every query.

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Reference: ReconScribe editorial policy. Reviewed 8 September 2026.

The entries were reviewed during ReconScribe's 8 September 2026 content audit using the cited primary materials and the site's calculator checks. Each answer shows its reference and relevant scope. This records a dated editorial review, not a professional certification or a promise that later notifications are already included. Corrections can be reported through the Contact page.

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Reference: ReconScribe editorial policy. Reviewed 8 September 2026.

For covered resident bank/co-operative-bank/notified post-office interest, the normal TDS rate is 10% with valid PAN once the applicable annual threshold is exceeded: Rs 50,000, or Rs 1 lakh for a senior citizen. The threshold is not a tax exemption. Eligible nil-tax declarations have additional conditions and use Form 121 for the new tax year, replacing earlier Forms 15G/15H.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Notified Income-tax Rules 2026. Reviewed 8 September 2026.

Resident dividends generally attract 10% TDS. The Rs 10,000 exemption for company dividends has conditions, including qualifying non-cash payment to a resident individual; do not apply it to every recipient. Mutual-fund unit income has its own rule and threshold. Final tax depends on the recipient, with TDS claimed as credit. Capital gains from selling units are a separate category.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Covered resident commission or brokerage generally attracts 2% TDS above Rs 20,000 annual payments. Insurance commission is a separate entry: normally 2% for non-company residents and 10% for a domestic company, with its threshold and exceptions. Confirm the payer category and payment's legal nature before applying a rate or code.

Open TDS rate calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Lottery/crossword and horse-race winnings generally attract 30% TDS when the covered winnings exceed Rs 10,000 in a single transaction. Online games use a separate net-winnings computation without that threshold. Final special-rate tax can include cess/surcharge. Cash, in-kind awards, deposits, withdrawals and year-end net winnings should not be mixed into one generic calculation.

Open Section 393 tool

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

For ordinary covered cash withdrawals, 2% TDS applies to the excess over Rs 1 crore in the year from the relevant bank/co-operative bank/post office; a co-operative society has a Rs 3 crore threshold. Specified non-filers have lower Rs 20 lakh entry thresholds and higher-band rates. Statutory/notified recipient exemptions also apply. It is not a flat charge on every withdrawal.

Open Section 393 tool

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

An e-commerce operator generally deducts 0.1% on covered gross sales/services of a resident participant. The Rs 5 lakh exemption is limited to an individual/HUF participant furnishing PAN/Aadhaar; other participants do not get that threshold automatically. Direct customer payments can be included under the rule. GST collected by an operator is a different obligation.

Open TDS rate calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

A covered buyer with business turnover above Rs 10 crore in the preceding year generally deducts 0.1% on purchases from one resident seller exceeding Rs 50 lakh in the current year. Deduction applies to the excess, subject to priority rules where another TDS/TCS provision applies. The buyer threshold, seller residence and transaction timing all matter.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

A covered provider of a benefit/perquisite arising from a resident recipient's business or profession generally applies 10% TDS if the annual value exceeds Rs 20,000. Cash and non-cash benefits can both matter. Payer turnover exceptions, valuation and exclusions for particular arrangements need checking; do not treat every discount or free sample as identical.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

TAN identifies tax deductors and collectors and is normally required for their regular compliance. Specified PAN-based transactions are exceptions. Under the new-year Form 141 route, qualifying property, rent and specified-payment transactions can be reported without a TAN where the statute permits it. An individual is not automatically exempt merely because the payment is personal.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Notified Income-tax Rules 2026. Reviewed 8 September 2026.

Form 16A is the earlier-Act non-salary TDS certificate. For Tax Year 2026-27, ordinary non-salary deductions use Form 131, generally due within 15 days of the quarterly statement deadline. Specified Form 141 transactions use Form 132 instead. Salary uses Form 130 and TCS uses Form 133. Match the certificate to the period and transaction.

Open Form 130 guide

Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

For eligible payment categories, a taxpayer can apply for a lower/nil deduction certificate where the expected final liability justifies it. Approval is not automatic. Use the applicable Act's application workflow and check the certificate's payee, deductor, period, amount and rate before relying on it. A nil-tax self-declaration and a Department-issued certificate are different routes.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Notified Income-tax Rules 2026. Reviewed 8 September 2026.

Normally claim excess TDS through the correct ITR after reconciling the credit. A processed return can produce a refund to the validated nominated account. Rectification, refund reissue or a permissible condonation route may be needed in particular cases. Interest has statutory base, period and exclusions; there is no universal rule that every refund above 10% earns interest.

Open refund status guide

Reference: Income Tax Department: refund status manual. Reviewed 8 September 2026.

