- Meaning
- Tax Rate
- Nature of Income Tax Rate
- Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government 50%
- Any other income 35%
- Minimum Alternate Tax
- capital gains arising from transfer of securities,
- interest,
- Dividend,
- royalty and
- fees for technical services
- Special Provisions applicable to Foreign Companies
- Section 4 Charge of income-tax
- Section 5 Scope of total income
- Section 6 Residence in India
- Section 7 Income deemed to be received.
- Section 44B read with Section 172 Special provision for computing profits and gains of shipping
- Section 44BBC Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents
- Section 44BBD Presumptive tax scheme for non-residents providing services or technology to a resident company in India to set up an electronics manufacturing facility or manufacture/produce electronic goods.
- Due Dates for the Year 2025
Meaning
As per Section 2(23A) "foreign company" means a company which is not a domestic company
Assessment Year 2025-26 & Assessment Year 2026-27
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
b) Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four per cent of such income-tax and surcharge.
B. Minimum Alternate Tax
A company shall be liable to pay MAT @ 15% of book profit (plus surcharge and education cess as applicable) where the normal tax liability of the company is less than 15% of book profit. However, a foreign company shall not be liable to pay MAT on following incomes if income-tax payable thereon under the normal provisions is at a rate less than 15%
Further, MAT provisions shall not be applicable with effect from April 1, 2001 to a foreign company, if—
i) the assessee is a resident of a country or a specified territory with which India has an Double Taxation Avoidance Agreement (‘DTAA) or the Central Government has adopted any agreement under sub-section (1) of section 90A and the assessee does not have a permanent establishment in India; or
ii) the assessee is a resident of a country with which India does not have an DTAA and the assessee is not required to seek registration under any law for the time being in force relating to companies.
Special Provisions applicable to Foreign Companies
Due Dates for the Year 2025
Fourth instalment of advance tax for the assessment year 2025-26
Country-By-Country Report in Form No. 3CEAD for the previous year 2023-24 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group
- How to apply for PAN?
- Documents be submitted along with the PAN application
- Track Status
- Contact Assistance
- FAQs
How to apply for PAN?
1) Online Application - An online application can be made from the website of UTIITSL or Protean (formerly NSDL eGov)
2) Through PAN Application Center - Application for PAN can be submitted at the PAN Application center
(a) Protean (formerly NSDL eGov) (b) UTITSL
Documents be submitted along with the PAN application
| Company registered outside India | |
| Applicable Form | 49AA |
| Documents required | Copy of Certificate of Registration issued in the country where the applicant is located, duly attested by "Apostille" (in respect of countries which are signatories to the Hague Apostille Convention of 1961) or by Indian embassy or High Commission or Consulate in the country where the applicant is located or authorised officials of overseas branches of Scheduled Banks registered in India; or Copy of registration certificate issued in India or of approval granted to set up office in India by Indian Authorities. |
Track Status
Applicant will receive an acknowledgment containing a unique number on acceptance of the application form. This acknowledgement number can be used for tracking the status (Protean (formerly NSDL eGov) / UTITSL ) of the application by using the track status facility available at above web sites.
Contact Assistance
The Income Tax Department or Protean (formerly NSDL eGov) or UTIITSL can be contacted in any of the following means
| Mode | Income Tax Department | Protean (formerly NSDL eGov) | UTITSL |
| Website | www.incometaxindia.gov.in | https://www.protean-tinpan.com/ | www.utiitsl.com |
| Call Center | 08069708080 | ||
| Email ID | tininfo@proteantech.in | ||
| Address | Protean (formerly NSDL eGov) INCOME TAX PAN SERVICES UNIT (Managed by Protean eGov Technologies Limited, 4th floor, Sapphire Chambers, Baner Road, Baner, Pune - 411045 |
UTI Infrastructure Technology And Services Limited, Plot No.3, Sector 11, CBD Belapur Navi Mumbai PIN - 400614 |
If your PAN card is lost?
If the PAN card is lost then you can apply for duplicate PAN card by submitting the Form for "Request for New PAN Card or/ and Changes or Correction in PAN Data" and a copy of FIR may be submitted along with the form.
