The Senior Citizen Savings Scheme was introduced in the year 2004 as 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. It can either be opened in a post office branch or in a few selected banks. This scheme supports a maximum deposit of Rs.30 lakhs, with a tenure of 5 years which can be further extended to 3 yearsKey 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.Features of SCSSThe following are the features of Senior Citizen Savings Scheme.Secure InvestmentSCSS is a government-backed scheme. Hence, the invested amount is secure and there is guarantee of returns upon its maturity. Mode of DepositAn individual can deposit the money in cash when the amount is below Rs.1 lakh.

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.

Cryptocurrencies are emerging as prominent financial innovation, offering decentralised and borderless transactions. In India virtual digital assets (VDAs) such as cryptocurrencies, NFTs, etc. are now subject to taxation, whose capital gains are taxable at a flat 30%. Also, TDS is deducted at 1% of sale consideration. In this article, we will learn in detail the taxation implications on virtual digital assets.Key HighlightsSale of crypto currencies are taxed at 30% and only purchase cost can be claimed as deduction.If crypto is acquired without purchase (as a gift, mining reward, etc.), it is taxed at slab rates.What are Crypto Currencies?In layman's terms, cryptocurrencies are digital currencies designed to buy goods and services, similar to other currencies.

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.). Five heads of Income under Income TaxOne of the important factors that determine ITR forms is the nature and source of income of the taxpayer.

