Whenever capital gains arise on sale of stocks, mutual funds, properties, etc, ITR 2 is applicable for the relevant assessment year. Choosing the right ITR form and disclosing the capital gain income and asset disclosures accurately becomes very crucial to remain tax compliant and avoid notices and penalties. This blog explains how to file ITR for capital gains step by step in a simple and step by step manner.Eligibility Criteria to File ITR-2 FormIf you fulfil the following criteria, then it is mandatory to file the ITR-2 form:Any Indian individual or member of the HUF (Hindu Undivided Family)Resident, RNOR and Non-Resident eligible for ITR-2.Salaried or pensioned individuals having income exceeding Rs.50 lakhs.Individuals earning capital gains from the sale of shares, mutual funds, immovable property, and virtual digital assets.   If you earn rental income from multiple house propertiesIf you earn more than Rs.5,000 from agricultural incomeIf you have foreign assets or generate a foreign incomeIf you are a director in any company (Foreign or domestic)If you hold an unlisted equity share in any company (Foreign or domestic)If you have any brought forward loss or loss to be carried forward under any head of incomeIndividuals earning income through other sources like horse racing, lottery winning, etc.Note: If you are earning from a business, any profession, partnership firm, etc., you are not eligible to file an ITR-2 form.Documents Required to File ITR-2 FormCheck out the essential documents required for filing the ITR-2 form:Aadhaar CardPAN (Permanent Account Number)TDS certificates / Form 26ASForm 16 if you are a salaried IndividualAIS/TIS statement from Income tax portalChallan of the paid taxesBank account detailsOriginal return details (if you are filing for a revised return)Notice-related details (if you are filing in response to any notice)Documents Required For Filing Capital Gain ITR Form:For Sale of Immovable Property :Sales and purchase deeds, improvement cost details, transfer expenses showing the sale value, purchase value and any cost of improvement.Full Address of the Property.Details of the buyer, like PAN and Aadhaar.Necessary supporting document if you claiming exemption u/s 54 or 54ECFor Sale of Mutual funds, Equity shares or Virtual Digital Assets:For the Sale of Mutual funds, you can generate consolidated capital gain statements from CAMs and Kfintech.For the Sale of Equity shares, you can check with your broker for a capital gain statement or Tax P&LFor the sale of Virtual Digital Assets, you can generate Transaction report or Profit and Loss report from the respective exchangesFor any other types of capital, you must have a document showing the sale consideration and the purchase cost details as required.Steps to File Income Tax Returns for Capital Gains on the E-Filing PortalYou can log in to the official portal of the income tax department and file your ITR for capital gains by following these steps: Step 1: Select Income Tax Returns from ‘e-File’, and then click on ‘Income Tax Returns’ and select ‘File Income Tax Returns’.Step 2: You need to select the assessment year, for instance, 2024-2025, and select ‘Online’ as the mode of filing.Step 3: Next, select the form type (ITR-2) after choosing the status.Select the reason for ITR filing and click on ‘continue’Step 4: On the next page, you can find 5 types of schedules. Click on ‘General’ and select ‘Income Schedule’. Step 5: Click on ‘Schedule Capital Gains’ and select the appropriate capital asset type from the list.Step 6: If you want to file for STCG, click on ‘Add Details’ and enter the consolidated amount you have obtained from selling short-term assets and the Cost of Acquisition in a given financial year. However, for long-term capital gains, you need to enter details like purchase price, ISIN, transaction dates, selling price, etc., in Schedule 112A and click on 'Add'.Step 7: After confirming the required schedules based on LTCG and STCG, you need to review Part B TTI.Step 8: Once you have reviewed Part B TTI, If there is any additional tax liability, you will get a ‘Pay Now’ option through which you can make tax payments.Step 9: Proceed with Click on ‘Preview Return’.Step 10: Once reviewed, proceed with the validation Step 11: Once it is validated and filed, you need to verify the filed ITR within 30 days. You can verify it online using Aadhaar OTP, via net banking or mail a printout of the signed ITR-V (Acknowledgement form) to the IT department’s Bangalore branch.Top Mistakes to Avoid While Filing ITR 2Not Reconciling Form 26AS and AIS: AIS contains the details related to sale of all securities by you during the relevant financial year.

