1. Income Tax Updates
Form 10-IEA: Switching to the Old Tax Regime
Starting FY 2025–26, taxpayers opting out of the default new tax regime must file Form 10-IEA by the return filing deadline under Section 139(1). This form replaces Form 10-IE, streamlining the process for individuals and HUFs without business or professional income. The choice of regime affects your tax planning, including TDS calculations, exemptions (e.g., HRA, LTA), and deductions (e.g., Section 80C, 80D). Early planning ensures you maximize tax benefits.
- Who should file? Individuals and Hindu Undivided Families (HUFs) with no business or professional income.
- Deadline: Align with the income tax return filing date (typically July 31, 2025, for non-audit cases).
💡 Tip: Consult with our team to evaluate which regime suits your financial goals, considering income sources and eligible deductions.
Advance Tax – First Installment Due
The first installment of advance tax, covering 15% of your total tax liability for FY 2025–26, is due by June 15, 2025. This applies to taxpayers (individuals, HUFs, businesses) with a tax liability exceeding ₹10,000 in the financial year. Accurate estimation is crucial to avoid interest penalties under Sections 234B (for underpayment) and 234C (for deferred payments). Include all income sources, such as capital gains, interest, dividends, and rental income, in your calculations.
📌 Key Consideration: Review your income projections quarterly to adjust advance tax payments.
💡 Tip: Use our advance tax calculator or schedule a consultation to ensure compliance and avoid penalties.