For Tax Year 2026-27, ordinary quarterly TDS statements use Forms 138/140/144 and TCS uses Form 143. Rule 219 aligns their deadlines at 31 July, 31 October, 31 January and 31 May. Special Form 141 transactions have a separate calendar. Earlier-year statements retain earlier forms and rules; do not carry the old TCS fifteen-day-earlier timetable into the new year.

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Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

A covered seller collects 1% TCS on the full sale consideration of a motor vehicle whose value exceeds Rs 10 lakh, subject to statutory buyer/seller exclusions. It is not 1% only on the excess over Rs 10 lakh. The buyer generally claims the correctly reported collection as tax credit; it is separate from GST and any loan cost.

Open Section 394 TCS tool

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Specified luxury goods with sale value exceeding Rs 10 lakh can attract 1% TCS under the notified categories, subject to the provision's conditions. The list includes specified watches, art, yachts, handbags, shoes, sunglasses, home theatres and horses, among others. This coverage was notified in 2025 under the earlier law and continues in new section 394; it did not begin merely through renumbering.

Open Section 394 TCS tool

Reference: Income-tax Act 2025, section 394 and notified categories · Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

For Tax Year 2026-27, section 394 provides 2% TCS for covered scrap, alcoholic liquor for human consumption and specified minerals such as coal, lignite and iron ore. Finance Act 2026 made the relevant rate changes. The statutory definition of scrap, buyer/seller exclusions and permitted declarations matter; selling a used asset does not automatically make it statutory scrap.

Open Section 394 TCS tool

Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Finance Act 2026. Reviewed 8 September 2026.

The general seller-side TCS rule formerly in section 206C(1H) was removed with effect from 1 April 2025. That does not remove item-specific TCS, such as covered scrap or motor-vehicle sales. Buyer-side TDS on qualifying goods purchases also remains. Identify the transaction's specific rule instead of concluding that all goods sales are free from TDS/TCS.

Open Section 394 TCS tool

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Failure to furnish a valid PAN can trigger a higher TDS rate, commonly the higher of the applicable statutory rates and 20%. There are important exceptions, including different caps for specified transactions and relief for eligible non-residents. An inoperative PAN can have similar consequences unless relief applies. Do not apply 20% universally without checking the payment category.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Late deduction generally attracts 1% per month or part from when tax should have been deducted to actual deduction. After deduction, late payment generally attracts 1.5% per month or part from deduction to payment. These are different periods, and a part-month can count as a whole month. New section 398(3) applies to new-Act obligations; earlier liabilities use the saved provision.

Open TDS interest calculator

Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Use the current e-Pay Tax payment description under the correct Act, year and TDS/TCS category. ReconScribe's lookup includes common new-year codes and old-section references, but is not an exhaustive catalogue of every portal route. Specified PAN-based transactions use Form 141 rather than an ordinary code-only challan. Confirm the final selected description before payment.

Open e-Pay Tax walkthrough

Reference: Income Tax Department: transition and forms. Reviewed 8 September 2026.

Start with the applicable year's salary/TDS certificates, tax-credit statement, AIS/TIS, bank interest records and tax-payment challans. Add broker statements, property records, business books and deduction evidence that match your income. Reconcile records before choosing schedules. Returns are normally annexure-less, but you must retain the supporting documents and supply them if properly requested.

Open AIS vs 26AS guide

Reference: Income Tax Department: return transition FAQ. Reviewed 8 September 2026.

For AY 2026-27, the amended revised-return window ordinarily runs to 31 March 2027 or assessment completion, whichever is earlier. A revision must correct an omission or wrong statement in a qualifying return. Do not describe every revision as free: section 234-I introduces a fee provision whose application should be checked with the current utility. ITR-U has different restrictions.

Open ITR-U guide

Reference: Finance Act 2026. Reviewed 8 September 2026.

A defective-return notice identifies a defect that must be corrected through the stated portal workflow. Section 139(9) ordinarily allows 15 days from intimation, with an extension possible on application. Read the actual notice and deadline. Uncorrected defects can make the return invalid; not every mismatch or tax demand is a defective-return notice.

Open refund status guide

Reference: Income Tax Department: return transition FAQ. Reviewed 8 September 2026.

Taxpayers without business/professional income can generally choose between regimes each year through a timely return. Business/professional cases have restricted opting-out and withdrawal rules; once a valid old-regime option is withdrawn, another switch is generally barred while that income continues. Use the correct year's election form and deadline. An employer's payroll declaration is not the final return election.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Where section 234F applies to a required AY 2026-27 return filed late, the fee is Rs 1,000 when total income does not exceed Rs 5 lakh and Rs 5,000 otherwise. Exactly Rs 5 lakh belongs in the lower band. A return not required by law is not automatically charged merely because it is voluntary and late. Interest on unpaid tax is separate.

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Reference: Finance Act 2026. Reviewed 8 September 2026.