Post Office investment-savings schemes in India offer risk-free returns through various schemes like 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.Savings Schemes Under Post Office InvestmentsIndian Post Office offers various types of savings schemes with different applicable interest rates. The invested amount and interest earned on such savings schemes are also eligible for multiple tax deduction benefits under the Income Tax Act 1961. The following table summarizes types of post office savings schemes and updated interest rates for FY 2025-26.Post Office Types of Saving SchemeRate of interest w.e.f 01.07.2025 to 30.09.2025 Tax Benefit Under Income Tax Act  Investment Deduction u/s 80CInterest Deduction u/s 80TTB (in case of senior citizen)Post Office Savings Account​​4%No Benefit AvailableAvailable upto Rs.50,0001 Year Time Deposit6.90%No Benefit AvailableAvailable upto Rs.50,0002 Year Time Deposit​​7.00%No Benefit AvailableAvailable upto Rs.50,0003 Year Time Deposit​​7.10%No Benefit AvailableAvailable upto Rs.50,0005 Year Time Deposit7.50%Available up to Rs.1.5 LacsAvailable upto Rs.50,0005 Year Recurring Deposit Scheme​​6.70%No Benefit AvailableNo Benefit AvailableSenior Citizen Savings Scheme​​ (SCSS)8.20%Available up to Rs.1.5 LacsAvailable upto Rs.50,000Monthly Savings Scheme Account (POMIS)/Monthly Income Account​​7.40%No Benefit AvailableNo Benefit AvailableNational Savings Certificate (NSC) (VIII Issue) 7.70%Available up to Rs.1.5 LacsNo Benefit AvailablePublic Provident Fund Scheme​​ (PPF)7.10%Available up to Rs.1.5 LacsNo Benefit AvailableKisan Vikas Patra​​ (KVP)7.50%No Benefit AvailableNo Benefit AvailableMahila Samman Savings Certificate​​7.50%No Benefit AvailableNo Benefit AvailableSukanya Samriddhi Account Scheme​​ (SSA)8.2​%Available up to Rs.1.5 LacsNo Benefit AvailablePost Office Savings Schemes in IndiaPost Office Savings AccountPost Office Savings Account Can be opened individually or jointly.This account offers cheque book, ATM, mobile and e-banking services on request.If it has been inactive for three financial years, it becomes dormant; it can be revived with KYC and a passbook.5-Year Post Office Recurring Deposit (RD)In post office RD, Interest is compounded quarterly.Loan up to 50% of the balance available after 12 regular deposits.Can be closed prematurely after 3 years; if closed early, a lower interest rate applies.Post Office Time Deposit (TD)Post Office Time Deposit can be pledged as security to banks and financial institutions.Early closure allowed after 6 months; interest rate drops if closed before 1 year.Premature closure needs a form and a passbook submission.Post Office Monthly Income Scheme (MIS)POMIS pays monthly interest throughout the tenure.Premature closure is allowed only after 1 year and attracts a 1–2% penalty, depending on when it is closed.In case of death, the nominee can claim the amount with interest up to the previous month.Senior Citizen Savings Scheme (SCSS)SCSS account Can be opened by individuals aged 60+ or jointly with a spouse.It offers regular income and tax benefits under Section 80C.15-Year Public Provident Fund (PPF)Public Provident Fund Provides tax benefits under Section 80C (up to ₹1.5 lakh/year).The account can be extended in 5-year blocks after maturity.Interest is credited annually; a minimum deposit of ₹500/year is required to keep the account active.National Savings Certificates (NSC)National Savings Certificate has a fixed 5-year tenure with guaranteed returns.Investment in NSC is eligible for tax deduction under Section 80C.It can be pledged as collateral with banks or housing finance companies.Kisan Vikas Patra (KVP)Kisan Vikas Patra doubles investment over a fixed tenure (depends on the prevailing interest rate).It can be pledged as security with banks.Sukanya Samriddhi Account (SSA)Sukanya Samriddhi Account can be opened for female children under 10 years, operated by parents/guardians.It offers tax benefits and a high interest rate.It cannot be closed 1 month before or 3 months after the child’s marriage.Post Office Savings Schemes Interest ratesPost Office Types of Saving SchemeRate of interest w.e.f 01.07.2025 to 30.09.2025Post Office Savings Account​​4%1 Year Time Deposit6.90%2 Year Time Deposit​​7.00%3 Year Time Deposit​​7.10%5 Year Time Deposit7.50%5 Year Recurring Deposit Scheme​​6.70%Senior Citizen Savings Scheme​​ (SCSS)8.20%Monthly Savings Scheme Account (POMIS)/Monthly Income Account​​7.40%National Savings Certificate (NSC) (VIII Issue) 7.70%Public Provident Fund Scheme​​ (PPF)7.10%Kisan Vikas Patra​​ (KVP)7.50%Mahila Samman Savings Certificate​​7.50%Sukanya Samriddhi Account Scheme​​ (SSA)8.2​%Who can open Different Post Office Schemes?The following table shows the ideal scheme available under post office savings schemes for different types of investors: Post Office Types of Saving SchemeIdeal forPost Office Savings Account​​Investors seeking alternative to bank account.1 Year Time DepositInvestors seeking alternative to bank deposit scheme.2 Year Time Deposit​​Investors seeking alternative to bank deposit scheme.3 Year Time Deposit​​Investors seeking alternative to bank deposit scheme.5 Year Time DepositInvestors seeking alternative to bank deposit scheme.5 Year Recurring Deposit Scheme​​Investors seeking alternative to bank deposit scheme.Senior Citizen Savings Scheme​​ (SCSS)For Investors planning for retirement, especially senior citizens.Monthly Savings Scheme Account (POMIS)/Monthly Income Account​​Investors looking for regular montly stream of income, in the form of interest.National Savings Certificate (NSC) (VIII Issue) Investors seeking low risk, and fixed term investments.Public Provident Fund Scheme​​ (PPF)Ideal for reirement planning, small monthly savings to fund their post retirement life.Kisan Vikas Patra​​ (KVP)Farmers, which usually promises a maturity of double the investment amount at the end of tenure.Sukanya Samriddhi Account Scheme​​ (SSA)Parents seeking to secure the education and marriage of their child. Post Office Savings Scheme Tax BenefitsFor many post office schemes, the principal amount invested can be claimed as a deduction under section 80C, and the interest amount earned can be deducted under section 80TTA and 80TTB.Please note that these benefits are available only under the old tax regime.List of schemes in which principal amount can be claimed as a deduction under section 80C:Post Office Savings 5 Year Time DepositSenior Citizen Savings Scheme​​ (SCSS)National Savings Certificate (NSC) (VIII Issue)Public Provident Fund Scheme​​ (PPF)Sukanya Samriddhi Account Scheme​​ (SSA)List of schemes in which the interest income can be claimed as a deduction under section 80TTB:Post Office Savings Account​​Senior Citizen Savings Scheme​​ (SCSS)Interest earned from post office savings scheme account can be claimed as a deduction under section 80TTA and 80TTB, both.Premature Encashment ConditionsMinimum lock in period is required for withdrawal of funds before maturity of most of the savings schemes.