If the PAN card is lost and you don't remember your PAN, then in such a case, you can know your PAN by using the facility of "Know Your PAN" provided by the Income Tax Department. This facility can be availed of from the website of Income Tax Department - www.incometaxindia.gov.in
You can know your PAN online by providing the core details like Name, Father's Name and Date of Birth. After knowing the PAN you can apply for duplicate PAN card by submitting the "Request For New PAN Card Or/And Changes Or Correction in PAN Data".
What are the benefits of obtaining a PAN Card?
A Permanent Account Number has been made compulsory for every transaction with the Income-tax Department. It is also mandatory for numerous other financial transactions such as opening of bank accounts, availing of institutional financial credits, purchase of high-end consumer items, foreign travel, transaction of immovable properties, dealing in securities, etc. A PAN card is a valuable means of photo identification accepted by all Government and non-Government institutions in the country.
Is it mandatory to provide the Assessing Officer Code in Form 49A/49AA?
Yes, it mandatory to provide the Assessing Officer (AO) Code in Form 49A/49AA. AO Code (i.e. Area Code, AO Type, Range Code and AO Number) of the Jurisdictional Assessing Officer must be filled up by the applicant. These details can be obtained from the Income Tax Office or PAN Centre or websites of PAN service providers on www.utiitsl.com or www.tin-nsdl.com.
What is the penalty for not complying with the provisions relating to PAN?
Section 272B provides for penalty in case of default by the taxpayer in complying with the provisions relating to PAN, i.e., not obtaining PAN, even though he is liable to obtain PAN or knowingly quoting incorrect PAN in any prescribed document in which PAN is to be quoted or intimating incorrect PAN to the person deducing tax or person collecting tax. Penalty under section 272B is Rs. 10,000.
Can a person hold more than one PAN?
A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. A penalty of Rs. 10,000/- is liable to be imposed under Section 272B of the Income-tax Act, 1961 for having more than one PAN.
If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).
Is it mandatory to provide Aadhaar number in PAN application form?
It is mandatory to quote Aadhaar number in the PAN application form for every person who is eligible to obtain Aadhaar Number.
In case the person does not possess the Aadhaar number, the enrolment ID of Aadhaar form can be quoted.
Note: W.e.f. 01-10-2024, the benefit of quoting enrolment ID of Aadhaar form has been withdrawn. The taxpayer is required to quote his Aadhaar number in PAN application Form.
View all Frequently Asked Questions- Income from House Property
- The house property should consist of any building or land appurtenant thereto;
- The taxpayer should be the owner of the property;
- The house property should not be used for the purpose of business or profession carried on by the taxpayer.
- Profits and Gains from Business and Profession
- Profit and gains from any business or profession carried on by the assessee at any time during the previous year
- Any compensation or other payment due to or received by any specified person
- Income under the Capital Gains
- There should be a capital asset. In other words, the asset transferred should be a capital asset on the date of transfer;
- It should be transferred by the taxpayer during the previous year;
- There should be profits or gain as a result of transfer
- Income from Other Sources
Income from House Property
Conditions for Taxability
Profits and Gains from Business and Profession
The following incomes are chargeable to tax under the head Profit and Gains from Business or Profession:
Income under the Capital Gains
Conditions for Chargeability:
Income from Other Sources
Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”.
- Steps to fill form 26QB
- Log on to website e-filing portal (https://www.incometax.gov.in/iec/foportal/).
- Under 'e-file', click on 'e-Pay tax'
- Then Click on ‘New Payment’
- Select ‘Proceed’ under ‘26 QB (TDS on Sale of Property)’ field
- Fill the complete form as applicable.
(User should be ready with the following information while filling the form 26QB :
- Residential Status of seller
- PAN of the seller & buyer
- Communication details of seller & buyer
- Property details
- Amount paid/credited & tax details
- After submitting, the next page will ask to select the mode of payment i.e.,:
- Net banking;
- Debit Card;
- Pay at Bank counter;
- RTGS/NEFT; or
- Payment Gateway.
- Select the appropriate payment mode and click on continue to make the payment.
- On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
- Steps to Download Form 16B
- Register & login on TRACES portal (https://contents.tdscpc.gov.in/) as taxpayer using your PAN.
- Select "Form 16B (For Buyer)" under "Downloads" menu.
- Enter the details pertaining to the property transaction for which Form 16B is to be requested. Enter the Form Type, Assessment Year, Acknowledgment Number, PAN of Seller and click on "Proceed".
- A confirmation screen will appear. Click on "Submit Request" to proceed.