A defective return occurs when the Income Tax Department finds errors or inconsistencies in a filed income tax return. It acts as a warning to taxpayers, allowing them to correct mistakes and ensure accurate reporting. Responding to such a notice helps avoid penalties, interest, or issues with refunds, while maintaining compliance with tax regulations.Key HighlightsA defective return is flagged when the Income Tax Department finds errors in your ITR.Common causes include incomplete ITR, TDS mismatch, unreported income, or incorrect details.Taxpayers have 15 days to respond to the notice.What is a Defective Return?A defective return occurs when the Income Tax Department detects errors or inconsistencies in your Income Tax Return (ITR). These errors could include:Missing or incomplete information in the ITR.Conflicting details compared to data available with the department (from employers, banks, mutual funds, TDS/TCS deductors, etc.).Incorrect basic details, such as name, PAN, or address.Mistakes in tax calculation or reporting of income and deductions.What is Section 139(9) of the Income Tax Act?Under Section 139(9) of the Income Tax Act, 1961, the department issues a notice for a return that is defective. This notice is sent to your registered email ID and is also available on the Income Tax e-filing portal.

Form 26QB should be filed on purchase of immovable property. If you buy a property by paying at least Rs. 50 lakhs, TDS should be deducted under section 194-IA at 1%, and it should be remitted to the government using a challan cum statement called form 26QB. It should be filed within 30 days from the end of the month in which the transaction took place.What Is Form 26QB?26QB is an online statement-cum-challan form used for the payment of TDS u/s 194 IA to the government.Under Section 194-IA of the Act, a buyer should deduct TDS at 1% of the sum or the stamp duty value of such property, whichever is higher, only if the property value for transactions is more than or equal to Rs.50 lakh. The buyer must fill out this form within 30 days form the end of the month for making a TDS payment on the sale of a property. This form requires all details of the property along with the details of buyers, sellers, tax deposits, and so on. It is available on the Income Tax website.A person does not need to possess a TAN for this TDS deduction, and this form can be filed directly through the income tax portal.

Form ITR-V stands for 'Income Tax Return-Verification' Form. It is a single-page document that is received when an ITR is filed online without a digital signature. Taxpayers can download a copy of ITR-V from the income tax e-filing website. In this article, we will learn how to download the ITR-V acknowledgement.How to Download ITR-V Acknowledgement?Step 1: Go to the Income Tax India website at www.incometax.gov.in and log in.Step 2: Select the ‘e-File’>’Income Tax Returns’>’View Filed Returns’ option to see e-filed tax returns.Step 3: To download ITR-V click on the ‘Download Receipt’ button of the relevant assessment year.The acknowledgement form will be downloaded. Here's how the ITR-V form looks like:6 Ways to E-verify Income Tax ReturnITR verification via Aadhaar-based OTPChoose 'I would want to verify using OTP on the mobile number registered with Aadhaar' and click 'Continue' on the 'e-Verify' page.

Mistakes in filing your Income Tax Return (ITR) are common, but the good news is they can be corrected. Under Section 139(5) of the Income Tax Act, 1961, taxpayers can file a revised return to fix errors such as missed income, deductions, or miscalculations.Key HighlightsLast date: 31st December of the assessment year (For FY 2024-25, due date is 31st December 2025).Multiple revisions: You can revise the return many times with no penalties for revision.Belated returns: Even belated returns can be revised.What is a Revised Return?Revised return is a return filed under Section 139(5) to correct mistakes or omissions made in the original return. Section 139(5) of the Income Tax Act, 1961, allows you to file a revised return if you discover mistakes in your initial filing. If you discover any errors or omissions in your original ITR, you can file revised returns and rectify such errors or omissions. The following are the usual errors which can be rectified using revised returns:Omitted, reduced, or exaggerated income.Omitted deductions or claimed excess deductions or exemptions.Miscalculations, or missed necessary disclosures.Chosen a wrong ITR form.Claimed less refund than eligible.What is the Last Date to File a Revised Return?The last date to file a Revised Return or a Belated Return is 31st December of the relevant assessment year, or before the completion of the assessment by the income tax authorities, whichever is earlier.For instance, the last date to revise your return for FY 2024-2025(AY 2025-2026) would be on or before 31st December 2025, if the original return has not been assessed.Important Points to Note While Filing a Revised ReturnHere are some important points to remember when filing a revised income tax return:Replacement of Original Return: When you file a revised income tax return, it completely replaces the original one. Once the revised return is submitted, it is considered your final income tax return.Revised Return after receiving ITR Refund: If your income tax return has been processed, and you've received a refund, you can still file a revised return within the specified due date.ITR Form Change: If there is a need to change the ITR form, a revised return can be filed.Multiple Revisions Allowed: There is no limit to the number of times you can file a revised tax return. You can make corrections or updates as many times as needed.Revised Return after Assessment Completion: Once the assessing officer completes the assessment under Section 143(3) of the Income Tax Act, a revised return cannot be filed.No Penalties for Revision: The income tax department imposes no penalty or charge for filing a revised income tax return.

