Pension income is eligible for exemptions under the Income Tax Act. After claiming the applicable exemptions, if the taxable income crosses the basic exemption limit, filing income tax returns is mandatory as per the provisions of the act. Key HighlightsPension income is a partially taxable income, requires ITR filing.Non-filing of ITR attracts fees up to Rs. 5,000 under section 234F.In most cases, ITR-1 is the most appropriate ITR type.Tax on Pension IncomePension received after retirement can be classified into commuted and uncommuted pension. Commuted pension refers to a lump sum amount that a taxpayer may choose to receive in advance by surrendering a part of their future monthly pension. This option allows the individual to get a fixed portion of their pension upfront. On the other hand, uncommuted pension is the regular monthly pension received over time and is not converted into a lump sum. For example, if someone opts to receive 10% of their total pension as a lump sum for 10 years, that amount is considered commuted pension, while the remaining 90% paid monthly is the uncommuted pension.The taxability for commuted and uncommuted pension is explained below:ParticularsUncommuted Pension Commuted or Lump Sum PensionPrivate Sector EmployeesTaxable as SalaryPartially Exempt*Government EmployeesTaxable as SalaryFully Exempt*Note:If gratuity is received: 1/3rd of commuted pension is exemptIf no gratuity is received: 1/2 of commuted pension is exemptExemption from ITR filing for PensionersUnder Section 194P - resident senior citizens aged 75 years or more do not have to file Income Tax Returns on satisfaction of certain conditions. They are as follows:The senior citizen must be residentHe should not have any income other than pension income and bank interest from that pension amount.He should file the declaration to the bank in this regard, using the prescribed forms.The banks will directly deduct TDS, and such pensioners are exempted from filing ITR.Individuals aged 80 years can also file their returns in physical manner (paper returns) instead of online mode, provided they do not have any business or professional income.

Gold is now available for investors in different forms and options, namely Gold Exchange Traded Funds, Gold Mutual Funds, physical jewellery and bullion, digital gold, etc. While long-term capital gains on gold are taxed at 12.5% without indexation benefit and short-term capital gains are taxed at the applicable slab rates.Taxation of Different Forms of Gold - An OverviewThe following table shows tax rates and holding period differences for different forms of gold:Form of GoldHolding Period for STCGSTCG Tax RateHolding Period for LTCGLTCG Tax RatePhysical Gold (bars, coins, jewellery, digital gold)≤ 24 monthsNormal slab rates> 24 months12.5%Gold ETF≤ 12 monthsNormal slab rates> 12 months12.5%Gold Mutual Funds ≤ 24 monthsNormal slab rates> 24 months12.5%Sovereign Gold Bonds (SGB) -originally subscribed and held till maturity (8 years)-ExemptExemptExemptSGB sold (other than above)≤ 12 monthsNormal slab rates> 12 months12.5%What is Digital Gold?The concept of digital gold is not different from that of physical gold.The only difference is that you can buy them online and the issuer will store them in vaults on your behalf. Moreover, government bodies like RBI or SEBI have no authority to regulate this investment type.Income Tax on Digital Gold in IndiaSale of digital gold attracts taxes as per the income tax rules for gold purchases. Returns from gold held for 24 months or more are termed long-term capital gains; returns from gold that are held for less than this period are termed short-term capital gains (STCG).The tax on the sale of digital gold will attract the same as physical gold and paper gold. LTCG on gold attracts 12.5% of tax with applicable cess. In the case of STCG, the tax is charged as per your income slab.Taxes on Physical Gold PurchaseThe physical form of gold includes jewellery, gold biscuits, gold ornaments, gold coins, etc. For ages, the physical form of gold has been a popular investment option in India. However, according to the Income Tax Act of India, you need to pay a 12.5% tax on long-term capital gains (LTCG) while selling gold. However, this rate is not applicable for short-term capital gains. In the case of STCG, the tax is charged as per your income slab.Income Tax on Paper Gold in IndiaYou can hold gold on paper but cannot acquire them physically.

The conveyance allowance exemption limit is Rs. 1,600 per month or Rs. 19,200 per year under the Income Tax Act, 1961. Any amount received as conveyance allowance above this limit is taxable as salary income. Disabled employees get a higher exemption limit of up to Rs.

