New Banking and Cash Transaction Rules from 2026

🇮🇳 Introduction – Why Banking Transactions Deserve More Attention Today

In a rapidly digitising India, almost every financial move—personal or professional—passes through the banking system. Whether it’s UPI collections, cash deposits, fixed deposits, or GST-related receipts, banks today function not just as facilitators but also as statutory reporting entities.

A common misconception among taxpayers is that only very large or suspicious transactions attract scrutiny from the Income Tax Department.
However, this assumption is incorrect.

Even regular, everyday transactions—if misunderstood, misclassified, or improperly reported—can:

  • Get reported under Specified Financial Transactions (SFT)

  • Reflect in AIS / Form 26AS

  • Trigger income-tax notices

  • Result in bank account restrictions

  • Create GST registration or compliance complications

The purpose of this article/video is not to alarm, but to educate and empower.

In this guide, we clearly explain:

  • Banking transaction limits applicable for 2026

  • Transactions that are most likely to attract scrutiny

  • Rules related to cash, UPI, fixed deposits, and withdrawals

  • How bank activity links with Income Tax and GST

  • Practical steps to remain compliant and notice-free

If you carefully apply the compliance tips shared towards the end, you can manage your finances legally, confidently, and without unnecessary tax anxiety.

1️⃣ Banking Transaction Modes & Applicable Limits

🟦 UPI (Unified Payments Interface)

UPI remains India’s most popular digital payment method.

  • Standard daily limit: ₹1,00,000 per user

  • Per-transaction limit: Generally ₹1 lakh (varies by bank)

  • Higher limits: Up to ₹5 lakh per day for specific categories such as education, healthcare, government payments, and capital market transactions (effective 15 September 2025)

💡 Banks may impose lower internal limits—always verify with your bank.

🟦 IMPS (Immediate Payment Service)

  • Usually capped at ₹5 lakh per day per account

  • Available 24×7, making it suitable for urgent, higher-value transfers (subject to bank limits)

🟦 NEFT (National Electronic Funds Transfer)

  • Minimum: ₹1

  • No statutory maximum limit

  • Banks may set daily caps

  • Suitable for large-value transfers without UPI/IMPS restrictions

🟦 RTGS (Real-Time Gross Settlement)

  • Minimum transaction value: ₹2 lakh

  • No upper limit prescribed

  • Best for very high-value, time-sensitive transfers

2️⃣ Cash Transactions & Deposit Rules

🔸 Cash Deposit Reporting (SFT)

Banks and financial institutions are required to report:

  • ₹10 lakh or more cash deposits in a savings account in a financial year

  • ₹50 lakh or more cash deposits in a current account

  • ₹10 lakh or more in fixed deposits during a financial year

👉 This does not mean tax is levied automatically, but the transaction is reported and may be examined.

🔸 Cash Receipt Restrictions – Section 269ST

  • Receiving ₹2 lakh or more in cash from a single person:

    • In one day, or

    • In a single transaction, or

    • For one occasion/event
      is prohibited.

💡 Penalty can be equal to the cash amount received.

🔸 Cash Loans & Repayments – Sections 269SS & 269T

  • Acceptance or repayment of loans/deposits in cash above ₹20,000 is not allowed.

  • Penalty equals the amount involved.

3️⃣ TDS on Cash Withdrawals – Section 194N

This provision discourages excessive cash usage and promotes transparency.

🧾 TDS Applicability on Cash Withdrawals

ITR Filing Status Withdrawal Limit TDS Rate
ITR filed for last 3 AYs Above ₹1 crore 2%
ITR not filed for last 3 AYs Above ₹20 lakh 2% up to ₹1 crore, 5% thereafter

📌 Limits apply per bank, calculated cumulatively for the financial year.

4️⃣ Specified Financial Transactions (SFT)

Banks report high-value transactions such as:

  • Cash deposits crossing prescribed limits

  • Large or unusual digital inflows/outflows

These details appear in AIS and Form 26AS and must align with your ITR disclosures.

5️⃣ GST Linkage With Bank Accounts

🟡 GST Registration Threshold

  • Goods: ₹40 lakh

  • Services: ₹20 lakh

If bank receipts exceed these limits, GST registration becomes mandatory.

⚠️ Non-linking of bank account on GST portal within 30 days may lead to GST suspension.

6️⃣ Mandatory Disclosures in ITR & GST

📌 Income Tax Return

  • All bank accounts must be disclosed

  • Unexplained SFT entries can trigger notices

📌 GST Portal

  • Primary bank account linking is compulsory

  • Non-compliance can result in registration suspension

7️⃣ Business Cash Payment Restriction – Section 40A(3)

  • Cash expenses exceeding ₹10,000 per person per day are not deductible

  • Encourages digital payments and proper documentation

8️⃣ Practical Tips to Stay Notice-Free

✅ Maintain separate accounts for business and personal use
✅ Reconcile UPI inflows with business records
✅ Avoid unnecessary cash transactions
✅ File ITR regularly to benefit from higher withdrawal thresholds
✅ Maintain documentation for all large-value transactions

🧠 Key Takeaways

  • Know your banking limits and comply with them

  • Large cash dealings attract reporting and penalties

  • Regular ITR filing provides tangible compliance benefits

  • GST-bank linkage is critical for business continuity

  • Proper record-keeping is your best defence against notices

New Regulations for TDS Return Rectification Applicable from 01-04-2026

TDS / TCS Correction Statements: Time Limit Cut Down to 2 Years (Effective 01 April 2026)

🔔 What’s the Latest Change?