- A success message on submission of download request will appear. Please note the request number to search for the download request.
- Click on "Requested Downloads" to download the requested files.
- Search for the request with request number. Select the request row and click on "HTTP download" button.
I. Steps to fill form 26QB :
II. Steps to Download Form 16B:
Click here to go 'TDS on Sale of Property' page at TRACES Website
- How is advance tax calculated and paid?
- How to compute Tax?
- How to pay Tax?
Income Tax on Companies
The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in the challan it is mentioned as Income-tax on Companies (Corporation tax).
Tax paid by non-corporate assessees is called as Income-tax, and for payment of the same in the challan it is to be mentioned as Income-tax (other than Companies).
How is advance tax calculated and paid?
Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments. see more
Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
| Status | By 15th June | By 15th Sept | 15th Dec | 15th March |
| Assessee | 15% | 45% | 75% | 100% |
Any tax paid till 31st March is treated as advance tax.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.
How to compute Tax?
After ascertaining the total income, i.e., income liable to tax, the next step is to compute the tax liability for the year. Tax liability is to be computed by applying the rates prescribed in this regard. For rates of tax, refer "Tax Rate" section. Following table will help in understanding the manner of computation of the total tax liability of the taxpayer. see more
Tutorial on Minimum Alternate Tax
Tax Calculators
Tax Rates
How to pay Tax?
e-Payment is mandatory in case of Companies
- Who should file return of income?
- Documents required to be attached with the return of income
- How to file return of income?
- Due dates for filing returns of income/loss
- Whether an assessee can file a revised return to correct a mistake in return filed earlier?
- FAQs
Who should file return of income?
Every company shall, on or before the due date, furnish a return of his income during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed
Documents required to be attached with the return of income
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
However, in case of a taxpayer who is required to furnish a report of audit under section 10(23C)(v),10(23C)(vi), 10(23C)(via), 10A,10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA,80-IB,80-IC,80-ID, 80JJAA, 80LA,92E,115JB or 115VW shall furnish it electronically on or before the date of filing the return of income.
How to file return of income?
It is mandatory for a company to file its return of income electronically under digital signature.
| ITR | Description | |
| ITR 6 | For Companies other than companies claiming exemption under section 11 | |
| ITR 7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only |
Due dates for filing returns of income/loss
The due dates for filing return of income by a Company is 31st October
In case of an assessee having an international transaction or specified domestic transaction(s) who is required to furnish a report in Form No. 3CEB the due date is 30th November.
Whether an assessee can file a revised return to correct a mistake in return filed earlier?
Yes, return can be revised at any time within 3 months prior to the end of the relevant assessment year or before completion of the assessment whichever is earlier.
Can a return be filed after the due date?
Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time within 3 months before the end of the assessment year or before completion of the assessment, whichever is earlier. Return filed after the prescribed due date is called as a belated return.
E.g., In case of income earned during FY 2024-25, the belated return can be filed up to 31st December, 2025.
Can a return of income be filed after expiry of due date to file belated return?
Section 139(8A) to enable the filing of an updated return. The section provides that an updated return can be filed by any person irrespective of the fact whether such person has already filed the original, belated or revised return for the relevant assessment year or not (subject to certain conditions). An updated return can be filed at any time within 48 months from the end of the relevant assessment year.
Am I required to keep a copy of the return filed as proof and for how long?
Yes, since legal proceedings under the Income-tax Act can be initiated up to three/five years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period.
- View Refund/Demand Status
- Login to e-Filing website with User ID, Password.
- Go to Pending Actions and click on ".
- Response to Outstanding Demand
- How to Request for Refund Re-issue (in case of refund failure)
- Login to e-Filing website with User ID, Password.
- Go to Services and click on "Refund Reissue ".
- Create Refund Reissue request
View Refund/Demand Status
To view Refund/Demand Status, please follow the below steps:
How to Request for Refund Re-issue (in case of refund failure)
To request for Refund Re-issue, please follow the below steps:
Appeals
Income tax liability is determined by the Assessing Officer first. A tax payer aggrieved by various actions of Assessing Officer can appeal before Commissioner of Income Tax (Appeals). Further appeal can be preferred before the Income Tax Appellate Tribunal. On substantial question of law, further appeal can be filed before the High Court and even to the Supreme Court. Various appellate procedures at different levels of appellate authority are defined hereunder: