Income Tax

When your employer deducts tax (TDS) from your salary, it is not done randomly. There is a proper system behind it. Rule 204 and Rule 205 of the Income Tax Rules, 1962 help ensure that the correct amount of tax is deducted from your salary. These rules mainly deal with two things: Let’s understand both rules in a practical way so that you can know exactly what to do as … [Read more...] about TDS on Salary: What Details and Proof Employees Must Submit (Simple Guide)

If you have ever submitted Form 15G or 15H to your bank to avoid TDS, things have now changed. The government has introduced Form No. 121, which replaces both these forms under the new Income-tax Act, 2025. This new form is meant for people whose total income is below the taxable limit, so tax should not be deducted in the first place. Let’s understand this in a simple way … [Read more...] about How to Avoid TDS on Interest & Other Incomes: Form No. 121 Explained (New Rules 2026)

If you changed your job during the year or earn money from more than one source, you need to inform your employer properly for the correct tax deduction. Under the new Income Tax Act, 2025, this is done using Form 122. It helps your employer understand your total income—including salary from your previous job—so they can deduct the right amount of tax (TDS). If you don’t … [Read more...] about Changed Jobs or Have Multiple Incomes? Submit Form 122 to employer for Salary TDS

If you are dealing with TDS (Tax Deducted at Source) or TCS (Tax Collected at Source), one term you will definitely come across is TAN. To get this TAN, the government has introduced Form 134 and Form 135 under the new Income-tax Rules, 2026. Many beginners get confused about which form to use, who should apply, and what documents are needed. What is TAN and why is it … [Read more...] about Form 134 & 135 (TAN Application): Guide to Tax Deduction and Collection Account Number (2026)

If you run a company in India, you may have heard about Form 66 but not fully understood why it matters. This form is directly linked to Minimum Alternate Tax (MAT), which ensures that profitable companies still pay a minimum level of tax. In simple terms, Form 66 is not just another compliance—it is a certified confirmation of your company’s book profit and MAT calculation. … [Read more...] about Form 66 Explained: CA Certified Book Profit Report for MAT (India)

If you or someone in your family is a senior citizen above 75 years, understanding Form No. 125 can make tax compliance much simpler. This form is designed to reduce the burden of filing income tax returns for eligible senior citizens. Instead of handling taxes themselves, the bank takes care of tax calculation and deduction. Let’s understand this step-by-step in a simple … [Read more...] about Form No. 125 Explained: Tax Declaration Guide for Senior Citizens Above 75