Section 194-IB of the Income Tax Act deals with the tax deducted at source on rent payments which are not dealt under section 194I. Under this section, if the rent payment exceeds Rs.50,000 per month, TDS needs to be deducted at 2%. Section 194-IC was introduced to bring the ‘Joint development agreement’ of real estate under the purview of TDS. A joint development agreement is an agreement between the owner of the asset and the developer. Under section 194IC, TDS needs to be deducted at 10%.If you're paying rent exceeding Rs. 50,000 per month to your landlord, ensure that you deduct TDS on the rent payments as required under the Income Tax Act.Failure to do so may result in notices from the Income Tax Department and interest at 1% per month for late TDS deductions.You could also be treated as an assessee in default, which may lead to penalties in severe cases.What does Section 194-IB Specify?According to Section 194-IB, it is mandatory for any person, i.e.

Employees’ Provident Fund (EPF) is a crucial retirement savings scheme, but withdrawals are subject to specific rules. Depending on retirement, unemployment, or emergencies like medical needs, marriage, or housing, employees can withdraw fully or partially. Tax implications vary based on service period, withdrawal reason, and fund type. Understanding EPF withdrawal rules helps avoid unnecessary TDS and plan finances effectively.Tax Exempt WithdrawalsWithdrawal after 5 years.For medical and other specified grounds.Transfer of PF amount to NPS account. No TDS if the amount withdrawn is less than Rs.50,000Eligibility for EPF WithdrawalAn employee must fulfil the following conditions to withdraw the entire EPF funds:The entire EPF amount can be withdrawn upon retirement. The retirement age fixed by the EPFO is 55 years.An employee can withdraw 90% of the EPF funds one year before retirement after attaining 54 years.An employee can withdraw 75% of the EPF amount after one month of unemployment.

EPF bank account details can be updated in the EPFO portal, or UMANG app. With effect from April 2025, there is no need of employer approval for bank account seeding. If the IFSC code does not match with the bank account number, KYC gets rejected.Details required for KYC UpdateUniversal Account Number (UAN) - active and linked to your mobile numberBank account numberIFSC codeHow to Add Bank Account Details in EPFO?EPF accounts consist of all relevant information relating to an employee’s provident fund. Here is the step-by-step guide on how to add a bank account in EPFO. Following this will enable you to withdraw money from your EPF account hassle-free.Visit EPFO’s member portal.

Section 24 provides deductions against rental income from house property, including 30% standard deduction on rent and deduction on interest paid on home loans. Even in case of self occupied property, you can claim up to Rs 2 lakh interest on home loans as deduction under this section.Key HighlightsEntire interest paid can be claimed as a deduction in case of a property let out on rent.Interest deduction for self occupied property not available under the new regime.30% standard deduction available only for let-out and deemed let-out properties.What is Income from House Property?The following income will be taxable under the head ‘Income from House Property’ of the Income-tax Act, 1961.Rental Income earned on a let-out propertyAnnual value of a property which is ‘deemed’ to be let out for income tax purposes (excess properties will be considered as let out properties when you own more than two house property)The annual value of a property is the expected rental income if the property is rented out.The annual value of a house property can be zero or even be negative if the interest on a home loan is claimed as a deduction in case of a self-occupied property.If you have more than two house properties, then excess house properties which are not let out shall be treated as deemed to be let out property and the notional rent is taxable.If the property is let out, the rent received is your Gross Annual Value (GAV). For a deemed to be let-out property, the reasonable rent of a similar place is your Gross Annual Value.What Are The Deductions Available for Income from House Property?1. Municipal Tax Municipal taxes are the annual amount paid to the municipal corporation of that area. Municipal taxes are to be deducted from the Gross Annual value to derive the Net annual value of the house property. Deduction of municipal tax is allowed only if it has been borne by the owner and paid during that financial year. 2. Standard DeductionStandard Deduction is allowed 30% of the Net Annual Value calculated above. This 30% deduction is allowed irrespective of incurring expenditure on  insurance, repairs, etc,. 3.

Fixed Deposits (FDs) interest income are taxed at regular slab rates. Section 80TTB allows a maximum deduction of Rs.50,000 under the old regime for senior citizens who earn interest income from savings account or deposits.Where can I Check my FD Interest Income?More often than not, bank interests are not considered for income tax calculation and tax planning strategies because of their quantum as compared to other major sources of income.But, it is necessary to consider FD interest for tax implications to avoid under-reporting of income and consequent penalties.FD interest can be checked on any of the following. Bank statementsForm 26ASAnnual Information Statement (AIS)Taxpayer Information Statement  (TIS)How to Calculate Income Tax on FD Interest?After considering all these sources, the FD interest is added to the income earned.The interest income earned is shown under the head ‘Income From Other Sources’ in your Income Tax Return.Deduction under section 80TTB can be claimed if the taxpayer is a resident senior citizen under the old regime.Amount of principal deposited under section 80C can be claimed as a deduction under the old regime. Tax is calculated on the respective slab rates of the taxpayer. The tax implications might differ based on the regime he chooses, the age of taxpayer and residential status. TDS, if any deducted from the interest income, is reduced from the overall tax liability. Adjustment of TDS with tax payable might result in reduction of tax payable or refund.FD Interest Deduction under Section 80TTB Resident senior citizens opting for old tax regime can claim this benefit.Interest received from savings account, fixed deposits or recurring deposit can be claimed as a deduction under this section.Maximum limit of Rs. 50,000 deduction is allowed under this section.

