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 of the Income Tax Act, 1961 can be claimed if the taxpayer is a resident senior citizen under the old regime.Amount of principal deposited under section 80C of the Income Tax Act, 1961, 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.

The Public Provident Fund (PPF) is a government-backed savings that provides assures, tax-free returns. For the first quarter of FY 2026-27, the interest rate continues at 7.1% per annum. Backed by sovereign guarantee, offering compounding benefits, and enjoying EEE tax status, PPF continues to be a highly secure and reliable option for retirement  planning and tax savings in India. Key Highlights Interest Rate: 7.1% p.a. (FY 2026–27).Investment Limits: Min Rs. 500, Max Rs.

Sukanya Samriddhi Yojana (SSY) is a government backed savings scheme designed to focus on wealth generation for girl child's future education and marriage expenses. SSY scheme is available for girls aged below 10 years, and the scheme offers an attractive interest rate of 8.2% per annum. Parents or legal guardians can start investing from a minimum of Rs. 250 upto a maximum of Rs. 1.5 lakh per year..Sukanya Samriddgi Yojana Key Highlights TableParticularsDetailsInterest Rate8.2% p.a.

Popular reasons for PF claim rejection are incorrect information provided, inactive UAN, insufficient balance in your PF account, not completed minimum period of service and so on. The reason for PF claim rejection can be checked in the ‘remarks’ section of the “Track Claim Status” tab, on the EPFO member portal.How to Check EPF Claim Rejection Reasons?You can check the reason why your EPF claim was rejected by following these steps: The EPFO Member Sewa portal lets you check your EPF account details, including your member profile, nomination information, and UAN status. Login to EPFO member portal > choose “Track Claim Status”You can check in the remarks if there is any reason mentioned for rejection.Online EPF Claim Rejection The following are the common reasons for the rejection of your EPF (Employees' Provident Fund) claim online:Incorrect InformationThe information provided in the online claim form can be incorrect or incomplete for processing a claim, such as bank account details, member's details, or even details regarding employment, and is, therefore, liable for repudiation. Such inconsistencies may lead to rejection of PF claim. Inactive UAN If a claim is submitted with an Inactive UAN or UAN that is not available within the EPF system, the claim will be rejected.Insufficient Balance This means that when the EPF account doesn't hold a balance as per the claimed amount of withdrawal, this claim may as well fall short.Reason for WithdrawalIf the grounds under which the reason for withdrawal does not fall under the eligible categories defined under the EPF Regulations, then the claim will be rejected. For example, claims not covered under the EPF Scheme.Period of ServiceIn case of discrepancy in period of service, the period of service mentioned by him in the claim form should be available to an employer or maintained by the EPFO in their records, so it will be to the extent that it affects the claim.Pending duesIf the member has any dues payable to the EPF organisation or any standing arrears against them, then the claim may be rejected until dues are cleared.Other ReasonsThe claim will be liable for rejection if the employer or issuing authority concerned does not properly attest or verify the claim form.On a more technical note, there might be an instance where a particular submission is rejected due to technicalities or system errors during the submission process.How to Re-apply after a Rejected PF Claim?How to apply again or how to resubmit the claim online if the PF claim gets rejected:First, you must identify the reason for your PF claim's rejection. This information can be found in the PF claim status.

Income tax is the tax that individuals and businesses must pay to the government on the income they earn in a financial year. In India, income tax is governed by the Income Tax Act and is calculated based on income tax slabs, deductions, and exemptions available to taxpayers.Key Highlights of Income Tax for FY 2025-26 (AY 2026-27)New tax regime is the default for individuals and HUFs.Income up to Rs. 12 lakh is effectively tax-free under the new tax regime. Most income is taxed as per slab rates, while some income like capital gains is taxed at special rates.Excess tax deducted as TDS can be claimed as a refund when filing the ITR.What is Income Tax?Income tax means tax levied on the income earned by the taxpayer in the relevant financial year. By definition, it follows the direct tax mechanism, because it is borne by the taxpayer directly, and the tax burden cannot be passed on further, unlike indirect taxes. India follows a progressive tax rate for individuals, meaning the tax rate increases with the assessee's income.

The Income Tax Act 1961, offers a higher basic exemption limit to senior citizens under the Old Tax Regime. While Senior Citizens between 60 to 80 years enjoy a basic exemption limit of Rs. 3 lakhs, super senior citizens above 80 years of age enjoy Rs. 5 lakhs basic exemption limit.However, the New Tax Regime does not offer any such kind of higher basic exemption limit for Senior and Super Senior Citizens. Who is a Senior Citizen for Income Tax Purposes?The Income Tax Act categorises resident individuals into the following three categories:Individuals aged below 60 yearsIndividuals aged between 60 to 80 years i.e., senior citizensIndividuals aged above 80 year i.e., super senior citizensAs per the Income Tax Act, a senior citizen is a resident individual aged between 60 to 80 years. Whereas, a super senior citizen is a resident individual aged above 80 year.

