Form 15G for EPF withdrawal helps eligible employees avoid TDS deduction on provident fund withdrawals made before completing 5 years of continuous service. If your PF withdrawal exceeds Rs. 50,000 and your taxable income is below the basic exemption limit, submitting EPF Form 15G can help you receive your withdrawal without tax deduction. This guide explains what Form 15G is, when it is required, how to submit Form 15G online for PF withdrawal, TDS rules, eligibility conditions, and when TDS is not applicable.Income Tax Form 121With effect from 1st April 2026, as per the new Income Tax Forms 2026 the new Form 121 will replace the existing Form 15G and Form 15H for Tax Year 2026-27 onwards. What is Form 15G for EPF Withdrawal?Form 15G is a self-declaration income tax forms for resident individuals aged below 60 years and HUFs to avoid TDS deduction on their income. Form 15G can be submitted to avoid TDS deduction when the estimated income of the taxpayer is less than the basic exemption limit.

 Long term capital gains on sale of all the other assets except section listed equity shares, equity oriented mutual funds, and units of business trust are taxed under section 112, at 12.5% without indexation with certain exceptions.What is Section 112 of Income Tax Act?Section 112 of the Income Tax Act applies to all types of taxpayers, such as individuals, HUFs, companies, firms, residents, non-residents (not companies), and foreign companies. Under this section, profit earned on the sale of long-term capital assets other than assets covered under section 112A is taxable at the specified rate. Assets covered under sections 112 and 112A are given below:Long-term capital assets taxable under Section 112 are given below: Listed securities Zero-coupon bonds Unlisted securities Immovable property Other long-term capital assetsLong-term capital Assets taxable under Section 112A are given below.Listed equity shares where STT paid on acquisition and transfer Units of equity-oriented mutual funds where STT paid on transfer Units of business trust where STT paid on transferHow to Classify Various Capital Assets into Long-term and Short-term?See the table below to understand how capital assets are classified:Types of AssetSTCALTCAEquity Mutual Funds  Equity Shares (Listed) Zero- Coupon BondsUp to 1 YearMore than 1 YearEquity Shares (Unlisted), Immovable Property & Any Other AssetUp to 2 YearsMore Than 2 YearsIt is to be noted that with effect from FY 2024-25, There will only be two holding periods for classifying assets into long-term and short-term: 12 months and 24 months. The 36-month holding period has been removed. What is the Tax Rate on Long-term Capital Gain Covered Under Section 112?Scenario / Asset TypeTax RateIndexation BenefitLTCG on listed securities (other than units) where STT is not paid at acquisition and transfer12.5%Not allowedLTCG on zero-coupon bonds12.5%Not allowedLTCG for non-resident (other than company) or foreign company on unlisted securities or shares12.5%Not allowedLTCG on other long-term capital assets (e.g., immovable property) sold by a resident20% with indexation OR 12.5% without indexation (taxpayer can choose beneficial option)OptionalRs. 1.25 lakh exemption is not available under section 112.There taxation rates for various types of long-term capital gains are as follows:Taxation Rates:Long-term AssetResidential StatusTax ratesDebt-oriented mutual fundsR and NRSlab rates (Long-term and short-term taxability as same)Listed equity shares and equity-oriented mutual funds (Sec 112A)R and NR12.5% without indexation on gains in excess of  Rs.

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.Though the Income Tax Act 2025 takes effect from 01st April 2026, the provision of the 1961 Act applies for AY 2026-27, as it pertains to income earned up to 31st March, 2026. Section 80CCD (1B) of the Income Tax Act is now replaced with Section 124(3) of the Income Tax Act 2025. Maximum deductions under section 80C + 80CCC + 80CCD(1) = Rs. 1.5 lakh  Rs.

The New Tax Regime offers taxpayers a much relaxed tax slab and rates compared to the Old Tax Regime. However, most of the deductions allowed under the old tax regime are disallowed under the new tax regime. Taxpayers often get confused between the exemptions and deductions that are allowed under the new tax regime. In this article, we will all the major questions regarding the New Tax Regime. 1. What is the Tax Slab Rate for FY 2025-26?The tax slab for FY 2025-26 (AY 2026-27) is as follows:Tax Slab for FY 2025-26Tax RateUpto ₹ 4 lakhNIL₹ 4 lakh - ₹ 8 lakh5%₹ 8 lakh - ₹ 12 lakh 10%₹ 12 lakh - ₹ 16 lakh 15%₹ 16 lakh - ₹ 20 lakh20%₹ 20 lakh - ₹ 24 lakh25%More than 24 lakh30%2. Is there any Change in Standard Deduction for FY 2025-26?The increased standard deduction of Rs.

