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Common questions on income tax, ITR filing, TDS rates, deductions and the new vs old regime – answered by a practising Chartered Accountant.
Income Tax & TDSHow do I claim an income-tax refund if my TDS is more than my tax?Bottom line: A refund arises when your TDS and advance tax exceed your actual tax, and you claim it simply by filing your ITR. 1. How it comes…Income Tax & TDSSection 80D FY 2026-27: mediclaim limits for self, parents and senior citizensBottom line: Section 80D allows up to ₹25,000 for your family and another ₹25,000 to ₹50,000 for parents — but only under the old regime. 1. Self and…Income Tax & TDSAdvance tax for salaried people with capital gains or other incomeBottom line: If your total tax after TDS is ₹10,000 or more, you must pay advance tax — and salary TDS often does not cover capital gains, interest…Income Tax & TDSTDS on fixed deposit interest (Section 194A): how much, and how do Form 15G/15H help?Bottom line: Banks deduct 10% TDS on FD interest once it crosses ₹50,000 a year (₹1,00,000 for senior citizens) — and you can stop it with Form 15G…Income Tax & TDSInterest under Sections 234A, 234B and 234C — when does each apply?Bottom line: All three charge 1% per month, but for different defaults — late filing (234A), short advance tax (234B) and missed advance-tax instalments (234C). 1. Section 234A…Income Tax & TDSSection 87A rebate FY 2026-27: the ₹60,000 rebate, ₹12 lakh limit and marginal reliefBottom line: Under the new regime, a resident individual pays zero tax up to ₹12,00,000 of taxable income in FY 2026-27, thanks to the enhanced Section 87A rebate…Income Tax & TDSHow is HRA exemption calculated, and can I claim it in the new tax regime?Bottom line: HRA exemption is the least of three amounts, and it is available only under the old regime — not the new regime. 1. The three-way test…Income Tax & TDSWhat is Section 89(1) relief on salary arrears, and how do I file Form 10E?Bottom line: Section 89(1) relief removes the extra tax that arises when salary arrears are received in one lump — and you must file Form 10E online before…Income Tax & TDSWhich deductions are still allowed under the new tax regime in FY 2026-27?Bottom line: The new regime allows only a short list of deductions — most popular ones like 80C, 80D and HRA are not available. 1. Allowed Standard deduction…Income Tax & TDSTDS on rent: what is the difference between Section 194-I and 194-IB?Bottom line: Section 194-I applies to businesses and 194-IB to individuals/HUFs not under audit — both now use a ₹50,000-a-month threshold, but the rates differ. 1. Section 194-I…Income Tax & TDSAdvance tax FY 2026-27: due dates, instalments and the Rs 10,000 thresholdYou must pay advance tax if your tax liability after TDS and TCS exceeds Rs 10,000 in FY 2026-27. The four instalments are due by 15 June (15%…Income Tax & TDSWhat are the new tax regime slab rates for FY 2026-27 (AY 2027-28)?For FY 2026-27 the new-regime slabs are: up to Rs 4 lakh nil; Rs 4-8 lakh 5%; Rs 8-12 lakh 10%; Rs 12-16 lakh 15%; Rs 16-20 lakh…Income Tax & TDSWhich ITR form should I file for AY 2027-28 (FY 2026-27)?Choose by income type: ITR-1 (Sahaj) for salary, one or two house properties and total income up to Rs 50 lakh (it now allows listed LTCG up to…Income Tax & TDSCapital gains tax rates FY 2026-27: LTCG 12.5%, STCG 20% and the Rs 1.25 lakh exemptionFor listed shares and equity mutual funds held over 12 months, long-term capital gains are taxed at 12.5%, with the first Rs 1.25 lakh of LTCG exempt each…Income Tax & TDSNew tax regime vs old regime FY 2026-27: which is better and which is the default?The new tax regime is the default for FY 2026-27, so you pay tax under it automatically unless you actively opt out. The new regime offers lower slab…Income Tax & TDSWhat is the standard deduction for salary in FY 2026-27 under each regime?For FY 2026-27 the standard deduction on salary is Rs 75,000 under the new tax regime and Rs 50,000 under the old regime. It is a flat deduction…Income Tax & TDSIs income up to Rs 12 lakh tax-free under the new regime in FY 2026-27?Yes. Under the new tax regime for FY 2026-27, a resident individual with taxable income up to Rs 12 lakh pays zero tax, thanks to the enhanced Section…Income Tax & TDSForm 26AS is now Form 168: what is it and how do I check my TDS for FY 2026-27?Under the Income-tax Act 2025, the annual tax statement (Form 26AS) is renumbered as Form 168 from FY 2026-27 onwards, but its content and purpose are unchanged. It…Income Tax & TDSWhat is the last date to file ITR for FY 2026-27 (AY 2027-28)?For individuals not subject to tax audit, the statutory due date to file the FY 2026-27 (AY 2027-28) return is 31 July 2027. Taxpayers requiring audit generally file…Income Tax & TDSTDS rate without PAN in FY 2026-27: how much is deducted if I do not give PAN?If you do not furnish a valid PAN, TDS is deducted at 20% or the normal applicable rate, whichever is higher. From 1 April 2026 this higher-deduction rule…
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