If you own a property in Kolkata, paying property tax to the Kolkata Municipal Corporation is mandatory regardless of its residential, commercial or industrial. Kolkata Municipal Corporation is calculated using the Unit Area Assessment (UAA) system, KMC property tax is determined by various components like your property's location, age, usage and structure. This guide covers everything you need. What is KMC Property Tax?KMC Property Tax is the tax levied by the Kolkata Municipal Corporation on the real estate properties in Kolkata which serves as a key revenue source for essential local services such as waste management and infrastructure development. The tax applies to residential, commercial, industrial, institutional, and vacant properties, with the amount calculated based on the Annual Valuation (AV) of the property using a tiered structure.KMC Property Tax Waiver SchemeOn 1st August 2024, KMC administrators introduced a new waiver policy regarding the payment of property tax. The new policy states that defaulters who are behind payment of two years or less will receive a waiver of 99% of their fines and a 50% waiver of their interest. In addition, the defaulters who are behind on property taxes for two to five years will receive a 75% waiver of fines and a 45% waiver on interest.

Paying rent above Rs. 50,000 a month? You need to deduct TDS before handing over the payment and skipping it may attract penalties, interest and notices from Income Tax Department. Section 194-IB and Section 194-IC states the exact rules for TDS on rent, by covering everything from applicable rates to filing deadlines. 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. individuals / HUF not liable to audit u/s 44AB, to deduct taxes for rent paid to a resident exceeding Rs 50,000 per month.

The Annual Information Statement (AIS) is a summary of key financial transactions and income for the year. For FY 2025-26, it includes details such as TDS deducted, interest earned on savings and fixed deposits, purchase and sale of shares or mutual funds, high-value transactions like property or vehicle purchases, and more.Key Highlights Covers TDS/TCS, interest, dividends, securities and mutual fund transactions, property/vehicle purchases, foreign remittances, and more.Provides both Reported Value (from reporting entities) and Modified Value (after taxpayer feedback).Taxpayers must report all income, even if it is not shown in the AIS, to avoid mismatches, penalties, and notices.What is the Annual Information Summary (AIS)?The Annual Information Statement (AIS) is a summary of a taxpayer's information as reported by various organizations from which taxpayers have received any benefit, whether in cash, kind or otherwise. It includes new information – interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. for FY 2025-26.Summary of AIS information is in the form of Taxpayer Information Summary (TIS) for ease of filing return (All the information will be pre-filled in your return). Taxpayers will be able to submit online feedback on AIS’s information.

Income tax return filing for the first time may seem daunting, but it’s essential to do so on time to avoid interest and penalties. In this article, we will discuss the entire process, providing clarity on the required documents, income limits, and step-by-step instructions for filing your ITR online.How to File ITR for the First Time Online?You can follow the below-mentioned steps to file your ITR seamlessly for the first time:Step 1: Register on the Income Tax e-Filing PortalVisit the official Income Tax e-filing portal.Click on ‘Register’.Enter your PAN under ‘Register as taxpayer’ and validate it.Fill in your personal details, such as name, gender, address, and contact information.Verify and submit your details.Enter the OTP sent to your registered email and mobile.Set a password to complete your registration.Step 2: Login and Start FilingLog in using your PAN and password.Click on ‘e-File’ and then select ‘File Income Tax Return’.Select the Assessment Year (e.g., 2025-26).Choose the mode of filing as ‘Online’.Select the appropriate ITR form based on your income source. Click here to know which ITR form is applicable to you.Step 3: Fill the ITR FormReview the pre-filled data (PAN, Aadhaar, bank details, TDS).Enter your income details (salary, interest, other sources of income).If applicable, claim deductions under Chapter VI-A (such as Section 80C, 80D, etc.).Verify and confirm all details before proceeding.Step 4: Submit and VerifySubmit the return online.E-verify your ITR using Aadhaar OTP, net banking, or other available methods.You can also easily file your ITR using the Cleartax platform.Documents Required for First-Time ITR FilingYou need the following documents to file your ITR accurately:Form 16: This is issued by your employer, detailing your salary income and the tax deducted at source (TDS).Form 26AS and Annual Information Statement (AIS): These are tax credit statements that reflect all TDS and other taxes paid on your behalf.Bank Statements: Required for reporting interest income and verifying transactions.Salary Slips: Helps verify the salary details entered in the ITR form.Investment Proofs: Receipts for tax-saving investments like LIC premiums, Public Provident Fund (PPF), and Equity-Linked Saving Scheme (ELSS).House Rent Receipts or Rental Agreement: If you are claiming House Rent Allowance (HRA) exemption.Home Loan Interest Certificate: If you have taken a home loan, this certificate will help claim deductions.PAN and Aadhaar: Make sure that your PAN is linked with your Aadhaar for e-filing.Other Income Proofs: If you have any capital gains statements, business income records, or other income-related documents.Income Limit for Filing ITRIf your income for the year exceeds the basic exemption limit, you are required to file your Income Tax Return (ITR). The basic exemption limit is as follows:Old RegimeBelow 60 years: Rs 2.5 lakh60 years or older, but below 80 years: Rs 3 lakh80 years or older: Rs 5 lakhNew RegimeRs. 3 lakh irrespective of your ageIf your income exceeds the basic exemption limit, then it’s time to file your ITR.Benefits of Filing ITRThe benefits of filing ITR are as follows:Claim Tax RefundEasy Loan ApprovalAvoid interest and penaltiesAvoid noticesQuick Visa ProcessingCarry Forward Your LossesConclusionAlthough filing your taxes for the first time may seem like a hassle, it is important to finish the process on time in order to avoid penalties, interest, and notices. You can streamline the filing process and make sure you fulfil your tax obligations by adhering to the simple instructions provided in this guide.