The views expressed are strictly of the author. The contents of this article are solely for informational purposes and for the reader’s personal non-commercial
#WATCH | Delhi: Congress leader Pawan Khera says, "We are fully confident that the Congress Party and our alliance partners will win strongly in all five states."
Clear section‑wise mapping between the 1961 Act and 2025 Act
TDS Rate and threshold comparisons for Salary, PF, Interest, Rent, Life Insurance, Contractors, and E‑Commerce
Form 124 (new equivalent of Form 12BB) is used for salaried investment declaration under IT Act 2025.
Employers will recompute TDS if proofs are not submitted by Jan–Feb 2027.
Retain original documents for 6 years for IT scrutiny.
MCA notifies new fee rules under Companies Amendment Rules 2026:
- NIL if filed on time
- Rs 5000 for late filing/DIN reactivation
- Rs 500 for Changes or Updates in KYC Details
Form 124 is effective 01-04-2026, a statement for salaried employees to declare taxsaving investments, allowances (like HRA/LTA), and deductions to their employer to calculate accurate TDS. It replaces the older Form 12BB and requires detailed, mandatory documentation for claims