Intraday trading is considered speculative business income under section 43(5) of the Income Tax Act. As a result, intraday income is taxable under the head "Profit and Gain From Business or Profession," and taxed at the applicable slab rate of a person. Intraday losses can be set off against gains from speculative business only and carried forward up to four assessment years. It is important to note that intraday trading is considered a business income, traders may need to maintain a book of account as per section 44AA and may also be subject to audit as per  44AB, depending upon turnover and profit declaration.What Is Intraday Trading?Shares bought and sold (long trades) or sold and bought (short trades) within a single trading day is known as intraday trading. The trader’s purpose in intraday trading is not to own the equity shares, but they want to take advantage of the short-term price movements and make profits the very same day. These profits are taxable according to your income tax slabs.Understanding Capital Assets and Trading AssetsA share can be called a ‘Capital Asset’ or ‘Trading Asset or Stock-in-Trade’ depending on whether you are identified as an investor or trader.Investors are those who invest in stocks or other securities for the long term with the intention of holding them for a considerable period. They aim to earn returns through capital appreciation(income on sale of shares) and dividends.

Form 12BB is a statement of claims submitted by an employee to the employer at the beginning of the financial year. The form covers declarations for key deductions such as House Rent Allowance, Leave Travel Allowance, interest on home loans, and investments under Chapter VI-A like Section 80C and 80D.Based on the declarations in Form 12BB, the employer calculates and deducts the correct TDS for the financial year. Hence, it is important to fill and submit Form 12BB correctly to ensure proper TDS calculation.  Form 12BB PDF Download You can download and understand the structure of Form 12BB from the income tax portal.Things to be Done Before Filling Form 12BBThe following are the things to be done before filling the Form 12BB:Make sure that HRA and LTA are part of your package by studying your CTC structureThese can be claimed as an exemption if these allowances are a part of your CTC structureObtain interest certificate and loan repayment schedule from the bank.Collect the receipts for all the expenses and investments that can be claimed as a deduction, such as tuition fees, Life Insurance premium receipts, receipts for rent, donations, etc.How to Fill Form 12BB?Filling out Form 12BB isn't as difficult as it seems. This guide will walk you through each section, explaining what information to include and how to claim maximum tax benefits.Part I: Personal DetailsFull NameAddressPAN (Permanent Account Number)Financial Year (Current year: 2024-25)Part II: Details of Claims and Evidence1.

When your total income for the financial year is not chargeable to tax, you can file Form 15G (Form 15H for senior citizens) to avoid unnecessary TDS deductions. Budget 2026 UpdateIt is proposed that depositories collect Forms 15G and 15H from investors holding multiple securities and forward them to the relevant companies.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.Form 15G (Form 15H for senior citizens) 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.Form 15G DownloadDownload Form 15G from EPFO 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. Here’s a step-by-step guide:Step 1: Log in to the EPFO UAN PortalGo to the EPFO UAN Portal.Log in using your Universal Account Number (UAN) and password.Step 2: Navigate to ‘Online Services’From the dashboard, click on Online Services and select Claim.Step 3: Verify Your Bank DetailsEnter your bank account number and click Verify to ensure your details are correct.Step 4: Upload Form 15GUnder the ‘I want to apply for’ section, click on Upload Form 15G.Important points to Fill Form 15G for PF WithdrawalFollow these instructions to fill up the other fields in Form 15G:Status: Your applicable income tax status ,i.e Individual in this case.Residential Status: Mention ‘Resident’ as your residential status because NRI is not allowed to submit Form 15G.(a) Whether assessed to tax under the Income-tax Act, 1961: Place a tick in the ‘’Yes’’ box if you filed an ITR in any of the last few years. (b) If yes, latest tax year for which assessed: Look at the tax year from the latest ITR and mention the same.Details of income for which the declaration is filed: In the last part you need to provide the following income details: Investment identification numberNature of IncomeSection under which tax is deductibleAmount of IncomeAfter filling in all the fields, cross-check all the details to ensure there is no error.  When is TDS Not Applicable on EPF Withdrawal?EPF Transfer: When transferring an EPF account to another account, TDS is not applicable.Termination due to illness or other causes: TDS is not applicable in case of termination of service due to ill health, discontinuation of business by an employer, completion of a project, or other causes beyond the control of the employee.Completion of 5 years of service: If an employee withdraws the EPF amount after completing a total of 5 years of service, TDS is not applicable.EPF withdrawal of less than ₹50,000: TDS is not applicable if the EPF amount is less than Rs.50,000 and the employee has rendered service of less than 5 years.If the employee withdraws Rs.50,000 or more with less than 5 years of service but submits Form 15G/15H along with PAN Card, TDS is not deducted.ConclusionForm 15G is a powerful tool for avoiding unnecessary TDS deductions on your PF withdrawal. By following this step-by-step guide, you can easily download, fill out, and submit the form to ensure a smooth and hassle-free PF withdrawal process. Be sure to verify your income and submit the correct form to avoid any penalties..

PF Account Number is a 22-digit alphanumeric code assigned by your employer to identify your Employees’ Provident Fund (EPF) account. It helps track your PF contributions, check your PF balance, and process PF withdrawals or transfer claims.Today, all PF accounts are linked to a Universal Account Number (UAN). The UAN acts as a single, permanent ID that connects multiple PF account numbers from different employers, making it easier for employees to view and manage their EPF details online.Key HighlightsMethods to Locate PF Account Number - Using UAN, EPFO portal, salary slips, or employer records.Importance of PF Account Number - For tracking contributions, withdrawals, and transfers.Handling Common Issues - Solutions for missing details, job changes, or multiple PF accounts.PF Account Number FormatPF account number is a 22 digit alphanumeric code, which consists of the state code, region code, establishment code, extension code, and member ID. It uniquely identifies the employer and employee for EPF purposes. The PF account number format is as follows:Region Code (2 letters): Represents the state where the regional EPFO office is located.Office code (3 letters): Indicates the specific regional EPFO office. Establishment code (7 digits): Employer or company ID.Extension code (3 digits): Code for the specific branch or extension of the branch.Member ID (7 digits): Employee's unique account numberSample PF account number : MH/BAN/0000064/000/0000123Methods to Find PF Account NumberIn case your employer fails to inform your PF account number, you can follow the steps below to get the PF number:1. By Checking Salary Slip Usually, the EPF account number is mentioned on the salary slip of every employee.