As at 8 September 2026, the ordinary earlier-year ITR-U bands are AY 2022-23: 70%; AY 2023-24: 60%; AY 2024-25: 50%; AY 2025-26: 25%. These percentages apply to the prescribed tax-and-interest base, not omitted income. AY 2022-23's ordinary 48-month limit ends 31 March 2027. Notices, prior updates and other eligibility exclusions can prevent filing.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Check whether a return is mandatory despite low income, for example because a specified filing condition applies. A voluntary return can claim eligible TDS refunds or document income. Carrying forward most capital/business losses normally requires an on-time loss return with the correct schedules, not an arbitrary nil return. Do not report zero income or loss when actual figures exist.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Available routes include Aadhaar OTP, eligible bank/demat EVC, net banking and digital signature; the taxpayer category determines what can be used. Complete verification within the applicable 30-day period and retain the acknowledgement. If the deadline has passed, follow the portal's late-verification/condonation guidance rather than assuming an OTP removes all filing consequences.

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Reference: Income Tax Department: verification FAQ. Reviewed 8 September 2026.

Open the relevant AIS entry, choose the accurate feedback category and retain the acknowledgement and supporting evidence. The portal records feedback and can show modified information/TIS after processing. This does not automatically revise a filed ITR or guarantee that a reporting entity corrects its statement within a day. Check whether a separate return or deductor correction is needed.

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Reference: Income Tax Department: AIS feedback FAQ. Reviewed 8 September 2026.

Compare the return and Department computation, then read the demand and response deadline. Agree and pay/respond through the official workflow if correct. For an apparent record-based error, consider rectification; a disputed legal issue may require appeal or another remedy. Uploading a response alone does not necessarily suspend recovery. Do not assume every demand is corrected by the same request.

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Reference: Income Tax Department: dashboard, worklist and filed returns. Reviewed 8 September 2026.

A resident individual aged 60 or more during the relevant year, with no income chargeable as business or profession, is generally exempt from advance tax. Other final tax can still be due. Do not assume bank TDS covers it: compute all income and credits. Non-resident seniors and seniors with business/professional income do not get this exemption automatically.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Earlier Forms 15G/15H are nil-TDS declarations with specific residence, age and tax-liability conditions. Form 15G is not available to everyone under 60 and has an additional income-limit test; Form 15H applies to eligible resident seniors with nil estimated tax. For Tax Year 2026-27, the unified declaration is Form 121. Use it only after checking eligibility, not merely because one bank pays little interest.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Notified Income-tax Rules 2026. Reviewed 8 September 2026.

Where PAN-Aadhaar linking is mandatory and PAN becomes inoperative, consequences include blocked refunds, loss of refund interest for that period and higher TDS/TCS as applicable. Exempt categories and specific relief must be checked. The Department describes reactivation within 30 days after valid intimation and applicable fee, rather than a guaranteed one-week turnaround. Check the status on the official portal.

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Reference: Income Tax Department: PAN-Aadhaar FAQ. Reviewed 8 September 2026.

The new regime retains the salary standard deduction and qualifying employer NPS deduction, among other specified allowances/exemptions. Ordinary personal 80C/80D deductions, HRA exemption and self-occupied home-loan interest deduction are generally unavailable. Employer PF, gratuity and leave encashment have their own conditions and limits; calling them all unrestricted deductions would be misleading.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

An accumulated recognised-PF balance is generally exempt after five years of qualifying continuous service; transferred service and specified involuntary termination cases can affect that test. Taxable early withdrawals of Rs 50,000 or more can attract 10% TDS with valid PAN under the applicable rule. No TDS does not itself make a withdrawal exempt. Excess-contribution interest has separate tax treatment.

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Reference: EPFO member FAQ · Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Qualifying government gratuity is exempt. For other employees, exemption depends on whether the statutory gratuity regime covers them, salary/service definitions, actual receipt and the aggregate notified ceiling, normally Rs 20 lakh. Covered and non-covered employees use different formula rules. The payment entitlement and income-tax exemption are separate calculations; neither is automatically the amount shown by a generic calculator.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

On retirement/resignation, qualifying private-sector leave encashment exemption is limited to the least of actual receipt, the notified Rs 25 lakh aggregate ceiling, ten months' average salary and eligible unavailed leave value. Earlier exemptions can reduce the remaining ceiling. Central/state government retirement leave encashment has separate full exemption. During-service encashment is generally taxable, with any relief assessed separately.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

A genuine rental arrangement with a parent who owns the property can support an HRA claim if all exemption conditions are met. Keep the rent agreement, actual payment trail and receipts; the parent must report taxable rental income as applicable. Supply PAN for employer evidence where annual rent exceeds Rs 1 lakh. Ownership, occupation and regime eligibility still need checking.