ClearTax is an AI-powered income tax filing platform with vast experience in serving 7.5 Million+ trusted customers. With ITR filing options through AI Chatbot, WhatsApp, DIY product, and assisted filing services, ClearTax caters to various consumer needs to make ITR filing for FY 2024-25 easy, fast, and efficient when compared to other competitors. For taxpayers with incomes from salary, house property, capital gains, business and profession, or other sources, ClearTax provides flexibility and enhanced ITR filing tools with various broker integrations, detailed tax summary reports, easy claiming of exemptions and deductions, and automated selection of the correct ITR form and tax regime beneficial to the taxpayer.ClearTax offers DIY(Do It Yourself) product for you to file your ITR without having to fall behind a traditional tax return preparer. DIY product allows taxpayers to directly upload multiple Form 16s, and has integrated with over 80+ brokers making it easy for F&O, Intraday, and investors to fetch all data in one click directly from their brokers. ClearTax also has Assisted Filing plans, where our Tax Experts handle your ITR round the year and even provide notice management services, and our AI-Powered-Chat-Based ITR filing, which you can access through platforms like WhatsApp, Slack, and MS Teams, and file your ITR with just a few clicks! But with the availability of many ITR filing options, it is important to choose the right platform to get your task done.

Section 115BAC of the Income Tax Act introduces the new tax regime, which offers reduced slab rates in exchange for forgoing most deductions and exemptions. Section 115BAC also has provided the option to the taxpayers to choose their most beneficial regime every financial year (subject to conditions as prescribed). If no regime is chosen, the new regime is chosen as default tax regime. While it simplifies tax compliance and benefits taxpayers who do not claim many deductions, individuals still have the option to opt for the old regime if it is more beneficial for them.What is Section 115BAC – The New Tax Regime Slabs?Section 115BAC provides for relaxed slab rates under a new regime. From FY 2023-24, the new tax regime is the default tax regime as per section 115BAC.

EPF, the government-backed retirement scheme, is essential for salaried individuals to secure their financial future after retirement. 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.Key HighlightsWays to Find Your PF Account Number:Your monthly pay slip usually contains your PF number.Log in to your UAN portal to view and manage your PF details.Visit your nearest EPFO office for assistance in retrieving the PF number.Request your current or previous employer for your PF account number.What 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. PF Number FormatA PF account number comprises both letters and digits.

Business codes, also known as Business or Profession Codes, are used in India for Income Tax Return (ITR) filing to classify the nature of business or profession. These codes are specified by the Income Tax Department and help in accurately reporting income from different sources. The codes vary depending on the type of business or profession. Taxpayers need to select the appropriate code that best represents their line of work when filing their ITR forms. The codes ensure proper categorisation and facilitate efficient tax assessment and compliance.

When the income of an individual taxpayer is below the basic exemption limit in a financial year, the tax liability is zero; thus, such individuals do not have to file any income tax return as per provision of Section 139(1) under the Income-tax Act, 1961. Such individuals do not have to file an income tax return as they do not fall in the tax bracket and get an exemption from filing the return. But if they file ITRs even when their income is below the basic exemption limit, it is termed ‘Nil Return’. Although it is not mandatory to file nil returns, there are many benefits to filing nil returns.What is a Nil Return?A nil income tax return is filed to show the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the year. A nil return is an ITR filed specifically to declare to the Income Tax department that no taxes have been paid in the respective financial year.