The interest earned on the EPF contribution by the employees is generally exempt from tax. However, in Budget 2021 it was proposed to make the interest earned on the PF contributions exceeding Rs. 2,50,000 in a financial year taxable. However, for government employees this limit is Rs. 5 lakh. Read this article to understand more about the taxability of interest on EPF contributions. EPF Interest Rate FY2025-26:EPF Interest Rate for FY 2025-26 has Retained at 8.25%What is EPF?Employee Provident Fund (EPF) is a retirement benefits scheme for salaried employees.

The new tax regime under section 115BAC of the Income Tax Act, 1961 offers relaxed slab rates and limited deductions to the tax payers. Assessees who have a simple income structure with little to no deductions can find the new regime more beneficial.Key Highlights of the New Tax RegimeNew Tax Regime offers a basic exemption of Rs. 4 lakh and a tax rebate of up to Rs. 60,000.Taxpayers enjoy tax-free income up to Rs. 12 lakh and salaried individuals enjoy tax-free income up to Rs.

For a salary level of Rs. 10 lakhs, the tax liability under the new regime is nil, due to relaxed tax slabs and increased rebate up to Rs. 12 lakhs. However, under the old regime, the tax liability differs based on the amount of tax saving deductions available to the assessee.Tax Deductions under the Old RegimeUnder the old regime, there are various deductions and exemptions available against salary income. The following table demonstrates the maximum deductions and exemptions available against salary income.ExemptionsSalary ComponentsTaxabilityBasic PayFully-taxableDearness Allowance (DA)Fully-taxableHouse Rent Allowance (HRA)Exemption up to a certain limit. Leave Travel Allowance (LTA)Actual travel ticket expenses exempt for two  trips in 4 years under 10(5).

Selecting the correct ITR form is an important step in filing the taxes. Taxpayers can determine which ITR to file 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.

Deduction under Section 80DD of the income tax act is allowed to Resident Individuals or HUFs against expenditure incurred for caretaking of a disabled dependent, who is differently-abled and is wholly dependent on the individual (or HUF) for support & maintenance.Conditions to Avail of Section 80DD DeductionBelow are the conditions you must meet to avail this deduction –Deduction is allowed for a dependant of the taxpayer and not the taxpayer himself.The deduction can only be claimed by resident individuals of India.The taxpayer is not allowed this deduction if the dependant has claimed a deduction under section 80U for himself/herself.Dependant in case of an individual taxpayer means spouse, children, parents, brothers & sisters of the taxpayer. In case of a HUF means a member of the HUF.The taxpayer has incurred expenses for medical treatment (including nursing), training & rehabilitation of the differently-abled dependant or the taxpayer may have deposited in a scheme of LIC or another insurer for maintenance of the dependant.The disability of the dependant must not be less than 40%.Disability is defined under section 2(i) of the Persons of Disabilities Act, 1995. #inlineCTA-choosePlan{ display: flex; flex-direction: row; align-items: flex-start; flex-wrap: wrap; padding: 24px 0; border-top: 1px solid #C4C4C4; } #inlineCTAimage{ padding-right: 20px; } #CTAbody{ flex: 1 1 50%; } #inlineCTAhead{ color: #314259; font-size: 20px; font-weight: 700; padding-bottom: 8px; } #inlineCTAcontent{ font-size: 16px; color: #9092A3; font-weight: 400; } #inlineCTAbutton{ padding: 8px 24px; color: #1678FB; font-size: 16px; background-color: #FFF; border: 1px solid #1678FB; border-radius: 8px; font-weight: 700; text-decoration: none; 8px 0 10px; } #inlineCTAbutton:hover{ background-color: #1678FB; color: #fff; box-shadow: 4px 5px 10px rgb(0 0 0 / 14%); } @media only screen and (max- 600px){ #full-width-mob, #inlineCTAbutton{ 100%; } #inlineCTAhead { font-size: 19px; padding: 8px 0; } #CTAbody{ flex: 1 1 100%; } } What is the Maximum Amount of Deduction allowed under Section 80DD?Fixed amount of deductions are allowed under Section 80DD, irrespective of the actual expenditure. However, the amount of deduction depends on the severity of the disability.DisabilityDeduction AmountDisability < 80%Rs. 75,000Disability > 80%Rs. 1,25,000Necessary Documents to Claim Tax Deduction Under Section 80DDThe following documents will be required to be submitted to claim tax benefits under Section 80DD of the Income Tax Act, 1961:Medical Certificate: In order to avail of tax deduction under Section 80DD, the taxpayer is required to provide a copy of the medical certificate as evidence of the dependent's disability.Form 10-IA: If the dependent with a disability is affected by autism, cerebral palsy, or multiple disabilities, it is necessary to submit Form No.

Senior Citizen Savings Scheme is a government backed retirement plan for individuals aged above 60 years. Eligible individuals can invest a minimum of Rs. 1000 up to Rs. 30 lakh for a period of 5 years with SCSS interest rate of 8.2% per annum. The principal amount invested can be claimed as a deduction under section 80C of the Income Tax Act up to Rs.