Here are the updated business codes applicable for FY 2024-25.SectorSub-SectorCodeAGRICULTURE, ANIMAL HUSBANDRY & FORESTRYGrowing and manufacturing of tea1001Growing and manufacturing of coffee1002Growing and manufacturing of rubber1003Market gardening and horticulture specialities1004Raising of silkworms and production of silk1005Raising of bees and production of honey1006Raising of poultry and production of eggs1007Rearing of sheep and production of wool1008Rearing of animals and production of animal products1009Agricultural and animal husbandry services1010Soil conservation, soil testing and soil desalination services1011Hunting, trapping and game propagation services1012Growing of timber, plantation, operation of tree nurseries and conserving of forest1013Gathering of tendu leaves1014Gathering of other wild growing materials1015Forestry service activities, timber cruising,afforestation and reforestation1016Logging service activities, transport of logs afforestation and reforestation within the forest1017Other agriculture, animal husbandry or forestry activity n.e.c1018FISH FARMINGFishing on a commercial basis in inland waters2001Fishing on a commercial basis in the ocean and coastal areas2002Fish farming2003Gathering of marine materials such as natural pearls, sponges, coral etc.2004Services related to marine and freshwater fisheries, fish hatcheries and fish farms2005Other Fish farming activity n.e.c2006MINING AND QUARRYINGMining and agglomeration of hard coal3001Mining and agglomeration of lignite3002Extraction and agglomeration of peat3003Extraction of crude petroleum and natural gas3004Service activities incidental to oil and gas extraction excluding surveying3005Mining of uranium and thorium ores3006Mining of iron ores3007Mining of non-ferrous metal ores, except uranium and thorium ores3008Mining of gemstones3009Mining of chemical and fertilizer minerals3010Mining of quarrying of abrasive materials3011Mining of mica, graphite and asbestos3012Quarrying of stones (marble/granite/dolomite), sand and clay3013Other mining and quarrying3014Mining and production of salt3015Other mining and quarrying n.e.c3016MANUFACTURINGProduction, processing and preservation of meat and meat products4001Production, processing and preservation of fish and fish products4002Manufacture of vegetable oil, animal oil and fats4003Processing of fruits, vegetables and edible nuts4004Manufacture of dairy products4005Manufacture of sugar4006Manufacture of cocoa, chocolates and sugar confectionery4007Flour milling4008Rice milling4009Dal milling4010Manufacture of other grain mill products4011Manufacture of bakery products4012Manufacture of starch products4013Manufacture of animal feeds4014Manufacture of other food products4015Manufacturing of wines4016Manufacture of beer4017Manufacture of malt liquors4018Distilling and blending of spirits, production of ethyl alcohol4019Manufacture of mineral water4020Manufacture of soft drinks4021Manufacture of other non-alcoholic beverages4022Manufacture of tobacco products4023Manufacture of textiles (other than by handloom)4024Manufacture of textiles using handlooms (khadi)4025Manufacture of carpet, rugs, blankets, shawls etc. (other than by hand)4026Manufacture of carpet, rugs, blankets, shawls etc. by hand4027Manufacture of wearing apparel4028Tanning and dressing of leather4029Manufacture of luggage, handbags and the like saddler and harness4030Manufacture of footwear4031Manufacture of wood and wood products, cork, straw and plaiting material4032Manufacture of paper and paper products4033Publishing, printing and reproduction of recorded media4034Manufacture of coke oven products4035Manufacture of refined petroleum products4036Processing of nuclear fuel4037Manufacture of fertilizers and nitrogen compounds4038Manufacture of plastics in primary forms and of synthetic rubber4039Manufacture of paints, varnishes and similar coatings4040Manufacture of pharmaceuticals, medicinal chemicals and botanical products4041Manufacture of soap and detergents4042Manufacture of other chemical products4043Manufacture of man-made fibers4044Manufacture of rubber products4045Manufacture of plastic products4046Manufacture of glass and glass products4047Manufacture of cement, lime and plaster4048Manufacture of articles of concrete, cement and plaster4049Manufacture of Bricks4050Manufacture of other clay and ceramic products4051Manufacture of other non-metallic mineral products4052Manufacture of pig iron, sponge iron, Direct Reduced Iron etc.4053Manufacture of Ferro alloys4054Manufacture of Ingots, billets, blooms and slabs etc.4055Manufacture