The Income Tax Department has introduced a major compliance reform by reducing the time limit for filing TDS and TCS correction statements to just 2 years, applicable from 1 April 2026.

Until now, deductors had the flexibility to revise old TDS/TCS returns even after many years. This long-standing practice will no longer be permitted.

⏳ Key Change Explained: Old Rule vs New Rule

🔙 Earlier Position (Before 01.04.2026)

  • No strict statutory deadline for filing correction statements

  • Corrections were practically allowed up to 7 years or more

  • Deductors commonly rectified:

    • Incorrect PAN details

    • Challan mapping errors

    • Short or excess deduction

    • Late reporting issues

  • Corrections were accepted even after several years

🔜 New Rule (From 01.04.2026)

  • ⛔ Correction statements allowed only within 2 years

  • The 2-year period will be calculated from:

    • End of the relevant financial year

  • ❌ No correction will be permitted beyond this period

  • This is a strict and absolute deadline, not extendable in any case

📅 Last Opportunity for Old TDS/TCS Periods

Correction statements for the following quarters will be allowed only up to 31 March 2026:

  • Q4 of FY 2018–19

  • Q1 to Q4 of FY 2019–20 to FY 2022–23

  • Q1 to Q3 of FY 2023–24

⚠️ From 1 April 2026 onwards, the TRACES portal will permanently block corrections for these periods.

❌ Impact of Missing the 2-Year Deadline

Failure to file corrections within the prescribed time may result in:

  • ❌ Permanent denial of correction facility

  • ❌ Loss of TDS/TCS credit for deductees in Form 26AS / AIS

  • ❌ Disputes with employees, vendors, or contractors

  • ❌ Penalties ranging from ₹10,000 to ₹1,00,000

  • ❌ Higher compliance and audit risks

  • ❌ Interest liability and possible disallowance of expenses

✅ Reason Behind This Amendment

The department aims to promote:

  • Timely reconciliation of data

  • Faster and accurate credit to deductees

  • Reduced backlog of old corrections

  • Lower litigation and disputes

  • A shift towards real-time, technology-driven compliance

This change reflects a move towards strict timelines and disciplined reporting.

🧾 Best Practices Suggested by the Department

  • Regularly use TRACES utilities and validation tools

  • Track defaults and mismatches frequently

  • File correction statements immediately upon detecting errors

  • Train staff on the revised timelines

  • Adopt a preventive compliance approach

📌 Action Checklist for Deductors & Tax Professionals

✔ Review all pending TDS/TCS correction requirements
✔ Resolve old mismatches before 31 March 2026
✔ Strengthen internal review and control systems
✔ Inform clients and staff about the 2-year non-negotiable limit

Bogus Claims पर CBDT की बड़ी पहल | करदाताओं को भेजे गए SMS-Email नोटिस

CBDT Flags Surge in Fake Deduction Claims: What Taxpayers Must Know

1. Context of the CBDT Press Release

The Income Tax Department has recently detected a sharp rise in incorrect and fraudulent claims of deductions and exemptions being reported in Income-tax Returns (ITRs). Investigations suggest that many of these claims were routed through intermediaries and agents operating nationwide on a commission-driven model.

In response, the Central Board of Direct Taxes (CBDT) has issued a firm advisory, cautioning taxpayers against such practices and urging them to voluntarily rectify incorrect claims.

2. Meaning of Bogus Deduction Claims

Bogus deduction claims are deductions or exemptions wrongly availed without actual eligibility, solely to reduce tax liability.

As per the CBDT, the most common areas of misuse include:

  • Donations made to Registered Unrecognised Political Parties (RUPPs)
  • Contributions shown to certain charitable institutions or trusts
  • Claims lacking genuine receipts or documentary evidence
  • Deductions backed by fabricated or altered documents

In several instances, intermediaries lured taxpayers with promises of inflated refunds in return for commissions.

3. Patterns and Methods Identified by the Department

Through investigation and data analysis, the Department uncovered that:

  • Several RUPPs were either inactive or completely non-operational
  • Many entities existed only on paper, with fake or unverifiable addresses
  • Funds were moved through dummy or layered bank accounts
  • Donation receipts were issued without any real charitable or political work
  • These entries were later used by individuals and companies to suppress taxable income

Search and survey operations have already been conducted, and substantial incriminating evidence has been seized.

