Individuals can find their PF account number from the EPFO office, the employer, salary slips, the UAN portal, EPFO customer care number, or the UMANG app. Knowing your PF account number is very important because it helps you keep track of activities like checking balance, withdrawals, claim request status, etc., in your EPF account. The PF Account Number is a 22-digit alphanumeric account number given by the employer during employment.How to Check your PF Account Number?You can check your PF account number by:Checking Your Salary Slip UMANG AppUsing the UAN PortalVisiting the EPFO OfficeAsking Your EmployerRead along this blog to find details about how to find the account numbers and more. What is PF Account Number?PF account number is a  22-digit alphanumeric number that an employer allocates to their employees to check their EPF account status, balance available in their account, etc. Every employee must have a PF account number to withdraw from an EPF account.Every employee must acquire their PF number while they are employed.Since the introduction of Universal Account Number (UAN), it has become easier for employees to know their EPF number.PF Account Number FormatA PF account number comprises both alphabets and digits. Here is an example of what a PF account number looks like and every detail you get to know from this number. Let us consider a PF number as “MHMUM00127800000001313”. This number reveals the following information:The initial two alphabets in the number denote the state. For example, UP stands for Uttar Pradesh, KA for Karnataka, MH for Maharashtra and so onThe next three letters denote the regional PF office code.The first seven numbers show the establishment ID of your employer.The next three numbers stand for the extension code of an establishment ID.The last seven numbers indicate the actual EPF account number and remain specific to employees.Ways to Find PF Account NumberIn case, your employer fails to inform your PF account number, you can follow the below-mentioned steps to get the PF number:By Checking Your Salary Slip Usually, the EPF account number is mentioned on the salary slip of every employee.

A SWIFT code is the standard format used globally to identify banks during international financial transfers. If you’re an SBI account holder, you’ll need the correct SBI SWIFT code to send or receive funds from overseas. Since each SBI branch may have a different SWIFT code, it’s important to know which one to use. Read this blog as it covers everything you need to know about SBI SWIFT codes, including how to find them and how they differ from IFSC codes.Is SWIFT Code Same for all Branches of SBI?The alpha-numeric code used by the State Bank of India (SBI) to facilitate international transactions is the SBI SWIFT code. There are different SBI SWIFT codes for different banking services. Each branch of SBI has a different SWIFT code.

As the world becomes more connected and globalised, it has become increasingly common for individuals and companies to conduct business across borders or work remotely. This also means they may have to pay taxes in multiple countries from where they earn their income. This can lead to double taxation. This is where Double Taxation Avoidance Agreements (DTAAs) come in. Let's understand how DTAA works with the help of an example. Let's say you are a resident of India who has invested in a company located in the United States (US stocks).

Income from other sources under section 56 is a residuary head of income that contains all incomes that do not fall under the other four heads of income. Examples include rental income, interest on savings, fixed and recurring deposits, lottery winnings, and gifts.Income From Other SourcesThe Income Tax Department breaks down income into five heads of income for the purpose of income tax reporting:Income from SalaryIncome from House PropertyIncome from Capital Gains/LossProfits and Gains from Business and ProfessionIncome from Other SourcesIncome that can not be excluded from the total income under the Income Tax Act, 1961 and is not included under any of the four heads of income specified in section 14, falls under the head of income from other sources. Income that is taxable under the head of income from other sources should include the following income:DividendsIncome from winnings from the lottery, crossword puzzles, card games, races including horse races, and gambling of any formAny sum an employer receives from his employees towards contribution in EPF, Superannuation fund or ELSI, which is not taxable under the head, Profit and gains from business and profession, and not deposited in the relevant fund.Interest on securities that are not taxable under the head, Profits and Gains from business and profession.Plant and machinery owned by the taxpayer is let out for rental purposes, if it does not fall under the head of income from business and profession.Rental income from the composite unit of plant, machinery and furniture with the building that is not separable and is not taxable under the head, Profits and Gains from business and profession.Any sum received under the Keyman insurance policy (including bonuses) which is not taxable under the head, Profits and Gains from business and profession.Interest received on compensation or enhanced compensation.Any compensation received by the person due to the termination of employment Savings Bank Account – Interest IncomeInterest that gets accumulated in your savings bank account must be declared in your tax return under income from other sources. Note that the bank does not deduct TDS from savings bank interest. Interest from fixed deposits and recurring deposits is taxable, while interest from savings bank accounts and post office deposits is tax-deductible to a certain extent.

As the name suggests, personal loans are available to meet one’s personal financial needs, be it for home renovation, investing in a business, dealing with an emergency medical situation, or covering the expenses of a wedding.  These loans are unsecured, meaning that they don't require collateral. Therefore, they come at a comparatively higher interest rate. Additionally, personal loans usually have a short repayment term and low eligibility criteria, making them easy to obtain. Many individuals question whether there are any tax benefits associated with personal loans, and in this article, we'll address that query.Tax Benefit On Personal LoanNo, there are no specific tax benefits on a personal loan. However, we have identified a few scenarios where you can claim tax benefits on a personal loan in India.

