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 No TDS if the amount withdrawn is less than Rs.50,000Eligibility for EPF WithdrawalAn employee must fulfil the following conditions to withdraw the entire EPF funds:The entire EPF amount can be withdrawn upon retirement.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.

The Income Tax Act provides deductions on donations under section 80G and 80GGA. While section 80G can provide deduction against  donations made to approved institutions, trusts and funds, section 80GGA provides deduction for contribution to scientific research and rural development.Key HighlightsSection 80G: Deduction can be claimed 100% or 50% of donations, depending on eligibility.Section 80GGA: Deduction can be claimed against the entire donation when paid through any mode other than cash.Deduction under section 80G and 80GGA is not allowed under the new regime.What is Section 80G?Section 80G of the Income Tax Act, 1961 allows taxpayers to claim deductions on donations made to specified funds, charitable institutions, and relief organisations. Any of the following taxpayers can claim a deduction under this section: Individuals Companies Firms Hindu Undivided Firm (HUF)Non-Resident Indian (NRI)Any other personDepending on the donee, a deduction can be claimed up to 100% of the donation or 50% of the donation, subject to the applicable restrictions.Deductions under this section are allowed only under the old tax regime.Mode of Payment Under Section 80GSection 80G deductions can be claimed by taxpayers when they make donations through the following modes:Cheque Demand draft Cash (for donations up to Rs 2,000)Note: In-kind contributions such as food, material, clothes, medicines etc., and donations of above Rs 2,000 in cash they do not qualify for deduction under Section 80G. Donations above Rs 2,000 should be made in any mode other than cash to qualify under Section 80G.The various donations specified in Section 80G are eligible for a deduction of up to 100% or 50% with or without restriction, as provided in Section 80G.List of Donations Eligible for 100% Deduction without Qualifying LimitNational Defence Fund set up by the Central GovernmentPrime Minister’s National Relief Fund and PM CARES fundNational Foundation for Communal HarmonyAn approved university/educational institution of National eminenceZila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that districtFund set up by a state government for medical relief to the poorNational Illness Assistance FundNational Blood Transfusion Council or any State Blood Transfusion CouncilNational Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation, and Multiple DisabilitiesNational Sports FundNational Cultural FundFund for Technology Development and ApplicationNational Children’s FundChief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund with respect to any State or Union TerritoryThe Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister’s Cyclone Relief Fund, 1996The Maharashtra Chief Minister’s Relief Fund during October 1, 1993, and October 6, 1993Chief Minister’s Earthquake Relief Fund, MaharashtraAny fund set up by the State Government of Gujarat exclusively for providing relief to the victims of the earthquake in GujaratAny trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of the earthquake in Gujarat (contribution made between January 26, 2001, and September 30, 2001)Prime Minister’s Armenia Earthquake Relief FundAfrica (Public Contributions – India) FundSwachh Bharat Kosh (applicable from FY 2014-15)Clean Ganga Fund (applicable from FY 2014-15)National Fund for Control of Drug Abuse (applicable from FY 2015-16)List of Donations Eligible for 50% Deduction without Qualifying LimitPrime Minister’s Drought Relief FundList of Donations Eligible for 100% Deduction Subject to 10% of Adjusted Gross Total IncomeDonations to the government or any approved local authority, institution or association to be utilised to promote family planningDonation by a company to the Indian Olympic Association or any other notified association or institution established in India to develop infrastructure for sports and games in India or sponsor sports and games in India.List of Donations Eligible for 50% Deduction Subject to 10% of Adjusted Gross Total IncomeAny other fund or institution satisfies the conditions mentioned in Section 80G(5).Government or any local authority, to be utilised for any charitable purpose other than promoting family planning.Any authority constituted in India to deal with and satisfy the need for housing accommodation or the purpose of planning, development or improvement of cities, towns, villages or both.Any corporation referred to in Section 10(26BB) for promoting the interest of the minority community.For repairs or renovation of any notified temple, mosque, gurudwara, church, or other places.What is Adjusted Total Income?Adjusted gross total income is the gross total income (sum of income under all heads) reduced by the total of the following:Amount deductible under Sections 80C to 80U (but not Section 80G)Exempt incomeLong-term capital gainsShort-term capital gains u/s 111AIncome referred to in Sections 115A, 115AB, 115AC, 115AD and 115DHow to Calculate the Deduction under section 80G?Step 1: Compute your total income before claiming any deductions under Chapter VI-A (including 80G).Step 2: Calculate Adjusted Total Income - Subtract all deductions except Section 80G from the Gross Total Income.Also, exclude Long-term capital gains, Short-term capital gains under Section 111A, Income under Sections 115A, 115AB, 115AC, and 115AD, All incomes covered under Chapter VI-A, except 80GThe resulting figure is called the Adjusted Total Income.Step 3: Calculate 10% of Adjusted Total Income. This is known as the Qualifying Limit. It applies to donations subject to a limit.Step 4: Categorise Donations into the following categories:100% deduction without limit (a)50% deduction without limit (b)100% deduction subject to qualifying limit (c)50% deduction subject to the qualifying limit (d)Step 5: Allow full deduction for donations in categories (a) and (b).Step 6: Apply Qualifying Limit to Remaining DonationsFor donations in categories (c) and (d):a. Total donations eligible under the qualifying limit = the lower of actual donations or 10% of adjusted total incomeb.