4. Deployment of Data Analytics and AI

The CBDT has upgraded its compliance framework using technology-led tools.

Key developments include:

  • Use of advanced data analytics and AI-based risk assessment
  • Cross-verification of data from:
    • Income-tax returns
    • Donation disclosures
    • Bank transaction records
    • Registration details of recipient entities
  • Identification of high-risk behavioural trends among taxpayers

As a result, both genuine mistakes and deliberate misreporting are now easier to detect.

5. Provisions Under Scrutiny

The press release highlights close monitoring of deductions claimed under Section 80G of the Income-tax Act, 1961, which allows tax benefits for donations to approved institutions.

Other donation-related deduction provisions may also be examined if irregularities are noticed.

6. SMS and Email Alerts to Taxpayers

As part of a taxpayer-centric initiative, CBDT has rolled out a Targeted NUDGE Campaign.

Under this campaign:

  • Taxpayers suspected of claiming incorrect deductions are receiving
    • SMS notifications
    • Email advisories
  • These alerts are being sent from 12 December 2025 onwards
  • Messages are delivered to registered mobile numbers and email addresses

The intent is corrective—not punitive—at this stage.

7. Chance to Rectify Through Revised or Updated Returns

CBDT has clarified that:

  • Many taxpayers have already revised their returns for AY 2025–26
  • Others have opted to file Updated Returns for earlier assessment years

Taxpayers are being encouraged to:

  • Withdraw incorrect deduction claims
  • Pay due tax along with applicable interest
  • Avoid penalties and prosecution

This reflects the government’s philosophy of “trust first, enforce later.”

8. Risks of Ignoring the Advisory

Failure to act on the advisory may lead to:

  • Selection of cases for scrutiny assessments
  • Levy of penalties for under-reporting or misreporting income
  • Initiation of prosecution in serious or repeat cases
  • Action against intermediaries facilitating fraudulent claims

Ignoring the warning can therefore result in severe financial and legal consequences.

9. Immediate Steps for Taxpayers

Taxpayers should promptly:

  • Re-examine their ITRs, especially donation-related deductions
  • Verify the legitimacy of donee organisations, including approval status
  • Ensure possession of valid and authentic receipts
  • File a Revised or Updated Return if any error is discovered
  • Update correct contact details on the Income Tax Portal
  • Steer clear of agents offering “guaranteed refunds”

10. Final Message

The CBDT’s advisory serves both as a warning and an opportunity.

Only claim deductions you are genuinely eligible for.
Temporary gains through fake refunds can invite long-term legal trouble.

With technology-driven monitoring now firmly in place, tax evasion through bogus deductions is no longer hidden or risk-free.

Income Tax Act 2025: Gift Tax Provisions, Exempt Relatives and Gifts

Gift Tax under the New Income Tax Act, 2025: Tax-Free Gifts and Relatives Explained

The New Income Tax Act, 2025 introduces Section 92, which governs the taxation of gifts received by individuals, Hindu Undivided Families (HUFs), and other persons. This provision replaces the earlier Section 56(2)(x) of the Income Tax Act, 1961 and offers a more organised and comprehensive framework for taxing gifts involving money, movable assets and immovable property.

In India, every gift is not taxable. Whether a gift attracts tax depends on several factors, including:

  • The value of the gift

  • The relationship between the giver and the recipient

  • The nature of the asset received

  • The occasion on which the gift is received (marriage, inheritance, will, etc.)

This guide explains the scope of Section 92, covering taxable situations, exemptions, valuation rules, clubbing provisions and practical examples.

Meaning of Gift under Section 92

Under Section 92, a gift includes money, movable property or immovable property received:

  • Without consideration, or

  • For inadequate consideration

If the value of such gift exceeds ₹50,000, it becomes taxable as income, unless it qualifies for an exemption specified under Section 92(3).

When Are Gifts Taxable? (Section 92(2)(m))

1. Monetary Gifts from Non-Relatives

If total cash or monetary gifts received from non-relatives exceed ₹50,000 in a financial year, the entire amount becomes taxable.

Example:
₹20,000 from one friend + ₹40,000 from another friend
Total = ₹60,000 → Fully taxable

2. Immovable Property (Land or Building)

a) Received without consideration
If the stamp duty value (SDV) exceeds ₹50,000, the entire SDV is taxable.

b) Received for inadequate consideration
The difference between SDV and actual consideration is taxable if it exceeds:

  • ₹50,000, or

  • 10% of consideration (whichever is higher)

Example:
SDV: ₹50 lakh
Purchase price: ₹44 lakh
Difference: ₹6 lakh → Taxable

3. Movable Property (Jewellery, Shares, Bullion, Crypto, etc.)

a) Without consideration
If fair market value (FMV) exceeds ₹50,000, the full FMV is taxable.

b) With inadequate consideration
If FMV minus consideration exceeds ₹50,000, the difference is taxable.