Section 80CCD(1B) provides an additional deduction of ₹50,000 for contributions made by the taxpayer to the National Pension System (NPS), over and above the deductions available under Section 80C and 80CCD(1). This deduction is not available under the new regime u/s 115BAC.When combined with the ₹1.5 lakh limit under Section 80C and 80CCD(1), the total maximum deduction available under Sections 80C, 80CCD(1), and 80CCD(1B) amounts to ₹2 lakh.What is Section 80CCD(1B)?Section 80CCD(1B) provides an additional deduction of up to Rs 50,000 for contributions made to NPS. The additional deduction of Rs. 50,000/- under Section 80CCD(1B) is available over and above the benefit of Rs 1.50 lakh deduction under Section 80CCD(1). Thus, the maximum deduction limit is Rs. 2 lakhs under Section 80CCD(1) + Section 80CCD(1B) (Deductions would be available only under the old regime).Maximum deductions under section 80C + 80CCC + 80CCD(1) = Rs. 1.5 lakh  Rs.

If you find that you have overpaid your income tax or if there was an excess tax deduction at source (TDS), there's no need to worry. You have the option to claim a refund for the excess amount when filing your income tax returns. Once you file your returns, the income tax department will review them and process the refund. It's important to note that refunds are now transferred electronically to your bank account linked with your PAN (effective from 1st March 2019).To ensure a successful refund process, you must pre-validate your bank account on the income tax e-filing portal. Read the guide below on how to pre-validate your bank account.Prerequisites to Prevalidate Bank Account Before starting the pre-validation, ensure you have the following prerequisites in order:There should be an active account based on your PAN in the income tax portal.The bank account must be linked with your PAN and registered mobile number.Ensure that your bank account mobile number is the same as the one used for the Income Tax portal registration. Type of Bank Accounts that can be Pre-validatedSaving Bank AccountCurrent AccountCash Credit AccountOverdraft AccountNRO AccountHow to Pre-Validate a Bank Account?Taxpayers will receive their income tax refund only if their bank account is linked with their PAN (Permanent Account Number).

Given the rising domestic LPG cylinder prices, most individuals believe that State Governments charge a 55% tax on gas cylinders. However, this is false, and a viral social media post spread this fake news long ago.Thus, to keep yourself well-informed about the LPG tax in India, keep reading. It is always important to have an idea of how much amount you pay for your gas cylinder actually goes towards taxes. LPG Gas Tax Rate in IndiaAs per the Central Board of Indirect Taxes and Customs (CBIC) official website, domestic LPG cylinders fall under the 5% GST (CGST – 2.5% + SGST – 2.5%) tax slab.This LPG tax is charged by the Central Government and there is no separate tax levied on domestic LPG cylinders by the State Governments.     Central and State Tax on LPG in IndiaNow, apart from the 5% GST that the Central Government imposes, there are a few costs which add to the retail price of domestic LPG cylinders. As per the Petroleum Planning & Analysis Cell (PPAC), Rs.61.84 is chargeable as distributor’s/dealer’s commission. This amount also includes ‘delivery charges’ of Rs.27.60 and ‘establishment charges’ of Rs.34.24.    On the state level, no additional taxes are applicable.

Imagine you walk into a luxury car showroom, ready to buy your dream car worth more than ₹10 lakh. As you finalize the payment, you notice an extra tax amount added to your bill. Meanwhile, you receive a payment from one of your corporate clients—only to find that a certain percentage has been deducted before the money even reaches your account.What just happened?As a car buyer, you have been associated with Tax Collected at Source (TCS). You are the source of income for the car dealer and tax is collected from you in the first situation.  As a consultant, you were associated with Tax Deducted at Source (TDS). Your source of Income - your client, has deducted TDS from you so that only net amount is settled.TDS and TCS are one of the most familiar forms of direct tax levying mechanism by the Indian Government. TDS represents the tax deducted by the payer from payments made when the amount exceeds a set limit. Conversely, TCS refers to the tax collected by the sellers during transactions with buyers.However, taxpayers often mix up these terms and use them interchangeably.

Post Office investment-savings schemes in India offer secure, government-backed options with guaranteed risk-free returns. These schemes cater to risk-averse investors and include popular products like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), and Monthly Income Scheme (MIS). They also offer tax benefits up to Rs.1.5 lakh under Section 80C of the Income Tax Act.Recently, deposit limits have been increased, making them even more attractive. The following table summarizes the details of various post office schemes.SchemeInterest Rate (Applicable from 01/04/2025)Minimum InvestmentMaximum InvestmentEligibilityTax ImplicationsPost Office Savings Account4% per annum (p.a.)Rs. 500No limitResident Indian, minor (above 10 years) and major.Tax-free interest up to Rs 50,000 for senior citizens Post Office Time Deposit Account (TD)One-year – 6.9% p.a.