If your annual salary is Rs. 7 lakh, you generally do not need any additional tax-saving investments under the new tax regime. Since the new regime provides a rebate for taxable income up to Rs. 12 lakh, your tax liability is nil, making it the most beneficial option for most salaried individuals in this income bracket. However, you should still review your salary structure and eligible deductions to ensure you choose the tax regime that offers the maximum benefit.Key Takeaways - Tax Saving Options for Rs.

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to help parents and legal guardians build a financial corpus for a girl child's higher education and marriage. It offers an attractive SSY interest rate of 8.2% p.a., tax benefits under Section 80C, and tax-free maturity, thus making it one of the most popular long-term wealth creation investment options for girl children. Beneficiaries can open an SSY account at a post office or an authorised bank and contribute up to Rs. 1.5 lakh annually.Sukanya Samriddhi Yojana CalculatorUse the ClearTax Sukanya Samriddhi Yojana (SSY) Calculator to calculate interest and returns on your investment.Sukanya Samriddhi Yojana at a GlanceParticularsDetailsInterest RateLatest interest rate of 8.2% per annumInvestment LimitRs. 250 minimum and Rs.

Form 26AS is an annual tax credit statement issued by the Income Tax Department against your PAN. It records all Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax payments, self-assessment tax, refunds and major financial transactions for a financial year. As per the provisions of the new Income Tax Rules, 2026, Form 26AS has been replaced by Form 168, applicable for FY 2026-27. However, for the current filing season, taxpayers should continue to refer to Form 26AS, since it relates to the income earned during the year FY 2025-26.Steps to Download Form 26ASGo to the Income Tax e-filing portal and log in with PAN and password.From “e‑file” choose “Income Tax Returns,” then click “View Form 26AS.”You’ll be redirected to TRACES; check the box on the screen and click “Proceed.”Select “View Tax Credit (Form 26AS),” pick the assessment year and choose HTML.Click “View/Download,” then “Export as PDF.”What is Form 26AS?Form 26AS acts as a tax passbook, which contains all TDS deducted against your income in one place. Its scope has expanded significantly over the years, which now includes details of foreign remittances, mutual fund purchases, dividend income, and even your turnover as reported in GST records.Ignoring Form 26AS while filing ITR can be costly. Even a single transaction reflected in the form that goes unreported in your return can lead to an Income Tax notice.

An income tax refund is the amount returned by the Income Tax Department when a taxpayer pays more tax than required during a financial year. Excess tax may arise due to higher TDS deductions,  advance tax payments, or self-assessment tax. Taxpayers can claim an income tax refund by filing their Income Tax Return (ITR) and verifying it on the income tax e-filing portal.Tips to Claim Maximum RefundChoose the best tax regime: compute tax under old vs. new and file under the one with lower tax to increase your refund.Confirm TDS: cross-check auto-populated TDS with Form 16 and Form 26AS.E-verify immediately: E-verify your ITR right after filing (within 30 days) to speed up refund processing.What is Income Tax Refund?An income tax refund is the amount returned by the Income Tax Department when a taxpayer pays more tax than their actual tax liability during a financial year. For example, If the TDS and advance tax paid by Mr.

The Employees' Provident Fund Organisation (EPFO) manages the Employees' Provident Fund (EPF), India's mandatory retirement savings scheme for salaried employees. Effective 29 June 2026, the EPF Scheme, 2026 replaced the EPF Scheme, 1952 under the Code on Social Security, 2020. While the scheme modernises the legal and compliance framework, the core EPF benefits, contribution rates, and retirement savings objective remain largely unchanged.As of 2026, the EPFO provides services to over 7 crore members and 147 offices, while offering an EPF interest rate of 8.25% on deposits. Latest Update: EPFO 3.0The EPFO launches EPFO 3.0 which allows members to withdraw PF balance instantly through UPI and ATMs. The auto-settlement limit has also been increased to Rs. 5 lakh from the existing Rs.