Yes, you can claim both HRA exemption and home loan deductions if conditions are met. However, ensure that you are not claiming home loan on self occupied property. Also, ensure that both claims are genuine, backed with valid rent receipts, loan documents, and proof of occupancy.Key HighlightsYou can claim both HRA and home loan interest if both the house properties are located in the same city.You cannot claim HRA and home loan interest on the same property. You can claim interest on let out house property.What is HRA?HRA or House Rent allowance under section 10(13A) is a percentage of an employee’s basic salary that is provided to cover the rent paid by taxpayers for residential accommodation. However, the amount of HRA paid to employees depends on the location of residence and the salary package. HRA is not fully taxable, and a certain portion can be claimed as an exemption. The amount of HRA exemption will be calculated as the least of the following:Metro Cities (Delhi, Kolkata, Mumbai and Chennai)Other CitiesActual HRA ReceivedActual HRA Received50% of Salary40% of SalaryRent paid - 10% of SalaryRent paid - 10% of SalaryHome Loan Interest DeductionAccording to the following sections of the Income Tax Act, 1961, taxpayers can deduct the principal payment and interest on a home loan.Interest payment on home loan qualifies for deduction under section 24(b) of the Income Tax Act, 1961Principal on home loan qualifies for deduction under section 80C of the Income Tax Act, 1961You must have availed a home loan for a property in your own name or jointly with your spouse.Deduction can be claimed irrespective of whether the assessee is the legal owner of the house property or not.However, there are certain conditions an assessee needs to comply with to avail the deductions above.To avail maximum deduction of Rs. 1.5 lakh against the principal repayment of the home loan, the taxpayer should not sell the property for 5 years.

Belated returns can be filed under section 139(4) until 31st December of the next tax year. Late fees under Section 234F and interest under section 234A are applicable when returns are filed in delay.Key HighlightsPenalty: Late fee of Rs. 1,000 / 5,000 (u/s 234F) and interest u/s 234A.Limitations: Business and capital losses cannot be carried forward; certain deductions are disallowed.Revision: A belated return can be revised only up to 31st December.What is a Belated Return?If you have missed filing your return with the original return due date, you can still file belated return under section 139(4).The due date for filing original returns for the tax year 2025-26 is 31st July, 2026.The due date for filing belated return 31st December of the next tax year. For financial year 2025-26, the due date for filing belated return is 31st December, 2026.It is recommended to file belated return even if you have missed your original return due date, to avoid consequences of not filing ITR.Note: The due date for belated return still remains the same, while Budget 2026 has amended the due date for revised return with a penalty.Who can file Belated Returns?Belated return can be filed by any taxpayer who has missed the due date for original ITR.This option is available for all kinds of assessees, and for all types of ITR forms.Taxpayers who have missed the due date of 31st December for belated returns, cannot file belated returns.How to File Belated Returns?If you wish to file it on Income Tax Portal, take a look at this step-by-step guide on how to file a belated return online and offline.Online MethodStep 1: Log in to your account on the e-filing accountStep 2:  Click on ‘e-File‘ > Choose ‘Income Tax Returns‘ and > Select ‘File Income Tax Return.Step 3: Select the relevant assessment yearStep 4: If you select the mode of filing as ‘Online’, follow Steps 5-10. Step 5: Click on the ‘Start new filing' buttonStep 6: Select the applicable statusStep 7: Now, select the applicable ITR formStep 8: Click on the ‘Personal Information’ section and ensure all your personal details are correct.Step 9: Scroll down to the filing section and select 139(4).Step 10: Fill in all your income details under various source heads and proceed to make the tax payment. Offline MethodDownload Offline ITR Preparation Utility and prepare the ITR. Once done, upload .json file and proceed to verification.Limitations of a Belated ReturnIf you miss the due date for ITR and file belated returns, you may face the following consequencesInterest: Interest may be applicable under sections 234A.Late fee: A late fee will be levied under Section 234F while filing a belated return: Gross Total IncomeLate Feeup to Rs.