of steel products4056Manufacture of basic precious and nonferrous metals4057Manufacture of non-metallic mineral products4058Casting of metals4059Manufacture of fabricated metal products4060Manufacture of engines and turbines4061Manufacture of pumps and compressors4062Manufacture of bearings and gears4063Manufacture of ovens and furnaces4064Manufacture of lifting and handling equipment4065Manufacture of other generalpurpose machinery4066Manufacture of agricultural and forestry machinery4067Manufacture of Machine Tools4068Manufacture of machinery for metallurgy4069Manufacture of machinery for mining,quarrying and constructions4070Manufacture of machinery for processing of food and beverages4071Manufacture of machinery for leather and textile4072Manufacture of weapons and ammunition4073Manufacture of other special purpose machinery4074Manufacture of domestic appliances4075Manufacture of office, accounting and computing machinery4076Manufacture of electrical machinery and apparatus4077Manufacture of Radio, Television,communication equipment and apparatus4078Manufacture of medical and surgical equipment4079Manufacture of industrial process control equipment4080Manufacture of instruments and appliances for measurements and navigation4081Manufacture of optical instruments4082Manufacture of watches and clocks4083Manufacture of motor vehicles4084Manufacture of body of motor vehicles4085Manufacture of parts & accessories of motor vehicles & engines4086Building & repair of ships and boats4087Manufacture of railway locomotive and rolling stocks4088Manufacture of aircraft and spacecraft4089Manufacture of bicycles4090Manufacture of other transport equipment4091Manufacture of furniture4092Manufacture of jewellery4093Manufacture of sports goods4094Manufacture of musical instruments4095Manufacture of games and toys4096Other manufacturing n.e.c.4097Recycling of metal waste and scrap4098Recycling of non- metal waste and scrap4099ELECTRITY, GAS AND WATERProduction, collection and distribution of electricity5001Manufacture and distribution of gas5002Collection, purification and distribution of water5003Other essential commodity service n.e.c5004CONSTRUCTIONSite preparation works6001Building of complete constructions or parts-6002civil contractors Building installation6003Building completion6004Construction and maintenance of roads, rails,bridges, tunnels, ports, harbour, runways etc.6005Construction and maintenance of power plants6006Construction and maintenance of industrial plants6007Construction and maintenance of power transmission and telecommunication lines6008Construction of water ways and water reservoirs6009Other construction activity n.e.c.6010REAL ESTATE AND RENTING SERVICESPurchase, sale and letting of leased buildings (residential and non-residential)7001Operating of real estate of self-owned buildings (residential and non-residential)7002Developing and sub-dividing real estate into lots7003Real estate activities on a fee or contract basis7004Other real estate/renting services n.e.c7005RENTING OF MACHINERYRenting of land transport equipment8001Renting of water transport equipment8002Renting of air transport equipment8003Renting of agricultural machinery and equipment8004Renting of construction and civil engineering machinery8005Renting of office machinery and equipment8006Renting of other machinery and equipment n.e.c.8007Renting of personal and household goods n.e.c.8008Renting of other machinery n.e.c.8009WHOLESALE AND RETAIL TRADEWholesale and retail sale of motor vehicles9001Repair and maintenance of motor vehicles9002Sale of motor parts and accessories- wholesale and retail9003Retail sale of automotive fuel9004General commission agents, commodity brokers and auctioneers9005Wholesale of agricultural raw material9006Wholesale of food & beverages and tobacco9007Wholesale of household goods9008Wholesale of metals and metal ores9009Wholesale of household goods9010Wholesale of construction material9011Wholesale of hardware and sanitary fittings9012Wholesale of cotton and jute9013Wholesale of raw wool and raw silk9014Wholesale of other textile fibres9015Wholesale of industrial chemicals9016Wholesale of fertilizers and pesticides9017Wholesale of electronic parts & equipment9018Wholesale of other machinery, equipment and supplies9019Wholesale of waste, scrap & materials for recycling9020Retail sale of food, beverages and tobacco in specialized stores9021Retail sale of other goods in specialized stores9022Retail sale in non-specialized stores9023Retail sale of textiles, apparel, footwear, leather goods9024Retail sale of other household appliances9025Retail sale of hardware, paint and glass9026Wholesale of other products n.e.c9027Retail sale of other products n.e.c9028Commission Agents (For intermediaries facilitating transactions in goods/services.) 