When individuals start earning, many people suggest filing income tax returns. Fitting ITRs and keeping the government informed on your income is a good practice. However, is it necessary for people earning less than the exemption limit to file taxes? Most importantly, what is the meaning of taxable income more than the exemption limitKeep reading this article to learn more.  What to Do if My Taxable Income Is Less Than Basic Exemption Limit?According to Income Tax laws, an Indian citizen must file an ITR only if his/her taxable income exceeds the basic exemption limit. In case the person's income falls below this threshold, it is not mandatory to file a return. The basic threshold will tend to differ depending on the chosen income tax regime. For the old regime, the basic exemption limit is Rs 2,50,000.

A PAN card is mandatory for various financial purposes, such as opening a bank account, issuing a debit/credit card, getting income tax refunds, etc. The PAN card contains the PAN number allotted to an individual or a company. The PAN number is a ten-digit unique alphanumeric number issued by the Income Tax Department. After applying for a PAN card, you can check the PAN card status online or through a call.Know your PAN application statusThis article describes the process to check application status. The following are the ways to check your PAN application status:Call: You can track your PAN application status by calling TIN call center on 020-27218080 from 7:00 am to 11:00 pm and providing your 15-digit acknowledgement number of PAN application.Whatsapp service: You can track the status of your PAN application by sending 15-digit acknowledgement number of PAN application on Whatsapp to ‘8096078080’.Online: Apart from the above, applicants can track the current NSDL PAN status application online.Pan card tracking based on acknowledgement numberWhen you have applied for a PAN card on the NSDL website, you can check the PAN card application status only on the NSDL website.

As a taxpayer in this country, it is crucial to understand the tax system and how you can file direct and indirect taxes in India. A basic understanding of these two tax structures simplifies taxes for individuals and small businesses and helps them follow all compliances properly. Timely payments and filing of taxes also help them prevent penalties or making any mistakes.In this blog, we have covered all basic differences between GST and income tax and how to file returns for each tax system. GST vs Income Tax The tax regime in India is classified into two broad categories, i.e. direct taxes and indirect taxes. Direct tax is a tax levied directly on an individual's income, whereas indirect taxes are levied on their consumption of goods and services. Income tax, governed by the Income Tax Act 1961, is a part of the direct tax system in India. On the other hand, the Goods and Services Tax (GST) is an indirect taxation system governed by the Goods and Services Act 2017.

Latest UpdateThe last date for linking Aadhaar with PAN was 30th June 2023. PAN will become inoperative from 1st July 2023 if it is not linked with Aadhaar. All citizens having a PAN card should have linked it with their Aadhaar card by 30th June 2023. The government has made it mandatory for all taxpayers having a PAN card to link it with their Aadhaar card within the deadline. However, a late penalty of Rs.1,000 should be paid before requesting to link PAN-Aadhaar.When the PAN-Aadhaar linking is not done within 30th June 2023, the PAN card will become inoperative from 1st July 2023. Thus, ensure that your PAN card is linked with your Aadhaar card.

The Permanent Account Number (PAN) card and Aadhaar card are critical identification documents for Indian citizens. The Income Tax (IT) department issues the PAN card, while the Unique Identification Authority of India (UIDAI) issues the Aadhaar card. PAN is a unique identification number issued to individuals and businesses for tax purposes. The Aadhaar number is a 12-digit unique identification number issued for all residents. However, the IT department has made linking PAN and Aadhaar cards mandatory. Latest UpdateThe last date for linking Aadhaar with PAN was 30th June 2023. PAN will become inoperative from 1st July 2023 if it is not linked with Aadhaar. Thus, if you have not linked your PAN card with your Aadhaar within 30th June 2023, your PAN card will be inoperative and you will not be able to provide your PAN number for financial transactions. However, you can still apply for linking your PAN with your Aadhaar even now after paying the penalty and your PAN card will be operative within 30 days.

If you are an entrepreneur, you must be aware of the term "Angel Tax". Under section (56(2)(viib)) of the Income Tax Act, a startup in India is required to pay a definite sum in the form of tax. However, in the 2019 Union Budget, the government announced some relaxation. At the same time, to become eligible for angel tax exemption, it is necessary to meet certain conditions. In the subsequent sections, we will know about angel tax, what is its exemption, and other related information. Keep scrolling and learn more.What is Angel Tax?To operate an early-stage venture, every business needs funds.

