Income Tax

Income tax is a tax charged on taxable income earned by individuals, businesses and other taxpayers during a financial year. The amount of tax payable depends on the taxpayer’s income, applicable tax regime, deductions, exemptions and other provisions of the Income Tax Act.

The financial year (FY) is the year in which income is earned, while the assessment year (AY) is the following year in which that income is reported and assessed for income-tax purposes. For example, income earned during FY 2025–26 is generally reported in AY 2026–27.

The requirement to file an income tax return depends on factors such as total income, applicable exemptions and deductions, and certain specified transactions or conditions under the Income Tax Act. Even where filing is not mandatory, some taxpayers may choose to file a return to claim a refund or maintain a formal record of their income.

The old and new tax regimes have different tax rates and rules relating to deductions and exemptions. The new tax regime generally offers lower or simplified tax rates with fewer deductions, while the old regime allows eligible taxpayers to claim various deductions and exemptions. The better option depends on the individual’s income and eligible deductions.

You can check important filing and payment deadlines in the Income Tax Due Dates section of EduTaxTuber. For the most up-to-date statutory calendar and official deadlines, taxpayers should also verify the Income Tax Department’s Tax Calendar, particularly when a deadline has been extended or changed.

Notifications are formal instruments issued by the government or tax authorities to notify changes, rules, procedures or other matters under the tax laws. Circulars generally provide explanations, clarifications or administrative guidance on the implementation of tax provisions.

EduTaxTuber’s Income Tax Forms section provides information about important ITR forms and other commonly used income-tax forms. The appropriate form depends on factors such as the taxpayer’s residential status, sources of income, business or professional income and other applicable conditions.

Income tax calculators and other tools can help taxpayers estimate tax liability, compare tax regimes, calculate deductions or work through specific tax-related calculations. They are useful for planning and understanding tax implications, but the final tax liability should be determined using the applicable provisions and official information.

The Income Tax Notifications and Income Tax Circulars sections on EduTaxTuber bring relevant updates together in an easier-to-follow format. For legal or compliance decisions, readers should also refer to the original notification, circular or document issued by the competent tax authority.

Yes. Tax rules, filing requirements and statutory deadlines can change through legislation, notifications, circulars, government announcements or extensions granted by the competent authority. Always check the latest applicable information before relying on a tax deadline or compliance requirement.