Example:
Jewellery FMV ₹2,00,000 bought for ₹1,30,000
Difference ₹70,000 → Taxable

Gifts That Are Fully Exempt (Section 92(3))

A. Gifts from Relatives (No Limit)

For individuals, “relative” includes:

  • Spouse

  • Parents, grandparents and other lineal ascendants

  • Children, grandchildren and other lineal descendants

  • Siblings of self, spouse or parents

  • Lineal ascendants/descendants of spouse

  • Spouses of all the above relatives

For HUFs, any member of the HUF is treated as a relative.

👉 Gifts from relatives are fully exempt, irrespective of amount.

B. Gifts Received on Marriage of the Individual

All gifts received on the occasion of one’s own marriage are tax-free, regardless of value or source.
This exemption does not apply to anniversaries or relatives’ marriages.

C. Gifts Received through Will or Inheritance

Assets received by way of inheritance or under a will are completely exempt from tax.

D. Gifts in Contemplation of Death

Gifts given in anticipation of the donor’s death are exempt.

E. Gifts from Local Authorities

Exempt as per Schedule III.

F. Gifts from Registered Charitable or Non-Profit Institutions

Allowed under Section 355(g), subject to prescribed conditions.

G. Transactions Not Regarded as Transfer (Section 70)

Gifts arising from amalgamation, demerger or business restructuring are exempt.

H. Gifts to Trusts for Benefit of Relatives

Transfers made to trusts exclusively for relatives’ benefit are tax-free.

Special Provisions for Immovable Property (Section 92(4))

If the agreement date and registration date differ, the stamp duty value as on the agreement date may be considered, provided payment is made through banking or digital modes.

If stamp duty value is disputed, the Assessing Officer may refer valuation to a Valuation Officer.

Assets Covered under “Property” (Section 92(5)(f))

  • Land or building

  • Shares and securities

  • Jewellery

  • Paintings, sculptures, artworks

  • Archaeological collections

  • Bullion

  • Virtual Digital Assets (cryptocurrency, NFTs)

Clubbing of Income from Gifted Assets

While Section 92 taxes the receipt of gifts, income generated from gifted assets is taxed under clubbing provisions.

Example:
Cash gifted to spouse → Gift exempt
Interest earned → Clubbed in donor’s income

Similar rules apply to gifts to minor children.

Employer Gifts

Gifts from employers are taxed as salary perquisites.
Only long-service awards up to ₹5,000 are exempt.

Capital Gains on Sale of Gifted Property

  • Cost of acquisition = FMV considered at time of gift

  • Holding period starts from date of receipt

Documentation for Gifts

Acceptable proof includes:

  • Bank transfer records

  • Gift deed (optional but advisable)

  • Marriage invitation and gift list

  • Photographs and source explanation

Practical Examples

  • Gift from father ₹10 lakh → Exempt

  • Jewellery from friend ₹1 lakh → Taxable

  • Flat from paternal uncle → Exempt

  • Cash gift on marriage ₹5 lakh → Exempt

  • Undervalued land purchase → Difference taxable since she is the spouse of the father under the Income Tax Act.
    Accordingly, any gift received from her is fully exempt from tax, irrespective of the amount.

Direct Tax Changes in 2025: Simplification and Reduced Compliance Take Centre Stage

India’s direct tax framework underwent several significant changes in 2025 as the government prioritised tax simplification, eased compliance requirements, and sought to encourage higher consumer spending. The reforms—ranging from an overhauled personal tax regime and simplified TDS provisions to an extended tax holiday for startups and greater clarity on capital gains—have had a wide-ranging impact across the economy.

New tax regime made the default option

The most notable reform was the decision to make the new tax regime under Section 115BAC the default choice for taxpayers. The basic exemption limit was increased to ₹4 lakh, while the rebate under Section 87A was enhanced, effectively making income up to ₹12 lakh tax-free.

Experts say the impact of this shift is already being felt. According to them, the simplified slab structure and higher rebate have raised disposable incomes, providing a clear boost to consumption-driven sectors such as manufacturing and construction.

Simplified TDS framework

Budget 2025 introduced meaningful changes to the Tax Deduction at Source (TDS) provisions under the Income Tax Act, 1961, with the objective of easing compliance for individuals and businesses. TDS rules were streamlined and threshold limits enhanced, significantly lowering the compliance burden for small taxpayers and enterprises. In addition, the turnover limit for presumptive taxation under Section 44AD was increased to ₹3 crore, offering MSMEs greater flexibility and reduced administrative overheads.

Extended tax holiday for startups

The 2025 Budget also prolonged the 100 per cent profit-linked tax deduction for eligible startups, allowing them to claim the benefit for any three years within their first ten years of operation. This incentive has now been extended until April 1, 2030. The extended timeline is expected to support startups in navigating initial loss-making years and improve their ability to attract investment.

