EPFO members can check their PF balance through various methods that are through EPFO portal, using UMANG app, through missed call or SMS services, or through their DigiLocker facility. However, members have to make sure that they have activated their UAN and have linked their KYC. Therefore, EPF balance check can be done both through online and offline methods. PF Balance Check Methods: Quick Reference TableMethodUAN RequiredInternet RequiredEstimated TimeEPFO PortalYesYes2 minUMANG AppYesYes2 minMissed CallYesNoInstantSMSYesNoInstantDigiLockerYesYes3 minPrerequisites Before Checking PF BalanceBefore checking PF balance through online or offline methods, members should make sure to activate their Universal Account Number and have linked their KYC details. Without these, PF balance check thorugh most of the services will not be possible. 1. How to Activate UANStep 1: Download the UMANG App from the Google Play Store or Apple App Store and log in using your mobile number.Step 2: Search for “EPFO” in the app and select “UAN Services Through Face Auth”.Step 3: Tap on “UAN Activation” to begin the process.Step 4: Provide your 12-digit UAN, Aadhaar number, and Aadhaar-linked mobile number.Step 5: Click on “Send OTP”, enter the OTP received on your registered mobile number, and submit.Step 6: Complete the live face scan using your phone camera to verify identity with the UIDAI database (camera permission required).Step 7: Once verified, your UAN will be activated, and a temporary password will be sent to your mobile via SMS.2.

The Employees' Provident Organisation or EPFO is a statutory body that manages the EPF retirement savings scheme in India, thus enabling salaried employees to build a secure retirement savings corpus through timely employee-employer contributions. 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. 1 lakh.

Under the advance tax system, taxpayers pay their tax liability during the financial year itself rather than at the time of filing returns. If the tax on total income after TDS exceeds 10,000 INR in a financial year, advance tax must be paid. The Income Tax Act 2025 applies for advance tax payments for FY 2026-27. Advance tax can be paid online via Income Tax Portal, either through logging in, or without login using 'quick links' section.Advance Tax Due DateThe due date to pay the 1st installment of advance tax for Q1 FY 2026-27 (Apr-Jun) is June, 2026 Taxpayers should make sure to pay 15% of the total tax liability for the year by June 15, 2026. Taxpayers shall refer to section 403 to 410 of the Income Tax Act, 2025 with effect from 1st April 2026What is Advance Tax? (Meaning & Definition)Advance tax is income tax paid through multiple installments before the end of financial year, instead of a lump sum payment after the end of the financial year. The provisions related to advance tax are covered under section 403 to section 410 of the Income tax act, 2025.The taxpayer calculates the estimated total income at the beginning of the financial year, thereby estimating his tax liability.

Form 15G and Form 15H are self-declaration forms used by taxpayers to prevent TDS deduction on certain incomes such as bank interest, dividends, rent, or pension when their total tax liability for the financial year is nil. These forms are submitted to banks or financial institutions under the Income Tax Act, 1961, allowing eligible taxpayers to receive income without TDS deduction, provided they satisfy the prescribed conditions. Under the Income Tax Rules, 2026, Form 15G & 15H have been merged into a single new Form 121.Key Highlights of Form 15G and Form 15HApplicable to: Resident individuals, HUFs and senior citizens meeting eligibility conditionsAge Limit: Form 15G for below 60 years. Form 15H for 60 years and aboveIncome Limit: Total income should be within the basic exemption limit under the old/new tax regime, with nil tax liabilityNew Form: Form 121 replaces Forms 15G and 15H (where applicable under new rules)What is Form 15G?Form 15D is a self-declaration form for individuals to submit to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.Form 15G is generally used by individuals below 60 years of age and Hindu Undivided Families (HUFs) to ensure that TDS is not deducted on interest earned from sources such as fixed deposits or recurring deposits.What is Form 15H?Form 15H is a self-declaration for senior citizens (aged 60 years or above) that can be submitted to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.By submitting this form, the taxpayer declares that their total tax liability for the financial year is nil, so that the payer do not deduct TDS on the interest earned. What is Form 121?Form 121 is the new self-declaration form which taxpayers can submit to avoid TDS on income earned from banks or other financial institutions when their total income is below the basic exemption limit. Form 121 was introduced under the Income Tax Rules, 2026 in accordance with the Income Tax Act, 2025. Form 121 is a unified form which replaces Form 15G and Form 15H from Tax Year 2026-27 onwards.