EPFO 3.0 transforms the way employees access their provident fund. With this upgrade, users will be able to enjoy facilities such as auto-claim settlement, instant withdrawals through ATMs and UPI, and seamless fund transfers to the bank account of their choice. This new version aims to make withdrawals quick and hassle-free.EPFO 3.0 Rules UpdateThe newly notified EPF Scheme and EPFO 3.0 rules are now in effect from 29th June 2026. Key changes are as follows:FeatureDetailUPI WithdrawalsUp to 75% of EPF balance can be withdrawn through UPIATM WithdrawalsEPFO to issue EPF-linked ATM cards to ensure easy withdrawalAuto-Settlement LimitAuto settlement limit has been increased to Rs. 5 lakh from the existing Rs.

ITR stands for Income Tax Return. It is a form through which taxpayers in India report their income, expenses, taxes paid, and tax liability for a financial year. There are seven types of ITR, namely ITR-1 to ITR-7. The type of ITR a taxpayer needs to file differs based on her income sources, level of income and the residential status. Therefore, choosing of the right ITR form becomes crucial.The ITR due date for non-tax audit cases for FY 2025-26 (AY 2026-27) is 31st July 2026.

Maximum professional tax payable will not exceed Rs.2,500 per annum irrespective of income level of the person. The professional tax applicable depends on whether the person is an employee, a specified professional or others. For FY 2025-26, the professional tax due date is 31st July, 2025. Professional tax payment can be made online, following simple steps. In this article, we will learn about professional tax in West Bengal.West Bengal Professional Tax RuleAs per Clause 2 of Article 276 of the Indian Constitution, professional tax in West Bengal is levied as per the provisions under the West Bengal Tax on Profession, Trade, Callings and Employment Act, 1979. Professional Tax is broadly classified into two types:Professional Tax Registration (PTRC): If you are a salaried employee, your establishment will have to obtain PTRC, this tax is automatically deducted by your employer and deposited to the state government. Professional Tax Enrollment (PTEC): If you are self-employed, you must pay it on your own by visiting any of the WB professional tax offices.

Term Insurance is a type of life insurance that offers coverage to the policyholder. This coverage is only valid for a particular period. If the policyholder dies during this time frame, then the term insurance-providing company pays the insured money to the beneficiary.  It is essential to know a few terms and conditions before taking term insurance. The term insurance also has several tax benefits under the sections 80C, 80D, and 10D.

Form 26Q is a statement containing details of TDS deducted on payments made under a particular TDS section except for salary payments; this needs to be filed quarterly by the person responsible for the deduction. But form 26QE is Challan-Cum-Statement used to report TDS deducted under section 194S by specified persons. Filed within 30 days from the end of the month in which TDS is deducted, Individuals or organisations must fill out TDS forms as per their eligibility for each financial year.In this guide, we will explore the Form 26Q and Form 26QE, its significance and the procedures for filing.What is Form 26Q?Form 26Q is a statement of Tax Deducted At Source filled by the TDS deductor. This statement shows the payment made by the deductor to resident individuals and entities and the TDS amount deducted on those payments at a specified rate as per the Income Tax Act. The deductor fills this statement quarterly for TDS deducted on non-salary payments made to residents.The tax deducted at source under Sections 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I,194J and 194T of the Income Tax Act of 1961 are to be filed by the depositor by submitting Form 26Q.  It is to be noted that Form-26Q for  TDS reporting related to non-salary and payment made to residents only, where Form-27Q is for non-resident payments, Form-24Q is for reporting TDS deducted on salary payments, and Form 27EQ is for TCS transactions.Note: If you want to download Form 26QE, follow the same steps but choose Form 26QE. How to File Form 26Q?Here are the steps to file TDS return form 26Q:Login to e-filing portal using your TAN and password. Click on 'e-file>Income Tax Forms > File Income Tax Forms. Click on 'File Now' for filing of Quarterly TDS Return.Click on 'Let's get started'.Select the Form type, Financial Year, Quarter and Upload type.