Key reforms for IFSC entities

The Finance Act, 2025 rolled out a series of tax incentives for units operating in the International Financial Services Centre (IFSC). Offshore funds and exchange-traded funds (ETFs) are now permitted to relocate to IFSC without triggering adverse tax consequences. Additionally, non-residents trading in offshore or over-the-counter derivatives through IFSC platforms will be eligible for tax exemptions. Tax incentives for IFSC units have also been extended up to March 31, 2030.

A significant amendment was also made to deemed dividend provisions. Inter-company loans will no longer be classified as deemed dividends when the lending entity is a finance company or an IFSC-based finance unit. According to Ananthapadmanabhan, this change has prompted large corporate groups to consider moving treasury operations to India, as the clarity around treasury-related lending removes a key area of concern.

Removal of equalisation levy

Under the Finance Act, 2025, the government abolished the equalisation levy on digital advertising with effect from April 1, 2025. This step has simplified the tax framework for multinational technology companies operating in India.

Taking an overall view, Ananthapadmanabhan said the reforms have strengthened the foundation for sustained, demand-driven economic growth, which is also evident in the sharp rise in GDP growth to 8.2 per cent in the second quarter of FY26.

CBDT has sent in excess of 44,000 alerts to taxpayers, directing them to reveal their crypto transactions.

Minister of State for Finance Pankaj Chaudhary
Photo Credit: ANI

The Finance Ministry has issued more than 44,000 communications to taxpayers for failing to disclose their cryptocurrency transactions in their Income Tax Returns, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on Monday. Simultaneously, the Enforcement Directorate (ED) has attached proceeds of crime exceeding ₹4,000 crore in crypto-linked investigations under the Prevention of Money Laundering Act (PMLA).

Finance Ministry data tabled in the Lok Sabha also revealed that Tax Deducted at Source (TDS) collections on crypto transactions have more than doubled over the past three years.

In a written response, Chaudhary stated: “Under the CBDT’s NUDGE (Non-Intrusive Usage of Data to Guide and Enable) campaign, 44,057 communications have been issued to taxpayers who invested in or traded VDAs but did not report these in Schedule VDA of their ITRs.” He added that advanced analytics—through Project Insight and internal databases—is being used to compare VDA transaction data with ITR disclosures. TDS statements filed by Virtual Asset Service Providers (VASPs) are also examined to spot discrepancies and initiate action.

Chaudhary further informed that the ED has taken action in several crypto-related cases under PMLA, leading to attachment, seizure, or freezing of assets worth ₹4,189.89 crore. So far, 29 individuals have been arrested and 22 prosecution complaints filed, while one accused has been declared a Fugitive Economic Offender.

TDS Collection Trend

In a separate written reply, Chaudhary highlighted that TDS collected by crypto exchanges increased from over ₹221 crore in 2022–23 to more than ₹511 crore in 2024–25. Maharashtra’s collection rose from ₹142 crore to ₹293 crore during this period, while Karnataka recorded the sharpest rise—from ₹39 crore to about ₹134 crore.

As per the Finance Act, 2022, a 1% TDS applies to all transfers of virtual digital assets, including those involving offshore platforms, where income is taxable in India. Chaudhary noted that several offshore cryptocurrency exchanges serving Indian users are not complying with these TDS requirements.

Survey operations conducted on three crypto exchanges uncovered TDS non-compliance amounting to ₹39.8 crore and undisclosed income of ₹125.79 crore. Additionally, search and seizure actions under Sections 132 and 133A of the Income Tax Act led to the detection of undisclosed income of ₹888.82 crore related to VDA transactions.

Chaudhary emphasized that due to the global nature of crypto assets, coordinated international action is essential. “A regulatory framework for crypto assets can be effective only with substantial global cooperation—particularly on assessing risks, benefits, and establishing common standards and taxonomy,” he said.

The government has announced that the new ITR forms under the revised Income Tax Act will be issued before FY 2027-28.

New Delhi: The government will notify the new Income Tax Return (ITR) forms—designed under the provisions of the Income Tax Act, 2025—before the start of the 2027-28 financial year, Minister of State for Finance Pankaj Chaudhary informed on Monday.

In a written reply in the Lok Sabha, Chaudhary said the CBDT’s committee on ITR simplification is holding wide-ranging consultations with tax professionals, institutional stakeholders, and various field units of the Income Tax Department.

The Income Tax Act, 2025—passed on August 21—will come into force from April 1, 2026, replacing the existing Income Tax Act of 1961. The new law aims to streamline tax legislation, cut down on complex wording, and enhance clarity for taxpayers.

All related forms under the Act, including TDS quarterly return forms and ITR forms, are being redesigned. The Directorate of Systems is collaborating with the Tax Policy Division to create forms that are more user-friendly.

Chaudhary noted that the ITR forms under the new Act will need to incorporate amendments introduced in Budget 2026. Therefore, the ITRs for the first tax year—2026–27—will be notified before FY 2027-28.

Regarding forms for income earned in the current fiscal year (Assessment Year 2026-27), he said the ongoing work of consolidation and simplification will continue, and these forms will be issued as per the existing Income Tax Act, 1961.

