Business codes, prescribed by the Income Tax Department, are used in ITR filing to specify the nature of a taxpayer’s business or profession. They ensure correct categorization of income, simplify assessment, and maintain compliance with tax laws. Selecting the correct code is crucial, as an incorrect code may lead to mismatches, scrutiny, or errors in reporting taxable income.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 SharesBusiness Codes For ITR Forms - FY 2024-25SectorSub-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.

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.

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.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.

Income from other sources covers all taxable income not classified under salary, house property, business/profession, or capital gains. It ensures no income escapes taxation, including bank interest, dividends, gifts, and winnings. Understanding this category helps taxpayers compute accurate liability, claim deductions, and remain compliant with tax laws.What is Income from Other Sources?Income from Other Sources, as per section 56 of the Income Tax Act, is a residual head of income, which covers all taxable income that does not fall under the other four heads: Salary, House Property, Profits and Gains from Business or Profession, and Capital Gains. It ensures that every form of income earned by a taxpayer is taxed appropriately, even if it does not clearly belong to a specific category.Common Examples of Income from Other SourcesThe following types of income are usually taxed under this head:Bank interestInterest on securities and investmentsFamily pensionLottery winnings , crossword puzzles, card games, races including horse races, and gambling of any formDividendsAny 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.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.Amount 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 bank interest. Deduction on Interest Income Under Section 80TTAFor a residential individual (age of 60 years or less) or HUF, interest earned up to Rs.10,000 in a financial year can be claimed as a deduction. The deduction is allowed on interest income earned from savings account with a bank, co-operative banking society or post office.Senior citizens are not entitled to benefits under section 80TTA.Tax On Fixed Deposits InterestInterest earned from fixed deposits is taxable at applicable slab rates.Senior citizens can claim up to Rs.50,000 tax deduction on the interest earned from savings bank accounts, fixed deposits, recurring deposits with banks, post offices, etc., under Section 80TTB.TDS is deducted on fixed deposits when the interest crosses the applicable threshold limit.Family PensionIf you are collecting a pension on behalf of someone who is deceased, then you must show this income under income from other sources. This will be added to the taxpayer’s income and tax must be paid at the tax rate that is applicable. There is a deduction of Rs.15000 ( Rs. 25000 under new tax regime)  or one-third of the family pension received, whichever is lower. Taxation Of Winnings From Lottery, Game Shows, Puzzles - Casual IncomeIf you receive money from winning the lottery, online/TV game shows, races including horse races, card games and other games, gambling betting, etc., it will be taxable under the head Income from other Sources. The income will be taxable at flat rate of 30%, which after adding cess, will amount to 31.2%.No deductions can be claimed related to these incomes. Dividend IncomeDividends received from investments such as stocks, are taxed under “income from other sources”. Taxpayers can claim interest expense up to 20% of the dividend income. Also, if the total dividend amount exceeds Rs.5,000 (Rs.

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's a step-by-step guide on how to make tax payment on the Income Tax Portal without logging in:Step 1: Go to the Income Tax Portal and Navigate to the 'e-Pay Taxes' SectionVisit the Income Tax Portal at https://www.incometax.gov.in/On the left side of the home page, there is a 'Quick Links' section, click on the 'e-Pay Tax' option. You can also search for 'e-Pay Tax' in the search bar.Step 2: Enter PAN/TAN and Mobile NumberOn the ‘e-Pay Tax’ page, input your PAN and re-enter to confirm it. Then, provide your mobile number and click ‘Continue’.Enter the 6-digit OTP received on your mobile number and 'Continue'. Step 3: Select the correct Assessment Year and Payment TypeSelect the first box labelled as ‘Income Tax’ and click on ‘Proceed’ From the ‘Assessment Year’ dropdown menu, select 2023-24Under the ‘Type of Payment’, select ‘Self-Assessment Tax (300)’ and click on 'Continue'.Step 4: Enter Tax Payment DetailsMake sure to input the payment amounts correctly under the appropriate category. You may refer to the pre-filled challan on ClearTax to obtain all the necessary amounts.Step 5: Select the Payment MethodSelect the payment method and the bank to make the tax payment and press 'Continue'.Payment can be made using internet banking, debit card, credit card, RTGS/NEFT, UPI or you can choose to pay at the bank counter.Step 6: Verify Payment InformationAfter you click on 'Continue', there will be an option to preview the challan details.Double-check the payment information you entered to ensure it is accurate, then click on the 'Pay Now' option at the bottom of the page to make the payment.If you need to modify the details, click on 'Edit'. Step 7: Submit the PaymentTick the checkbox to agree to the Terms and Conditions after reading them and click on 'Submit To Bank'.Step 8: Receive Payment ConfirmationYou will receive a confirmation once your tax payment has been successfully submitted.Note: Remember to download the challan as you will need the BSR code and Challan number for completing the return filing process.Step 9: Add details on ClearTaxNow, resume your tax filing on ClearTax. Click on ‘Add Paid Tax Details’.  Enter the Tax amount paid along with other details from the challan like date of payment, BSR Code, Challan Serial No. You can now proceed to ‘e-file’ and ‘e-verify’ your return..