09029HOTELS, RESTAURANTS AND HOSPITALITY SERVICESHotels – Star rated10001Hotels – Non-star rated10002Motels, Inns and Dharmshalas10003Guest houses and circuit houses10004"Dormitories and hostels at educational institutions"10005Short stay accommodations n.e.c.10006Restaurants – with bars10007Restaurants – without bars10008Canteens10009Independent caterers10010Casinos and other games of chance10011Other hospitality services n.e.c.10012TRANSPORT & LOGISTICS SERVICESTravel agencies and tour operators11001Packers and movers11002Passenger land transport11003Air transport11004Transport by urban/sub-urban railways11005Inland water transport11006Sea and coastal water transport11007Freight transport by road11008Freight transport by railways11009Forwarding of freight11010Receiving and acceptance of freight11011Cargo handling11012Storage and warehousing11013"Transport via pipelines (transport of gases,liquids, slurry and other commodities)"11014Other Transport & Logistics services n.e.c11015POST AND TELECOMMUNICATION SERVICESPost and courier activities12001Basic telecom services12002Value added telecom services12003Maintenance of telecom network12004Activities of the cable operators12005Other Post & Telecommunication services n.e.c12006FINANCIAL INTERMEDIATION SERVICESCommercial banks, saving banks and discount houses13001Specialised institutions granting credit13002Financial leasing13003Hire-purchase financing13004Housing finance activities13005Commercial loan activities13006Credit cards13007Mutual funds13008Chit fund13009Investment activities13010Life insurance13011Pension funding13012Non-life insurance13013Administration of financial markets13014Stock brokers, sub-brokers and related activities13015Financial advisers, mortgage advisers and brokers13016Foreign exchange services13017Other financial intermediation services n.e.c.13018COMPUTER AND RELATED SERVICESSoftware development14001Other software consultancy14002Data processing14003Database activities and distribution of electronic content14004Other IT enabled services14005BPO services14006Cyber café14007Maintenance and repair of office, accounting and computing machinery14008Computer training and educational institutes14009Other computation related services n.e.c.14010RESEARCH AND DEVELOPMENTNatural sciences and engineering15001Social sciences and humanities15002Other Research & Development activities n.e.c.15003PROFESSIONSLegal profession16001Accounting, book-keeping and auditing profession16002Tax consultancy16003Architectural profession16004Engineering and technical consultancy16005Advertising16006Fashion designing16007Interior decoration16008Photography16009Auctioneers16010Business brokerage16011Market research and public opinion polling16012Business and management consultancy activities16013Labour recruitment and provision of personnel16014Investigation and security services16015Building-cleaning and industrial cleaning activities16016Packaging activities16017Secretarial activities16018Medical Profession16019Film Artist16020Social Media Influencers (For YouTubers, Instagrammers, TikTokers, etc.)16021Other professional services n.e.c.16019EDUCATION SERVICESPrimary education17001Secondary/ senior secondary education17002Technical and vocational secondary/ senior secondary education17003Higher education17004Education by correspondence17005Coaching centers and tuitions17006Other education services n.e.c.17007HEALTH CARE SERVICESGeneral hospitals18001Speciality and super speciality hospitals18002Nursing homes18003Diagnostic centers18004Pathological laboratories18005Independent blood banks18006Medical transcription18007Independent ambulance services18008Medical suppliers, agencies and stores18009Medical clinics18010Dental practice18011Ayurveda practice18012Unani practice18013Homeopathy practice18014Nurses, physiotherapists or other paramedical practitioners18015Veterinary hospitals and practice18016Medical education18017Medical research18018Practice of other alternative medicine18019Other healthcare services18020SOCIAL AND COMMUNITY WORKSocial work activities with accommodation (orphanages and old age homes)19001Social work activities without accommodation (Creches)19002Industry associations, chambers of commerce19003Professional organizations19004Trade unions19005Religious organizations19006Political organizations19007Other membership organizations n.e.c. (rotary clubs, book