ITR-2 is an Income Tax Return form for individuals and HUF who do not have income from business or profession. It is applicable to taxpayers earning income from capital gains, more than one house property, foreign assets or foreign income, and for NRIs.In simple terms, taxpayers who are not eligible for ITR-1 and do not have business or professional income should file ITR-2.What Changed in ITR-2 for FY 2025-26 (AY 2026-27)Removal of requirement to report capital gains as before and after 23rd July 2024. Reporting additional details such as transaction number to claim deductions against donations. Removal of STCG of 15%, LTCG of 10% and 20% across all schedules. Who Can File ITR-2?ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’.Income from salary or pensionIncome from house property (income can be from more than one house property)Income from capital gains or loss on sale of investments or property (both short-term and long-term)Income from other sources (including winning from lottery, bets on racehorses and other legal means of gambling)Agricultural income of more than Rs 5,000Resident not ordinarily resident and a non-residentThe total income from the above sources may exceed Rs 50 lakh.Further, if you are a Director of any company and an individual who has invested in unlisted equity shares of a company, you must file returns in ITR-2.Who Cannot file ITR-2?Any individual or HUF having income from business or profession.Note - Taxpayers eligible to file ITR-1 can also file ITR-2. However, it is advisable to file using ITR-1 as long as they meet the eligibility criteria.Last Date to File ITR 2 for FY 2025-26 (AY 2026-27)The due date to file ITR-2 for FY 2025-26 (AY 2026-27) is 31st July 2026. Not filing ITR within the specified due date can attract late fees and additional interests. What is the Structure of ITR-2?ITR-2 is divided into the following parts and schedules:Part A: General informationSchedule S: Details of income from salariesSchedule HP: Details of income from house propertySchedule CG: Computation of income under capital gainsSchedule 112A - From the sale of equity share of a company or a unit of equity oriented fund /business trust on which STT is paidSchedule 116AD(1)(b)(iii) proviso- For non-residents -From the sale of equity share of a company or a unit of equity oriented fund/business trust on which STT is paidSchedule VDA - Income from Transfer of Virtual Digital AssetsSchedule OS: Computation of income under income from other sourcesSchedule CYLA: Statement of income after set off of current year’s lossesSchedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier yearsSchedule CFL: Statement of losses to be carried forward to future yearsSchedule VIA: Statement of deductions (from total income) under Chapter VIASchedule 80G: Statement of donations entitled for deduction under Section 80GSchedule 80GGA: Statement of donations for scientific research or rural developmentSchedule 80GGC: Statement of contribution made to political partiesSchedule 80DD: Details of deduction in respect of maintenance including medical treatment of a dependent who is a person with disability Schedule AMT: Computation of Alternate Minimum Tax payable under Section 116JCSchedule AMTC: Computation of tax credit under Section 116JDSchedule SPI: Statement of income arising to spouse/minor child/son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, CG and OSSchedule SI: Statement of income which is chargeable to tax at special ratesSchedule EI: Details of exempt incomeSchedule PTI: Pass through income details from business trust or investment fund as per Section 116UA, 116UBSchedule FSI: Statement of income accruing or arising outside IndiaSchedule TR: Details of taxes paid outside IndiaSchedule FA: Details of Foreign Assets and income from any source outside IndiaSchedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil CodeSchedule AL: Asset and liability at the year-end (applicable in case the total income exceeds Rs 50 lakh)Schedule tax deferred on ESOP: Information of tax-deferred on ESOPS received from eligible start-ups referred to in Section 80-IACPart B-TI: Computation of total incomePart B-TTI: Computation of tax liability on total incomeTax payments- Details of payment of advance tax and self-assessment taxDeclaration by the taxpayerDetails to be filled if a tax return preparer has prepared the returnWhat are the Documents Needed to File ITR-2?Form 16 issued by your employer.Form 16A: If TDS has been deducted on interest income on fixed deposits or saving bank accountForm 26AS: For verification of TDS on salary and non-salary income.Rent receipts: For the calculation of HRA (in case you have not submitted the same to your employer).Capital Gains Statement: If you have any capital gains transactions in shares or mutual funds.Bank Passbook, Fixed Deposit Receipts (FDRs): To calculate amount of interest income.Proof documents for tax saving deductions: For claiming tax saving deductions u/s 80C, 80D, 80G, and 80GG such as life and health insurance receipts, donation receipts, rent receipts, receipts for tuition fees etc., How to File Your ITR-2 Online on Income Tax Portal?Visit the Income Tax e-filing Portal and log in using your PAN as the User ID and your password.After logging in, go to the e-File menu and select “Income Tax Return” from the drop-down. Choose the relevant Assessment Year and select the Online mode of filing.Click “Start New Filing” and select your applicable taxpayer status (Individual, HUF, etc.).Select the appropriate ITR Form (e.g., ITR-2, if applicable to you).Click “Let’s Get Started” and select the reason for filing your return.Choose the schedules applicable as per your sources of income.Begin with General Information, verify the pre-filled data, and select the tax regime (Old or New) applicable to you.Fill in all the relevant schedules according to your income details, then click “Proceed to Verification”.Review your return for errors, correct them if necessary, pay any self-assessment tax due, and submit your ITR. How to File ITR-2 on ClearTax?Log in or sign up on the ClearTax portal and link your PAN using the OTP sent to your registered mobile number.Complete the OTP verification to pre-fill your details from the Income Tax portal.Upload your Form 16 or choose to enter the details manually to continue with e-filing.Review the information under the Personal Information section and proceed to Income Sources.Upload Form 16 here if you skipped it earlier to automatically fill in your salary details.Add capital gains from assets such as stocks, mutual funds, gold, bonds, ESOPs/RSUs, or property.Import your stock and mutual fund transactions by logging in through your broker or by uploading the provided ExcelReport intraday transactions, which are automatically classified under business income. Enter details for foreign investments by importing from supported brokers or uploading the Excel template.Include income from dividends, savings account interest, and fixed deposits under Other Income.Claim deductions in the Tax Savings section, either from auto-filled data or by entering them manually. Add any brought-forward losses to set them off against current gains.Verify TDS and advance tax details in the Tax Paid section using auto-filled data or by uploading Form 26AS.Review the auto-selected ITR form and the suggested tax regime that helps you save the most tax.Click on File Now, complete the payment if applicable, and e-verify your return to finish the process.Major Changes in ITR-2 in AY 2026-27The key changes made in form ITR-2 for FY 2025-26 (AY 2026-27) are listed below:15% and 10% Capital Gain Rates AbolishedWith effect from Budget 2024 changes, capital gains from 23rd July 2024 are to be taxed at 20%(for STCG u/s 111A) and 12.5%( for LTCG u/s 112A).

