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Articles tagged Income Tax on FinWiz24 — plain-English guides on tax, GST, loans, and personal finance.
AIS, Form 26AS and your CIBIL score serve completely different purposes — one tracks tax paid, one shows your entire financial footprint, and one measures your creditworthiness. Here is exactly when to use each one.
The Annual Information Statement (AIS) shows every income and tax detail the Income Tax Department already knows about you. Here is what is in it, how to download it, and what to do when something looks wrong.
If you run a freelance practice, a shop, a trading business, or any form of self-employment, your profits are taxed under the head 'Profits and Gains from Business or Profession'. Here is a plain-English guide to how the Income Tax Act 2025 computes and taxes that income.
Selling equity shares or equity mutual funds triggers capital gains tax in India. Short-term gains are taxed at 20%, long-term gains at 12.5% for equity. Here is how each category works, how to calculate your tax, and what the new regime changes.
Selling a house or land triggers capital gains tax in India. Long-term gains are taxed at 20% with indexation; short-term gains are added to your income and taxed at slab rates. Here is how each works, what exemptions you can claim, and how to calculate your tax.
Rental income from a house property is taxed under Section 18 of the Income Tax Act 2025. Here is how the annual value is calculated, what deductions you can claim, and how home loan interest affects your tax bill.
If you are a salaried employee, filing your Income Tax Return is simpler than you think. Here is a step-by-step guide covering which ITR form to use, what documents to gather, how to claim deductions, and when to file — with the key changes under the Income Tax Act 2025.
Receiving an income tax notice does not always mean you made a mistake. Here are the most common notice types, what each one means, exactly how to respond within the deadline, and how to avoid a worse outcome by acting quickly.
The HRA exemption helps salaried employees cut their tax bill by thousands every year. Here is exactly what it covers, who can claim it, how to calculate it with real numbers, and what homeowners can claim instead.
Bank interest, dividends, rental from a car or equipment, and lottery winnings all fall under one income head: Income from Other Sources. Section 56 of the Income Tax Act 2025 covers it. Here is a plain-English guide to what counts, what is deductible, and how it is taxed.
Every due date in the Indian income tax calendar is tied to a consequence for missing it. Here are the key dates for FY 2026-27, what each one means, and what happens if you miss it.
A refund from the Income Tax Department means you paid more tax than you owed. Here is how to claim it, check where it is, and what to do if it is delayed or denied.
Filing the wrong ITR form can get your return rejected or cause a notice from the Income Tax Department. Here is a plain-English guide to choosing the right form — ITR-1, ITR-2, ITR-3 or ITR-4 — based on your income sources in India.
NPS offers three separate tax deduction sections under the Income Tax Act 2025. Here is how Sections 80CCD(1), 80CCD(1B), and 80CCD(2) work, with real rupee examples and a comparison to 80C.
Section 87A of the Income Tax Act 2025 gives a rebate of up to ₹60,000 to residents whose total income is up to ₹12 lakh per year under the new tax regime. Here is exactly who qualifies, how the math works, and what it means in practice.
Sections 15, 16 and 17 of the Income Tax Act 2025 define what counts as salary income, which deductions apply, and how allowances, perquisites and retirement benefits are taxed. Here is a plain-English guide to the rules that determine how much of your pay is taxable.
Section 115JD of the Income Tax Act 2025 makes sure every taxpayer pays at least a minimum amount of tax, even when large deductions push your regular tax to near zero. Here is how it works, who it affects, and what the AMT credit means for you.
If you file your income tax return late or pay less advance tax than you owe, the Income Tax Act 2025 charges interest — Sections 234A, 234B and 234C. Here is exactly how each one is calculated, in plain rupees.
Section 24(b) of the Income Tax Act 2025 lets you deduct home loan interest from your rental income — up to ₹2 lakh per year on a self-occupied property, and with no cap on let-out property. Here is exactly how it works, who qualifies, and how much you save.
Section 80D of the Income Tax Act 2025 lets you deduct health insurance premiums for yourself, your family, and your parents — up to ₹1 lakh in total. Here is exactly what the deduction covers, who qualifies, and how much you actually save.
When you receive salary arrears, gratuity, or commuted pension in one lump sum, it can push your tax rate up sharply. Section 89(1) of the Income Tax Act 2025 lets you claim relief — here is exactly how it works, who qualifies, and how to file Form 10E.
When your income in one head is less than your loss in another, the Income Tax Act 2025 lets you set off that loss against other income — and in some cases, carry it forward to future years. Here is a plain-English guide to how loss set-off works, what the new regime allows, and what to watch out for.
When a client pays you as a freelancer, contractor, or professional, they may deduct TDS before the money reaches your account. Here is exactly which sections apply, what rates apply, how to claim the credit in your ITR, and what to do if TDS was deducted at the wrong rate.
Every employer deducts tax at source from your salary under Section 192 of the Income Tax Act 2025. Here is exactly how the deduction is calculated, what income is included, what deductions your employer can consider, and how to read your Form 16.
TDS on salary ranges from 0% to 30% depending on your income slab. Here is how the rate is set, which exemptions your employer uses, and how to reduce the deduction legally before filing your ITR.
TDS (Tax Deducted at Source) is money your employer, bank, or client withholds from your income and pays to the government on your behalf. Under the Income Tax Act 2025, understanding TDS is essential for getting your full tax credit back when you file your ITR.
Estimate your advance tax in 4 steps. Due dates, quarterly instalment amounts, and interest for late payment explained.
The Income Tax Act 2025 replaced the 55-year-old 1961 Act on 1 April 2026. Here is what changed, what stayed the same, and what it means for your tax bill this year.
ITR-1 through ITR-7 — each form has different eligibility rules. Filing the wrong ITR form is one of the most common reasons returns get pushed back. Here is how to pick the right one.
The new tax regime is now the default for every Indian taxpayer. Here are the exact slab rates for FY 2026-27, who pays what, and how to calculate your tax in under two minutes.
Paying income tax with a credit card triggers a 0.8% to 0.9% gateway fee and up to 1% bank surcharge with zero rewards. See the real rupee math, gateway rates, and bank policies.