Section 194I of the Income Tax Act TDS applies for rent on machinery, building, land and furniture. TDS on rent is 10% on land, building and furniture and 2% for machinery. TDS will be deducted if the rent exceeds Rs. 6 lakh in the financial year.When the rent is paid to an NRI, TDS at 30% must be deducted, irrespective of the amount paid. Surcharge and cess should also be deducted over and above TDS.What is Section 194I?Section 194I of Income Tax Act mandates that Tax (TDS) be deducted on rent. TDS rates are as follows:For plant, machinery, or equipment - 2%,For land, building, furniture and fittings - 10%No TDS required if the rent payment in within the limit of Rs.

Section 10(14) of the Income Tax Act provides tax exemption on Children Education Allowance received from an employer. The exemption covers tuition fees paid for a child’s education and is available only when opting for the old tax regime, subject to prescribed limits and conditions.Key HighlightsTax Regime: Only under the old tax regime.Threshold Limit: Rs. 1,200 per child for maximum two children. (Rs. 2,400 per year)Fee Exemption: This exemption is provided for fees paid to nursery, creches and playschools as well. What is Children Educational Allowance?The Children's Education Allowance is a type of allowance provided by employers to support the educational expenses of their employees' children. Under the old tax regime, this allowance is eligible for a small exemption, providing limited relief to salaried individuals.

Plan your daughter’s future with the Sukanya Samriddhi Yojana (SSY), a high-interest, government-backed savings scheme. Use our SSY Calculator to estimate maturity amount, total interest, and tax-free returns instantly.What is Sukanya Samriddhi Yojana?Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for girls below 10 years, allowing deposits up to ₹1.5 lakh per year. Contributions for 15 years grow tax-free and the account matures at 21, securing your daughter’s financial future with guaranteed returns.What is Sukanya Samriddhi Yojana Calculator?The SSY Calculator helps compute the maturity amount and earned interest for a Sukanya Samriddhi Yojana account. Enter the deposit amount, the girl child’s age (up to 10 years), and the investment start year to see the invested amount, total interest, and maturity value.How Does SSY Calculator Work and Calculation Formula?The SSY calculator use formula below:  A = P(1+r/n)^nt where,P = Initial Depositr = Rate of interestn = Number of years the interest compounds t = Number of years A = Amount at maturity Example For Sukanya Samriddhi Yojana CalculationThe SSY account offers an interest rate of 8.2% p.a. Let us calculate the maturity amount after 21 years.