You can claim deduction against a personal loan interest and principal repayment in cases like home loan, vehicle loan, education loan, etc. However, the eligibility to claim such deduction depends on various factors like the regime chosen, and satisfaction of other criteria mentioned in the act.Tax Benefit On Personal LoanThe key factor in determining whether you can claim these benefits is the intended use of the loan amount. You can claim these benefits as long as you can provide evidence that the funds were used for that specific purpose.Home RenovationIf you take a personal loan to renovate or repair your home, then you will be eligible for a tax deduction under Section 24(b) of the Income Tax Act. You can claim deductions of up to Rs.30,000 per year on the interest paid on a personal loan. Home Purchase or ConstructionIf you take a loan for the purchase or construction of a house, you can claim a deduction of the interest paid on such loan. If the house is used for self-occupation, you can claim an interest deduction of up to Rs.2,00,000. However, this limit is reduced to Rs.30,000 if the purchase or construction is not completed within five years from the end of the financial year in which the capital was borrowed. If you let it out on rent, then the entire interest amount qualifies for a tax deduction. However, if you opt for new regime then deduction is available only on the property which is let out. Under section 80C, deduction of up to Rs.

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.

Post Office savings schemes in India are popular investment options known for their safety, stable returns, and government backing. Schemes like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), and Post Office Monthly Income Scheme (POMIS) are widely used by investors looking for low-risk wealth creation and regular income.What are Post Office Saving Schemes? Post Office Saving Schemes are government backed investment options offered through India Post that provide safe and stable returns with minimal risk. These schemes are designed to encourage savings among individuals while offering assured returns, making them ideal for conservative investors.Popular schemes include the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), and Post Office Monthly Income Scheme (MIS). Many of these schemes also offer tax benefits under Section 80C of the Income Tax Act, making them a reliable choice for both savings and tax planning.List of All Post Office Saving Schemes 2026The various post office savings scheme offered are as follows:Post Office Savings Account5-Year Post Office Recurring DepositPost Office Time DepositPost Office Monthly Income Scheme (POMIS)Senior Citizens Savings Scheme (SCSS)Public Provident Fund (PPF)National Savings Certificate (NSC)Kisan Vikas Patra (KVP)Sukanya Samriddhi Yojana (SSY)Post Office Saving Scheme Interest Rates 2026Post Office Savings SchemeInterest RatePost Office Savings Account​​4%1 Year Time Deposit6.9%2 Year Time Deposit​​7%3 Year Time Deposit​​7%5 Year Time Deposit7.5%5 Year Recurring Deposit Scheme​​7.5%Senior Citizen Savings Scheme​​ (SCSS)8.2%Monthly Savings Scheme Account (POMIS)7.4%National Savings Certificate (NSC)7.7%Public Provident Fund Scheme​​ (PPF)7.1%Kisan Vikas Patra​​ (KVP)7.5%Mahila Samman Savings Certificate​​7.5%Sukanya Samriddhi Yojana Scheme​8.2%1. Post 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.2.

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.Post Office Senior Citizen Savings Scheme (SCSS) DetailsFeature DetailsTenure5 Years (Extendable for additional 3 years)EligibilityIndividuals aged above 60 years Minimum InvestmentRs. 1,000Maximum InvestmentRs.

Cryptocurrencies are emerging as prominent financial innovation, offering decentralized and border-less 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%.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.TDS is deducted at 1% of sale consideration.What are Crypto Currencies as per the Income Tax Act?In layman's terms, cryptocurrencies are digital currencies designed to buy goods and services, similar to other currencies. Today, more than 1,500 virtual currencies, such as Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Matic, etc., are traded in the digital currency world. Crypto and NFTs were categorized as "Virtual Digital Assets", and Section 2(47A) was added to the Income Tax Act to define this term. The definition is quite detailed but mainly includes any information, code, number or token (not Indian or foreign fiat currency) generated through cryptographic means. Is Crypto Taxed in India?Yes, gains from cryptocurrency are taxable in India.

The Central Board of Direct Taxes (CBDT) has notified forms ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7, ITR-V, and ITR-U for FY 2025-26 (AY 2026-27). Taxpayers can access and download these forms from the Income Tax Department website. These forms for AY 2026-27 include major changes in reporting requirements. How to Download Income Tax Returns (ITR) Forms for AY 2026-27?Taxpayers can download forms ITR 1, 2, 3, 4, 5, 6, 7, ITR-V and ITR-U online from the Income Tax Department website through the below steps:Visit the official website of the Income Tax DepartmentNavigate to “Income Tax Provisions” and click on "Income Tax Rules, 1962"Select “Forms” in the option menuAll ITR forms will be displayed along with other Income Tax Forms. Select the ITR form you are looking for and download it in PDF format. Note: For FY 2025-26 (AY 2026-27), Income Tax Act 1961 and Income Tax Rules, 1962 will be applicable. The new Income Tax Act 2025 and Income Tax Rules 2026 will be applicable for incomes earned in FY 2026-27 and onwards. Income Tax Form FY 2025-26 (AY 2026-27) PDF DownloadITR FormsApplicability Download ITR FormsITR-1 (SAHAJ)For resident individuals other than not ordinarily resident having Income from Salaries, two house property, other sources (interest, dividend etc.), capital gains u/s 112A not exceeding Rs.