India Senior Citizen Tax Perks 2025-26 | More Than 30 Unique Benefits You Should Know

भारत में Senior Citizens को मिलने वाले लाभ — 2025–26 की सम्पूर्ण गाइड (30+ फायदे)

भारत सरकार का मानना है कि वरिष्ठ नागरिकों ने अपना पूरा जीवन परिश्रम, जिम्मेदारियों और समाज के निर्माण में लगा दिया है। इसलिए उन्हें सामान्य नागरिकों की तुलना में अधिक सुविधाएँ, कर लाभ और विशेष रियायतें प्रदान की जानी चाहिए।

इस विस्तृत लेख में हम Senior Citizens तथा Super Senior Citizens के लिए उपलब्ध सभी Tax Benefits, Banking सुविधाएँ, Compliance Relief, सरकारी योजनाएँ, छूट, रियायतें और विशेष अधिकारों को विस्तारपूर्वक समझेंगे।

यह सबसे व्यापक और पूरी तरह अपडेटेड गाइड है — जिसमें आपके अनुरोध अनुसार 30+ महत्वपूर्ण लाभ शामिल हैं।

Income Tax में Senior Citizens के प्रकार (4 श्रेणियाँ)

1️⃣ Normal Taxpayer
उम्र: 60 वर्ष से कम

2️⃣ Senior Citizen
उम्र: 60 से 79 वर्ष

3️⃣ Super Senior Citizen
उम्र: 80 वर्ष या उससे अधिक

4️⃣ Specified Senior Citizen (Section 194P)
उम्र: 75+ वर्ष
केवल पेंशन + उसी बैंक का ब्याज
ऐसे व्यक्तियों को ITR भरने से छूट (बैंक TDS काटकर कर-निपटान कर देता है)

New Tax Regime (FY 2025–26) — पूरी स्लैब संरचना

सरकार ने नई टैक्स व्यवस्था को default regime बना दिया है। स्लैब इस प्रकार हैं:

आय सीमा टैक्स दर
₹0 – ₹4 लाख 0%
₹4 – ₹8 लाख 5%
₹8 – ₹12 लाख 10%
₹12 – ₹16 लाख 15%
₹16 – ₹20 लाख 20%
₹20 – ₹24 लाख 25%
₹24 लाख से ऊपर 30%

Senior Citizens के लिए सबसे बड़ा फायदा — ₹12.75 लाख तक Zero Tax

2025–26 में Standard Deduction (Salary & Pension) = ₹75,000

उदाहरण:
कुल पेंशन = ₹12,75,000
घटाएँ: Standard Deduction = ₹75,000
Taxable Income = ₹12,00,000

→ New Regime में ₹12 लाख तक Section 87A Rebate लागू
→ टैक्स = ZERO

⭐ यानी Senior Citizen pensioners की ₹12.75 लाख तक की आय पर कोई टैक्स नहीं।

Old Tax Regime — Updated Basic Exemption Limits

श्रेणी छूट सीमा
Senior Citizen (60–79 yrs) ₹3,00,000
Super Senior Citizen (80+ yrs) ₹5,00,000
सामान्य करदाता ₹2,50,000

Section 80TTB — ब्याज आय पर ₹50,000 अतिरिक्त छूट

Senior Citizens को (Saving + FD + RD + Post Office + Co-operative Bank)–
सभी पर कुल ₹50,000 तक deduction मिलता है।

यह 80TTA के स्थान पर लागू होता है।

Section 80D — Medical Insurance पर ₹50,000

  • Senior Citizens के health insurance premium पर ₹50,000

  • यदि insurance उपलब्ध नहीं, तो medical expenses पर भी ₹50,000

  • माता-पिता के insurance पर भी benefit

Section 80DDB — गंभीर बीमारियों पर ₹1,00,000 की छूट

Cancer, Kidney Failure, Parkinson’s आदि specified diseases पर
Senior Citizens deduction = ₹1,00,000
(अन्य लोगों को केवल ₹40,000)

Advance Tax से छूट (Section 207)

यदि Senior Citizen की केवल
✔ Pension Income
✔ Interest Income
है, और कोई Business Income नहीं:
→ Advance Tax नहीं देना
→ 234B/234C Interest नहीं लगेगा

80+ वर्ष (Super Senior) — Offline ITR Filing की सुविधा

Super Seniors (80+):
ITR-1 / ITR-4 पेपर मोड में भर सकते हैं
E-filing अनिवार्य नहीं

Section 194P — 75+ साल वालों को ITR से पूरा छूट

शर्तें:
✔ उम्र 75+
✔ केवल पेंशन + उसी बैंक का ब्याज
→ Bank tax निकालकर सीधे Department को जमा करेगा
→ ITR भरने की आवश्यकता नहीं

Low Risk Profile — Scrutiny से लगभग छूट

यदि कोई व्यवसायिक आय नहीं है,
→ 143(2) scrutiny notice
→ 147/148 reassessment notice
सामान्यतः नहीं भेजे जाते