Insurance is a means of protection from financial loss. The concept of insurance is such that when a loss or damage occurs, the policyholder invokes the guarantee, and the insurer settles the payment, i.e., provides compensation for the loss or damage. This compensation is known as an insurance claim. There are various scenarios when an insurance claim is received. In this article, we will mainly discuss the treatment of insurance claims received against a capital asset and its tax implications. What is a Capital Asset?Capital Assets are any property held by an assessee, whether for business or not. They can be stocks, properties, machinery, bonds, etc., that an individual or business owns. Capital Assets can be classified into two main types based on their holding period as follows:AssetShort-term Capital AssetLong-term Capital AssetSecurities listed on a recognised stock exchange, units of Unit Trust of India, units of an equity-oriented fund, zero-coupon bonds≤ 12 months> 12 monthsOther assets≤ 24 months> 24 monthsTax Treatment Of Capital AssetThe computation of tax on capital assets will depend on their nature, i.e., whether they are short-term or long-term assets.Asset TypeShort-term Capital Gains Tax RateLong-term Capital Gains Tax RateSecurities listed on a recognised stock exchange, units of Unit Trust of India, and units of an equity-oriented fund20%12.5% over and above Rs.

Cost of acquisition refers to the purchase price of the capital asset, in simple terms. The method of calculating cost of acquisition depends on the manner in which the asset was acquired, the duration for which it was held, the date of acquisition and so on.What is Cost of Acquisition (COA)?Cost of acquisition is important for capital gain calculation, both from compliance perspective and tax benefits perspective. Apart from claiming deduction on transfer expenses, purchase cost, and the cost incurred to improve (renovate) the capital asset helps significantly in reducing the taxes. There are circumstances when the acquisition cost cannot be clearly determined. The act prescribes the manner of calculation in such grey areas.Capital Gain = Sale price (-) Cost of AcquisitionCost of Acquisition in Different ScenariosSection 49(1): Cost of Previous Owner Deemed as Cost of AcquisitionThe cost of acquisition of the previous owner will be deemed to be the cost of acquisition in the following circumstances:Where the capital asset is transferred to you in the following ways the cost of acquisition will be deemed to be the cost of acquisition to the previous owner:On the distribution of assets on the total or partial participation in HUF.By way of a gift or willBy succession, inheritance or devolutionOn any distribution of assets on the liquidation of a companyOn transfer to a revocable or irrevocable trustOn the transfer from a holding company to its wholly owned subsidiary Indian company or by a subsidiary to its 100% holding Indian companyOn the transfer of capital assets from the amalgamating company to the amalgamated Indian company in a scheme of amalgamationOn the transfer of shares of an Indian company in a scheme of amalgamation by amalgamating a foreign company to the amalgamated foreign companyOn the transfer by the banking company to the banking institution under the scheme of amalgamationOn the transfer by the demerged company to the resulting Indian company in a scheme of demergerOn the transfer in a business reorganisation by the predecessor co-operative bank to the successor co-operative bankOn the transfer by a private company or an unlisted public company to a limited liability partnership(LLP) as a result of the conversion of a company to a LLP.On the conversion by an individual of his separate property into a HUF property, by the mode as referred in Section 64(2)Section 49(2): COA of Shares Received Under the Scheme of AmalgamationIf you receive any share in an amalgamated Indian company as a result of a transfer, as referred to in Section 47(vii).