clubs and philatelic clubs)19008Other Social or community service n.e.c19009CULTURE AND SPORTMotion picture production20001Film distribution20002Film laboratories20003Television channel productions20004Television channels broadcast20005Video production and distribution20006Sound recording studios20007Radio - recording and distribution20008Stage production and related activities20009Individual artists excluding authors20010Literary activities20011Other cultural activities n.e.c.20012Circuses and race tracks20013Video Parlours20014News agency activities20015Library and archives activities20016Museum activities20017Preservation of historical sites and buildings20018Botanical and zoological gardens20019Operation and maintenance of sports facilities20020Activities of sports and game schools20021Organization and operation of indoor/outdoor sports and promotion and production of sporting events20022Other sporting activities n.e.c.20023Other recreational activities n.e.c.20024OTHER SERVICESHair dressing and other beauty treatment21001Funeral and related activities21002Marriage bureaus21003Pet care services21004Sauna and steam baths, massage salons etc.21005Astrological and spiritualists’ activities21006Private households as employers of domestic staff21007Other services n.e.c.21008 Speculative Trading     (For intraday equity traders)21009 F&O Trading(For Futures & Options traders in stocks, commodities, currencie)21010Buying & Selling of Shares Frequent delivery-based trading21011 EXTRA TERRITORIAL ORGANISATIONS AND BODIESExtra territorial organizations and bodies (IMF, World Bank, European Commission etc.)22001CO- OPERATIVE SOCIETY ACTIVITESBanking/Credit Facilities to its members23001Cottage Industry23002Marketing of Agricultural produce grown by its members23003Purchase of Agricultural Implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying to itsmembers.23004Processing, without the aid of power, of the agricultural Produce of its members.23005Collective disposal of Labour of its members23006Fishing or allied activities for the purpose of supplying to its members.23007Primary cooperative society engaged in supplying Milk, oilseeds, fruits or vegetables raised or grown by its members to Federal cooperative society engaged in supplying Milk, oilseeds, fruits or vegetables/Government or local authority/Government Company / corporation established by or under a Central, State or Provincial Act23008Consumer Cooperative Society Other than specified in 80P(2a) or 80P(2b)23009Other Cooperative Society engaged in activities Other than specified in 80P(2a) or 80P(2b)23010Interest/Dividend from Investment in other co-operative society23011Income from Letting of godowns / warehouses for storage, processing / facilitating the marketing of commodities23012Others23013Federal milk co-operative society23014*n.e.c. – not elsewhere classifiedIncome Tax Nature of Business Code List 2023-24 PDF Download.New Business and Professional Code Introduced For FY 2024-2509029 - Commission Agents16021 - Social Media Influencers21009 - Speculative Trading21010 - Futures & Options (F&O) Trading21011 - Buying & Selling of Shares.

Each EPF account is assigned a PF account number, a unique identifier that enables employees to track PF contributions, withdrawals, and other transactions. Your PF account number plays a critical role in managing your PF balance effectively.Ways to Find Your PF Account Number:Checking Your Salary Slip UMANG AppUsing the UAN PortalVisiting the EPFO OfficeAsking Your EmployerWhat is PF Account Number?The PF account number is a 22-digit alphanumeric identifier assigned by your employer to track your EPF account. It’s essential for checking your balance, managing contributions, and making withdrawals or claims. Employees typically receive their PF account number during employment. With the introduction of the Universal Account Number (UAN), it’s now easier to access and manage your PF details, as the UAN acts as a central link to all your PF accounts across different employers.Ways to Find Your PF Account NumberIn case your employer fails to inform your PF account number, you can follow the steps below to get the PF number:By Checking Your Salary Slip Usually, the EPF account number is mentioned on the salary slip of every employee. Hence, you can check your salary slip to find out your PF number.By Asking Your Employer You can enquire with the Human Resource (HR) Department of your organization or your employer to get the PF account number.By Visiting the EPFO OfficeTo collect the PF account number, you can also visit the EPFO office.

