Introduction The Income-tax Act, 2025 came into effect on 1 April 2026. As a result, the Income Tax Department introduced new numbers and formats for several income-tax forms. Under the new system, Form 16 has become Form 130, whereas Form 16A has become Form 131. Although the form numbers have changed, their basic purpose remains […]
Income Tax Deduction List: Old Regime vs New Regime
Introduction Many taxpayers get confused while choosing between the old tax regime and the new tax regime. The main reason is simple: the old tax regime allows more deductions, while the new tax regime gives lower tax rates but allows fewer deductions. Therefore, before filing your Income Tax Return, you should compare both regimes carefully. […]
TCS under Income Tax Act: Complete Guide for Buyers and Sellers
Introduction Tax Collected at Source, commonly called TCS, is a tax collection mechanism where the seller collects a small amount of tax from the buyer at the time of specified transactions. The seller then deposits this tax with the government. In simple words, TCS is not an extra cost forever. It works like advance tax […]
Foreign Donation Rules for NGOs in India
Introduction Foreign donations help many NGOs, trusts, societies and Section 8 companies carry out social, educational, medical, religious and charitable activities. However, India does not allow organisations to receive foreign money without proper control. The Foreign Contribution Regulation Act, commonly known as FCRA, regulates foreign donations in India. It ensures that NGOs receive foreign contribution […]
EPF Rules 2026 Explained
Introduction The Employees’ Provident Fund, commonly known as EPF, helps salaried employees build long-term retirement savings. Every month, the employee and the employer contribute a fixed amount to the EPF account. Over time, this amount grows with interest and creates a useful financial backup for the future. The EPF Rules 2026 bring important changes in […]