House Rent Allowance (HRA) is a component of an employee's salary paid by employers to cover rental accommodation costs. Under Section 10(13A) of the Income Tax Act, a portion of HRA is exempt from tax if the employee is salaried, lives in rented accommodation, and files Income Tax Return (ITR) under the old tax regime. HRA cannot be claimed under the new tax regime.What is HRA?HRA stands for House Rent Allowance. It is a salary component provided by employers to help employees meet rental housing expenses. Under Section 10(13A), a salaried employee living in rented accommodation can claim HRA as a partial tax exemption under the old income tax regime.House Rent Allowance is an integral part of your salary structure, provided to cover the cost of accomodation.

Surcharge is tax calculated as a percentage of income tax already payable by the taxpayer. Usually, high income taxpayers are subjected to surcharge provisions under the Income Tax Act. Those taxpayers who have just crossed the threshold limits, thereby liable to pay surcharge can claim marginal relief. Key HighlightsFor individuals, surcharge rates are as follows: 5% for income between 50 lakhs and 1 crore, 15% for income between 1 crore to 2 crore, 25% for income between 2 crore to 5 crore, and 37% for income over 5 crore (this rate does not apply to taxpayers opting for new regime)Surcharge on Income TaxIncome tax surcharge is an additional charge payable on income tax. It is an added tax on the taxpayers having a higher income inflow during a particular financial year.Surcharge Rates for Individuals Under the Old Regime and New RegimeNet Taxable Income limitSurcharge Rate on the amount of income tax (under old tax regime)Surcharge Rate on the amount of income tax (under new tax regime)Less than Rs 50 lakhsNilNilMore than Rs 50 lakhs ≤  Rs 1 Crore10%10%More than Rs 1 Crore ≤  Rs 2 Crore15%15%More than Rs 2 Crore ≤  Rs 5 Crore25%25%More than Rs 5 Crore37%25%Note:Surcharge for AOPs having only companies as its members to 15%. It is applicable to AOPs whose total income during the financial year exceeds Rs 1 crores. Surcharge on Capital GainsSurcharge has been capped at 15% on dividend income and Capital gains covered under section 111A, 112 and 112A.IllustrationLets understand this concept through an example:Mr.

ITR-4 (Sugam) is an income tax return for resident individuals, HUFs and firms with total income up to Rs. 50 lakhs and having business or professional income under the presumptive taxation scheme as per Sections 44AD, 44ADA or 44AE along with salary, one house property and other incomes. Tax audit is generally not applicable for ITR-4 as it is designed for small taxpayers with business income. However, tax audit becomes applicable when income crosses certain limits. What Changed in ITR-4 for FY 2025-26 (AY 2026-27)Reporting of income from house property from up to 2 propertiesRemoval of Foreign Retirement Benefit account under Section 89AMandatory disclosure of bank balanceReporting long-term capital gains under Section 112A up to Rs. 1.25 lakhWho can File ITR-4?ITR-4 is to be filed by the individuals/HUF/Partnership firm who fulfill the following conditions:Is a Resident of India as per Income Tax ActHaving Business or Professional IncomeIncome from business calculated under Section 44AD or 44AEIncome from profession calculated under Section 44ADALong-term capital gains income on equity share & mutual funds up to Rs. 1.25 lakhs (having no brought-forward or carry-forward capital loss)Should not have income from more than two house propertyWho cannot File ITR-4?An individual whose total income exceeds rupees 50 lakhs.An individual who is either a director in a company An individual who has invested in unlisted equity shares cannot use this form.An individual, HUF or partnership firm who is required to maintain the books of accounts under the Income-tax Act, 1961.Resident but not ordinarily residents (RNOR) and Non-residentsIndividuals  who have earned income through the following means: Lottery, racehorses, legal gambling, etc.Individual who has more than one house propertyTaxable capital gains (short-term and long-term)Agricultural income exceeding Rs 5,000A resident that has assets (including financial interest in any entity) outside India or is a signing authority in any account located outside IndiaIndividuals claiming relief of foreign tax paid or double taxation relief under section 90/90A/91Gains from Virtual Digital Assets (Crypto currency)Individuals for whom the TDS has been deducted under Section 194NDue Date to File ITR-4 For FY 2025-26 (AY 2026-27)The last date to file ITR-4 for FY 2025-26 (AY 2026-27) was changed in Budget 2026 to 31st August 2026 for non-audit taxpayers.