Family Pension Exemption बढ़ा — ₹25,000

अब New Regime में:
1/3 of pension OR ₹25,000 (lower) exempt
(पहले सीमा ₹15,000 थी)

LTCG (Shares) पर Extra Benefit

₹4 लाख rebate में cover

  • ₹1.5 लाख additional LTCG exempt
    → कुल मिलाकर Senior Citizens को ₹1.5 lakh extra tax-free LTCG

Reverse Mortgage — पूरा LTCG छूट

घर reverse mortgage करने पर
→ इसे “transfer” नहीं माना जाता
→ कोई capital gain tax नहीं

Senior Citizen FD Interest — अधिक ब्याज दरें

Banks:
+0.50% अतिरिक्त (Senior Citizens)
+0.75% तक (Super Seniors)

Form 15H — सीमा बढ़कर ₹12 लाख

Senior Citizen:
No TDS upto ₹12 lakh (Form 15H पर)

Bank Interest TDS Threshold — ₹1,00,000

Senior Citizens पर TDS तभी जब ब्याज > ₹1,00,000
(अन्य लोगों के लिए सीमा ₹40,000)

ITR Mandatory Filing — Higher TDS Limit

Normal: TDS > ₹25,000 → ITR आवश्यक
Senior Citizen: सीमा = ₹50,000

SCSS (Senior Citizen Savings Scheme) — प्रमुख लाभ

✔ न्यूनतम आयु: 60+
✔ जमा सीमा: ₹30 लाख
✔ ब्याज: ~8.2%
✔ 80C में deduction
✔ सरकार समर्थित सुरक्षित योजना

Super Senior Citizens (80+) — PAN–Aadhaar Linking Fee से छूट

80+ के लिए ₹1,000 linking fee नहीं लगेगी।

Airline Discounts — 5% से 50% तक

Aadhaar/ID दिखाने पर base fare में रियायत।

Senior Citizen Card — National + State Benefits

Healthcare, public services, travel concession आदि में लाभ।

Courts में Priority Hearing

Senior Citizens के मामलों की early listing एवं तेज disposal।

Health & Hospital Benefit

Govt Hospitals में लगभग free
Private Hospitals में special discounts

Roadways Bus Concession

कई राज्यों में 30%–50% तक छूट (जैसे RSRTC – 50%)

RBI Doorstep Banking (70+ years)

Cash pickup
Cash delivery
Cheque/Draft delivery
Home KYC

सब अनिवार्य सेवाएँ हैं।

Property Tax / Stamp Duty Relief

कई राज्यों में
✔ House tax rebate
✔ कम stamp duty
✔ Registration fee रियायतें

BSNL/MTNL Concessions

Priority installation
कम charges
Monthly bill relief

State Old Age Pension

राज्य सरकारें ₹1000–₹1500 या अधिक pension देती हैं (age criteria अलग-अलग)

Railway – Lower Berth Quota

Senior Men (60+) और Women (58+) को
Guaranteed lower berth + Priority allocation

भारत सरकार का उद्देश्य है कि वरिष्ठ नागरिकों को आर्थिक, स्वास्थ्य और सामाजिक जीवन के हर स्तर पर अधिक सुविधा और सम्मान मिले।

PAN to Be Declared Inoperative After 31 December 2025 — Know the Impact and Steps to Complete the Linking

If you’ve been putting off your PAN–Aadhaar linking thinking you’ll handle it “sometime soon,” that moment has officially arrived. The deadline is fast approaching, and 31 December 2025 is the final date to link your Permanent Account Number (PAN) with Aadhaar. Missing this cut-off will make your PAN inoperative, which can severely impact essential tax activities — from filing your ITR to receiving refunds.

For millions of taxpayers, PAN is far more than just a plastic card or an alphanumeric code. It serves as the primary identifier for every financial interaction with the Income Tax Department. Whether it involves monitoring advance tax, reconciling TDS/TCS, processing income tax returns, or clearing refunds — PAN is central to the entire compliance ecosystem. Linking Aadhaar with PAN enables the government to prevent duplicate PANs, reduce tax evasion, and ensure accurate matching of financial records.

Who Needs to Link PAN with Aadhaar? — CBDT Guidelines

The Central Board of Direct Taxes (CBDT) has clearly stated:

Any individual who has been allotted both PAN and Aadhaar on or before 1 October 2025 must link the two by 31 December 2025.

Failure to do so will make the PAN inoperative from 1 January 2026.

Consequences of an Inoperative PAN

An inoperative PAN is not cancelled, but in practice, it functions as if you don’t have a PAN at all. This leads to several disruptions in routine tax and financial operations:

❌ 1. Cannot file Income Tax Returns

The e-filing portal will not permit filing of ITRs using an inoperative PAN.

❌ 2. Refunds will be withheld

Any refund due will remain pending until the PAN is reactivated.

