Why One Should File Form 121 To Receive Income Without TDS: An Overview
Why One Should File Income Tax Return When Income Is Less Than Exempt Limit The Income-tax Act, 2025 has introduced Form 121, replacing Forms 15G and 15H from FY 2026-27. The unified self-declaration form allows eligible resident taxpayers with nil tax liability to avoid TDS on specified incomes like bank interest, dividends and EPF withdrawals. […]
Income-Tax Act 2025: Key Points Every Taxpayer Should Know
Income-Tax Act 2025: Key Points Every Taxpayer Should Know The new Income-tax Act, 2025, effective from 1 April 2026, replaces the 1961 Act, focusing on simplification, clarity, and digital compliance. Key changes include a single “Tax Year,” fewer sections, rules, and forms, continued new tax regime, reorganized deductions, streamlined TDS/TCS, extended return timelines, and enhanced […]
Why One Should File Income Tax Return When Income Is Less Than Exempt Limit
Why One Should File Income Tax Return When Income Is Less Than Exempt Limit Many individuals wrongly believe ITR filing isn’t needed if income is below ₹12 lakh. The article explains that filing remains important for claiming TDS refunds, proving income, carrying forward losses, and avoiding notices. It also highlights lower filing thresholds and mandatory […]