Latest PM Kisan News:Govt released the 16th installment of PM-Kisan on 28 February 2023.Govt released the 15th installment of PM-Kisan on 15 November 2023.Govt released the 14th installment of PM-Kisan on 27th July 2023.Govt released the 13th installment of PM-Kisan on 27th February 2023.Govt released the 12th installment of PM-Kisan on 17th October 2022.   PM-Kisan 17th Installment NewsSince the last installment, the 16th installment, was released in February, the next installment is expected to be released in June. However, due to the ongoing general elections, there may be a delay in the release of the 17th installment, which may be released at the end of June or the beginning of July. More than 11 crore farmers, including marginal and small farmers, will receive the 17th PM-Kisan installment. Beneficiaries will receive Rs.2,000 under the 17th PM-Kisan installment directly to their bank accounts through DBT.PM-Kisan 16th Installment NewsThe Prime Minister released the PM-Kisan 16th installment on 28 February 2024 to more than 11 crore farmers, including marginal and small farmers. In the 16th installment, an amount of more than Rs.

State Bank of India (SBI) is a public sector bank in India that has branches across the world. It is the largest bank in the country, offering multiple retail banking products. One such retail banking product is Fixed Deposit (FD) accounts.FDs are by far the most trusted mode for savings across customers of all age groups due to their guaranteed returns feature. The bank provides attractive interest rates on customers’ deposits over the tenure chosen by the customers.Here is all that you need to know about FD schemes, interest rates, eligibility criteria, and more. SBI Fixed Deposit Rates Highlights 2024SBI FD PeriodInterest RatesHighest FD rate (400 Days - Amrit Kalash)7.10% p.a. 1 year6.80% p.a.2 years7.00% p.a.3 years6.75% p.a.4 years6.75% p.a.5 years6.50% p.a.Tax-Saving FD6.50% p.a.Note: Interest rates are as of 15/05/2024SBI Bank FD Rates 2024 (Below 2 Crores)Below table provides the SBI Bank FD interest rates 2024 for deposits below Rs.2 crore:FD TenureInterest Rates (p.a) for General Public7 days to 45 days3.50%46 days to 179 days5.50%180 days to 210 days6.00%211 days to less than 1 year6.25%1 year to less than 2 years6.80%2 years to less than 3 years7.00%3 years to less than 5 years6.75%5 years and up to 10 years6.50%Note: Interest rates are as of 15/05/2024SBI Term Deposit Rates 2024 (Above 2 Crores)Below table provides the SBI Bank FD interest rates 2024 for deposits above Rs.2 crore:FD TenureInterest Rates (p.a) for General Public7 days to 45 days5.25%46 days to 179 days6.25%180 days to 210 days6.60%211 days to less than 1 year6.75%1 year to less than 2 years7.00%2 years to less than 3 years7.00%3 years to less than 5 years6.25%5 years and up to 10 years6.00%Note: Interest rates are as of 15/05/2024SBI Fixed Deposit Rates for Senior CitizensFD TenureInterest Rates (p.a) for deposits below Rs.2 croreInterest Rates (p.a) for deposits above Rs.2 crore7 days to 45 days4.00%5.75%46 days to 179 days6.00%6.75%180 days to 210 days6.50%7.10%211 days to less than 1 year6.75%7.25%1 year to less than 2 years7.30%7.50%2 years to less than 3 years7.50%7.50%3 years to less than 5 years7.25%6.75%5 years and up to 10 years7.50%*6.50%*This includes the additional 50 bps premium of under the “SBI We-care” deposit scheme.Note: Interest rates are as of 15/05/2024Term wise SBI Fixed Deposit RatesShort-Term SBI Fixed Deposit RatesFor short-term SBI FD, i.e., FDs ranging from 7 days to 1 year, the interest rates vary from 3.50% p.a. to 6.00% p.a.

The Employees’ Provident Fund (EPF) acts as a saving tool. The employee and the employer contribute an equal amount towards savings that can be availed upon retirement or after switching jobs. You can now check your EPF balance via SMS, by giving a missed call, the EPFO app/Umang app, and the EPFO Portal. By allowing employees to access the EPF balance, they can easily:Plan their expenses wellAvail a loan against their EPF balanceCheck the status of their monthly PF contributionsFor more information, read our articles on PF Claim Status, PF Transfer, EPF Withdrawal & EPF Payment.How to Check PF Balance?There are multiple ways to check your pf balance, both with and without UAN. They are listed as follows:Giving missed call to mobile number - 9966044425Sending an SMS to mobile number - 7738299899Using EPFO online portalUsing UMANG mobile applicationHow to PF Balance With UAN?PF Balance Check Using EPFO PortalTo check EPF balance, make sure that you have activated your Universal Account Number (UAN). UAN is a unique identification number provided for all employees enrolled under the EPF scheme.

Every PAN card applicant is required to enter the AO (Assessing Officer) code in the top right corner of the application form. The AO code for the PAN card consists of four elements: the area code, the range code, the AO number and the AO type. The importance of providing an AO code is strongly related to the income tax assessment. Want to know why? Scroll down to know more about AO code and its associated aspects!AO Code for PAN Card?The AO code denotes the Assessing Officer for an individual PAN card. In other words, this code indicates the tax jurisdiction under which the PAN card application would fall.