❌ 3. Pending return proceedings will be impacted

Processes such as defective returns (u/s 139(9)), updated returns (u/s 139(8A)), and assessments requiring PAN authentication will not progress.

❌ 4. Higher TDS/TCS rates

You will be considered a taxpayer “without PAN” under Sections 206AA and 206CC, resulting in deduction/collection of tax at higher rates.

❌ 5. Problems in high-value transactions

Banks, mutual funds, and other financial institutions may reject or hold transactions where PAN verification is mandatory.

In essence, allowing your PAN to become inoperative can lead to compliance setbacks, financial delays, and unnecessary complications.

Step 1: Visit the Income Tax e-Filing Website

Open the official portal: www.incometax.gov.in
On the homepage, look for the Quick Links section.

Step 2: Select ‘Link Aadhaar’

Clicking this option will open a form where you must provide:

  • Your 10-digit PAN

  • Your 12-digit Aadhaar number

  • Name exactly as it appears on Aadhaar

Tick the declaration confirming that the details are correct, then press Validate.

Step 3: Pay the Linking Fee (If Applicable)

A late fee of ₹1,000 is required if the linking is done after the previous deadline.

If your payment is not already registered, the system will show:
“Payment details not found.”

Click Continue to Pay Through e-Pay Tax, and complete the payment using the following path:

Payment Procedure

  1. Enter your PAN and mobile number, then verify via OTP.

  2. On the e-Pay Tax dashboard, choose:

    • Assessment Year: 2025–26

    • Type of Payment: Other Receipts (500)

    • Sub-type: Fee for delay in linking PAN with Aadhaar

  3. The portal will automatically fill the amount as ₹1,000.

  4. Select your payment method and finish the transaction.

A Challan will be generated — keep this for future reference.

Step 4: Complete the Aadhaar–PAN Linking Request

Return to the Link Aadhaar page and:

  • Enter PAN, Aadhaar, and Name again

  • Submit the OTP sent to your Aadhaar-linked mobile number

  • Click Validate

Your linking request will now be submitted.

How to Check Your Aadhaar–PAN Linking Status

You can verify the status in a few seconds:

  1. Visit www.incometax.gov.in

  2. Under Quick Links, click Link Aadhaar Status

  3. Enter your PAN and Aadhaar

  4. Select View Link Aadhaar Status

You will see one of the following responses:

✔ Linked

“Your PAN is already linked with Aadhaar.”

❌ Not Linked

You will be asked to complete the linking process.

⏳ Pending Verification

Your request has been forwarded to UIDAI for confirmation.

With 31 December 2025 being the final deadline, taxpayers are strongly advised to finish the Aadhaar–PAN linking process at the earliest.
An inoperative PAN can lead to a cascade of compliance problems — including stalled refunds, higher TDS rates, and delays in processing income-tax matters.
The entire procedure requires only a few minutes and ensures seamless tax compliance going forward.

FM Sitharaman announces tax proposal for demerit goods only, keeping essential goods exempt

Finance Minister Nirmala Sitharaman on Thursday clarified that the proposed Health and National Security Cess will apply only to demerit goods such as pan masala, and not to any essential commodities. She added that the revenue collected from this cess will be shared with states for health-related programmes.

Introducing the Health and National Security Cess Bill, 2025 in the Lok Sabha, the minister said the objective is to create a dedicated and stable source of funds for two key areas — health and national security.

“This cess is not being imposed on essential items. It is targeted at demerit goods that pose serious health risks. The intent is to create a deterrent so that consumption of such products declines,” Sitharaman said.

She noted that pan masala will attract the maximum 40% GST rate, in line with its consumption-based tax structure, and the new cess will not affect GST revenues. Instead, the cess will be charged over and above GST, based on the production capacity of machines installed in pan masala factories.

“The cess liability will vary for each unit depending on its production capacity,” the minister explained.

Since GST is levied at the consumption stage and excise duty cannot be applied to pan masala, the government has proposed this cess to ensure the product is appropriately taxed as a demerit good.

A portion of the cess revenue will be distributed to states for health awareness and other health-related activities, she said.

Sitharaman added that because excise duty cannot be levied on pan masala, a separate cess law is required to tax its production — alongside GST, which continues to apply at the consumption level.

Currently, pan masala, tobacco, and similar products attract 28% GST plus a variable compensation cess. After the compensation cess ends, the GST on these items will rise to 40%. Along with this, tobacco will also be subject to excise duty, and pan masala to the new Health and National Security Cess.

On Wednesday, the Lok Sabha passed a Bill amending the Central Excise Act, 1944, enabling excise duty on tobacco products in addition to the 40% GST.

Both the tobacco excise Bill and the new cess Bill come as the GST compensation cess nears its expiry, since loan repayments are expected to conclude in the coming weeks.

When GST was introduced on July 1, 2017, a compensation cess was implemented for five years to offset states’ revenue losses until June 30, 2022. It was later extended until March 31, 2026, with collections being used to repay the ₹2.69 lakh crore borrowed to compensate states during the Covid period.