Under section 194-IA, a buyer buying any immovable property like house, apartment, building, land (except agricultural land) must deduct Tax Deducted at Source (TDS) on the payments made to the seller of the property. The amount of TDS deducted is 1% of the sales consideration or the stamp duty value, whichever is higher.What is Section 194IA?Section 194IA provides for TDS on sale of immovable property. The person who is buying the property should deduct TDS and pay the remaining amount to the seller. 1% of the selling price is deducted under this section. Please note that TDS here is not deducted on the capital gains, but on the entire selling price.

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.).

Form 10-IE was a mandatory form used by taxpayers to opt for the new tax regime before FY 2023-24, when the old regime was the default. It applied mainly to individuals and HUFs with business or professional income. From FY 2023-24, the new regime became the default, and Form 10-IE was discontinued, replaced by Form 10-IEA.Key HighlightsForm 10-IE has been discontinued as of FY 2024-25.To switch between the old and new tax regimes, taxpayers must now file Form 10-IEA.Form 10-IEA must be filed before the due date of ITR filing, i.e., 15th September 2025 (for AY 2025-26).What is Form-10IE?Form 10-IE was a statutory form that taxpayers had to file in order to opt for the new tax regime before FY 2023-24, when the old tax regime was the default option. It was applicable to individuals and HUFs having income from business or profession. Salaried individuals filing ITR-1 or ITR-2 were not required to submit Form 10-IE.However, the Union Budget 2023 amended the tax provisions and made the new tax regime the default regime from FY 2023-24 onwards.

When withdrawing your Provident Fund (PF) balance Form 15H is crucial for avoiding unnecessary TDS (Tax Deducted at Source) deductions. These forms are essential for individuals whose income is below the taxable limit, and submitting them correctly can help you get your PF withdrawal processed without any tax deductions.What is Form 15G for EPF Withdrawal?Form 15G or EPF Form 15G is available for resident individuals (below 60 years of age) and HUFs, to submit a self-declaration form to prevent the deduction of TDS. This form can also be submitted to prevent TDS deduction on withdrawal of EPF balance if the employees estimated income for the relevant financial year is less than the basic exemption limit (Rs. 2,50,000 under the Old Tax Regime and Rs. 4,00,000 for the New Tax Regime).Recently, the EPFO Unified portal launched a facility to submit EPF Form 15G for PF, which allows EPF members to withdraw PF online.Form 15G is commonly used to prevent TDS deduction on interest income from banks, withdrawal of NSE, dividends, insurance commission, maturity of insurance policy, etc.Form 15G has to be submitted quarterly to the person or entity responsible for deducting TDS, either electronically or in physical paper form.Where to Download Form 15G?Form 15G is available for download on the following platforms:EPFO Portal: A direct download link is available on the EPFO website.Income Tax Department Website: Available for free download.Major Banks: Most Indian banks offer the option to download the form on their websites.Direct Download Links For Form 15GDownload Form 15G from EPFO Here’s a sample Form 15G. Is Form 15G Mandatory for PF Withdrawal?Form 15G is not mandatory for PF withdrawal; however, it is required if you wish to avoid TDS deduction.As per Section 192A of the Finance Act, 2015, TDS at 10% is deducted if the PF withdrawal amount exceeds Rs.50,000 and your service is less than 5 years.PF Withdrawal TDS Rules10% TDS – If you submit your PAN but not Form 15G.20% TDS – If you fail to submit both PAN and Form 15G.No TDS – If you submit Form 15G. (subject to eligibility conditions).Note: TDS is not applicable if:Your total income (including PF withdrawal) is below the taxable limit, orWithdrawal is made after 5 years of continuous service.How to Submit Form 15G Online for PF Withdrawal?You can easily submit Form 15G online through the EPFO portal.