Section 80CCD(1B) allows an additional ₹50,000 tax deduction for NPS contributions, over and above the ₹1.5 lakh limit under Section 80C and 80CCD(1). This benefit is available only under the old tax regime, giving taxpayers a total maximum deduction of ₹2 lakh for NPS and other eligible investments.What is Section 80CCD(1B)?Section 80CCD(1B) provides an additional NPS tax deduction of ₹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) for NPS tax benefits. Deductions under section 80CCD(1B) would be available only under the old regime.Maximum deductions under section 80C + 80CCC + 80CCD(1) = Rs. 1.5 lakh  Rs.

There are various types of ITR forms, applicable specifically for different kinds of taxpayers, based on their sources of income, residential status, level of income, legal status of the taxpayer (individual, firm, company), etc., Key HighlightsThe ITR form applicable depends on the type and amount of income of the taxpayer as follows: ITR 1: Salaried individuals with income up to Rs. 50 lakhITR 2: Individuals with capital gainsITR 3: Income from business or professionITR 4: Income From Business and Profession < Rs. 50 lakhITR 5: Firms, LLPs, AOPs, and BOIsITR 6: Companies ITR 7: Charitable trustsWhat is ITR?Income Tax Return (ITR) is a form used by taxpayers to report their income and taxes to the Income Tax Department. Filing must be done before the specified due date each year. There are seven ITR forms (ITR-1 to ITR-7), and the correct form depends on factors like income source, income amount, and taxpayer category (individual, HUF, company, etc.).

The Senior Citizen Savings Scheme is a part of post office savings scheme, to provide financial security to senior citizens who are in need of a steady income post retirement. Residents aged more than 60 years, can individually or jointly open SCSS account.Key HighlightsThe current interest rate applicable to SCSS is 8.2% p.a.Deduction under section 80C of the Income Tax Act can be claimed for deposit amount.Non resident Indians (NRIs) are not eligible to open SCSS scheme account.Senior Citizen Savings Scheme - EligibilityThe following individuals can open a SCSS account with a post office or bank:Individuals above 60 years.Retired civilian employees aged 55 to 60 years can open SCSS account within 1 month of receipt of retirement benefits.Retired defense employees aged 50 to 60 years can open SCSS account within 1 month of receipt of retirement benefits.Account can be opened in an individual capacity or jointly with spouse only.Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to open a SCSS.PAN and Aadhar numbers are mandatory to open SCSS account from 31st March, 2023. Features of SCSSThe following are the features of the Senior Citizen Savings Scheme.Secure InvestmentSince SCSS is a government-backed scheme, there is a guarantee of returns upon its maturity. Although cash deposits are allowed up to Rs. 1 lakh, bank payments are mandatory for deposits exceeding the limit.Multiple and Joint AccountsIndividuals can open more than one SCSS account.However, joint accounts can be opened with the spouse only, and the whole deposit is attributed to the first account holder.NominationsNominees can be appointed either while opening an SCSS account or after.DepositAlthough cash deposits are allowed up to Rs. 1 lakh, bank payments are mandatory for deposits exceeding the limit.The minimum deposit is Rs 1,000 and the maximum is Rs 30 lakh, which can be made in multiples of Rs 1,000.The deposit amount is restricted to the retirement benefits received. It should be deposited in one installment within one month from the receipt of retirement benefits.Retirement benefits here includes provident fund dues, gratuity, commuted value of pension, leave encashment, savings element of Group Savings Linked Insurance Scheme, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme.If the deposit is in excess of the ceiling amount, the excess amount shall be refunded to the account holder immediately.Transfer of an Account An SCSS account can be transferred between a post office and a bank.