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Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

Professional tax is a state/local tax on professions, trades and employment, with a constitutional ceiling of Rs 2,500 per person per year. Liability and slabs depend on the jurisdiction and category. Employment tax actually paid can be deductible from salary under the old regime; that deduction is unavailable under the new regime. It is distinct from income-tax TDS.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Old-regime health-insurance deduction ordinarily has separate self/spouse/dependent-child and parent limits: Rs 25,000 for each group, increased to Rs 50,000 where the relevant insured person is a senior citizen. Thus the combined maximum can reach Rs 1 lakh, not always Rs 75,000. Preventive check-ups have a Rs 5,000 sublimit within the overall caps. Payment and eligible-medical-expenditure rules apply.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

An eligible contribution to your NPS Tier I account can qualify for an additional deduction up to Rs 50,000 under old section 80CCD(1B), with the corresponding new-Act rule in section 124. This personal additional deduction is generally old-regime only. Do not reuse a contribution already claimed under another permitted NPS limit. Employer contributions follow a different rule.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Form 12BB records employee claims and prescribed evidence/particulars for employer salary-TDS calculation under the earlier Rules. It is not simply an unsupported declaration: items such as rent, lender details and deduction evidence matter. For Tax Year 2026-27 the corresponding prescribed statement is Form 124 under Rule 205. Keep actual supporting records even where the employer accepts an electronic process.

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Reference: Notified Income-tax Rules 2026. Reviewed 8 September 2026.

Short-term capital losses generally set off against short- or long-term capital gains; long-term losses only against long-term gains. Unused eligible losses may carry forward for eight years, normally requiring a timely loss return. They cannot offset salary. Special exclusions, including virtual digital asset losses, have separate rules, so do not apply ordinary capital-loss treatment to every investment loss.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Physical gold/jewellery held for more than 24 months generally produces long-term gains taxed at 12.5% without indexation; shorter holdings normally use slab rates, plus applicable cess/surcharge. Gold funds and ETFs need their own classification. From Tax Year 2026-27, the SGB redemption exemption requires the individual to have held the bond from original issue to maturity under the amended rule.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026 · Finance Act 2026. Reviewed 8 September 2026.

Units acquired on or after 1 April 2023 that meet the statutory specified-mutual-fund definition can be deemed short-term regardless of holding period. The definition changed for the relevant later years and tests debt/money-market exposure, including qualifying fund-of-funds. Older holdings and other fund types need their own listed/unlisted holding-period analysis. Do not classify every fund labelled debt, gold or international identically.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.

Under the September 2025 rate changes, qualifying small cars with the specified engine and length limits use 18%, while covered larger cars use 40%; electric vehicles have a 5% rate. Check the exact HSN, engine type/capacity and length, including the not-exceeding-4,000-mm condition. Special vehicle categories and used-vehicle margin arrangements need separate treatment.

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Reference: Government automobile-rate explanation. Reviewed 8 September 2026.

GST registration depends on all-India aggregate turnover, state, supply type and compulsory-registration rules. Common thresholds are Rs 20 lakh for services and up to Rs 40 lakh for qualifying goods-only suppliers, with lower limits/exclusions in specified states/cases. Interstate services and eligible small intra-state e-commerce goods suppliers can have notified exemptions. Neither interstate activity nor online selling automatically removes every threshold exemption.

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Reference: GST Council: unregistered e-commerce suppliers · CBIC: CGST Act. Reviewed 8 September 2026.

Ordinary monthly deadlines are GSTR-1 on the 11th and GSTR-3B on the 20th of the next month. Eligible QRMP quarterly returns generally use the 13th for GSTR-1 and the 22nd/24th for GSTR-3B by state group. Monthly payment/IFF rules are separate. Check the portal calendar for the exact tax period and notified extensions, rather than assuming all taxpayers share one date.

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Reference: GST Portal return calendar and guidance. Reviewed 8 September 2026.

Input tax credit offsets eligible purchase GST against output liability. For an ordinary domestic invoice, statement communication is one condition, not the entire test: invoice evidence, receipt, business use, supplier payment/reporting, your return, time limits and blocked-credit rules also matter. Imports/reverse charge have their own routes. GSTR-2B reconciliation flags records to review; a match does not itself authorise the claim.

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Reference: CBIC: CGST Act · GST Portal: GSTR-2B guidance. Reviewed 8 September 2026.

Section 263 of the Income-tax Act 2025 contains the new-Act return-filing rules, including original, belated, revised and updated returns. Earlier-year returns such as AY 2026-27 continue under the saved section 139 framework. Other assessment/notice provisions have separate mappings. The ReconScribe finder covers 117 common references; use the official comparison for the full Act.

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Reference: Income-tax Act 2025, as amended by Finance Act 2026. Reviewed 8 September 2026.