Pension is taxable under the head Income From Salaries. Pensions are paid out periodically, generally every month. However, the taxpayer may also choose to receive the pension as a lump sum (also called commuted pension) instead of a monthly payment. In case of a commuted pension, the taxpayer will have the option of claiming an exemption under section 10 of the Income Tax Act, 1961.  Commuted and Uncommuted PensionGenerally, the employer and taxpayer contribute together to an annuity fund, which pays the taxpayer pension out of the fund.

Gold is often viewed as an attractive and safe investment option for investors due to its capital appreciation, thus attracting high demand. Investors now have various option to invest in Gold through Gold ETFs, Gold Mutual Funds, physical jewellery and bullion, digital gold, etc. However, any capital gains arising at the time of sale of gold will be subject to tax based on the holding period of the asset. Long-term capital gains on gold is taxed at 12.5% whereas short-term capital gains ares taxed at applicable income tax slab rates.Tax on Gold Investments- 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.

A 9-to-5 job is not something that appeals to everyone. Some people like a bit of flexibility to pursue other interests/passions have more time for their loved ones, or simply avoid a tedious routine. That is why in today’s world many people prefer freelance work as it provides flexibility to work from their couch at home, a cool café, or a coworking space. As per the income tax laws, freelancers too are liable to pay taxes for the income they earn, just like other salaried or business taxpayers.Freelancing IncomeFreelancing income comes into the picture when you get hired to work on specific assignments for a particular term and get paid for the work upon completion and submission. In freelancing, you don’t have a guarantee of work for a period but you get flexibility with the work and time.

 When a taxpayer has paid an excessive tax than what he is liable to pay, the assessee is eligible to claim the excess tax paid as a refund. The excess tax paid can be in the form of Advance Tax (AT), Tax Deducted at Source (TDS) or Self-Assessment Tax(SAT). The taxpayer has to wait for some days after filing the income tax return to receive an income tax refund. If the refund amount is at least 10% of the tax paid, interest of 6% per annum is provided along with refund. If the returns are filed within the tax filing due date (15th September for FY 2025-26), interest amount will be calculated from 1st April of the financial year to the date of payment of TDS refund. However, if the returns are filed after the due date, the interest will be calculated from the date of filing the return to date of payment of TDS refund. What is an Income Tax Refund?Income tax refund, also known as IT refund, arises in cases in which the tax paid by an Assessee is higher than the amount he is liable to pay. However, the claim of an income tax refund by a taxpayer through ITR is not final and must be verified by the Income Tax Department.Rate of InterestInterest at 6% per annum is paid on income tax refund amount.

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 and enjoy tax deduction under Section 80C for the amount invested, along with tax-free interest and maturity proceeds under the Income Tax Act. With its long tenure and guaranteed returns, SSY is one of the most popular investment options for securing a girl child's future.Sukanya Samriddgi Yojana Key Highlights TableParticularsDetailsInterest Rate8.2% p.a.

The National Pension System (NPS) is a government-backed retirement savings scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It is designed to help individuals build a retirement corpus through systematic, long-term investments.Contributions can be made to the Tier I account, which offers tax benefits of up to Rs. 2 lakh under Section 80C of the Income Tax Act, or to both Tier I and Tier II accounts. NPS combines market-linked returns with tax-saving benefits, making it a popular choice for retirement planning.National Pension Scheme - OverviewAspectDetailsEligibilityIndian citizens aged 18 to 70 years can open an NPS account.Account TypesTier I (retirement account) and Tier II (voluntary savings account).Minimum ContributionRs. 500 to open Tier I and Rs.

Tax Deducted at Source (TDS) is a tax collection mechanism under the Income Tax Act where tax is deducted at the time of making specified payments such as salary, interest, rent, commission, and professional fees. The deducted amount is deposited with the government on the recipient's behalf, ensuring timely tax collection and improved tax compliance.TDS Key HighlightsTDS is deducted at source on specified payments such as salary, interest, rent, and professional fees.TDS deducted from your income can be claimed as a tax credit or refund while filing your ITR.Eligible taxpayers can submit Form 15G or Form 15H or Form 121 to avoid TDS deduction if their tax liability is nil.Form 26AS helps you track and verify TDS credits deposited against your PAN.Applicability of TDSTDS is applicable for a variety of transactions at different TDS rates when the payments cross specified threshold limit. They include:Salary - Section 192Dividend - Section 194Interest - Section 194AProfessional and consultation fees - Section 194JContract payments - Section 194CCasual income like gaming income, lottery winnings, etc - Section 194BCash withdrawals - Section 194NCommission, brokerage, etc - Section 194HTime of TDS DeductionUsually, TDS needs to be deducted at the time of payment or credit in the books, whichever is earlier. However, for certain payments like salary, TDS needs to be deducted at the time of payment. Example of TDSShine Pvt. Ltd makes a payment for office rent of Rs 80,000 per month to the owner of the property. TDS is required to be deducted at 10% under Section 194I of the Income Tax Act, 1961.

Form 15G is a self-declaration form for resident individuals below 60 years to prevent TDS on interest income when total tax liability is nil. Form 15H is the equivalent for senior citizens aged above 60 years. Both forms are submitted to banks or financial institutions under the provisions of the Income Tax Act, 1961. Important (FY 2026-27): From April 1, 2026, Form 15G and Form 15H have been replaced by the new Form 121 under the Income Tax Act, 2025. If you are filing for FY 2025-26 or earlier, use Form 15G/15H. For FY 2026-27 onwards, use Form 121.Quick Highlights: Form 15G vs Form 15HParticularsForm 15GForm 15HEligible AgeBelow 60 years60 years and aboveKey ConditionTotal estimated tax liability for the financial year must be NilTotal estimated tax liability for the financial year must be NilWho Can SubmitResident individuals, HUFs, and certain eligible assesseesResident senior citizensValidityValid for one financial yearValid for one financial yearSubmission RequirementMust be submitted separately to each bank, post office, or deductor where income is earnedMust be submitted separately to each bank, post office, or deductor where income is earnedWhat is Form 15G?Form 15G 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.

Home loan can be a highly beneficial tax saving tool for taxpayers, and the scale of benefit depends on choice of regime, status of occupancy, and quantum of loan interest due and principal payment for the financial year, etc. Using Section 80C and Section 24(b), a homeowner under the old tax regime can reduce their taxable income by up to ₹3.5 lakh every year.Home Loan Tax Benefits - Key HighlightsThe maximum limits for deductions available against interest and principal paid during the financial year are presented in a table below: DeductionComponentMaximum LimitTax RegimeSection 80CPrincipalRs. 1.5 lakhOld Tax RegimeSection 24(b)InterestSelf-occupied property: Rs. 2 lakhOld Tax RegimeLet-out property: Entire interest up to rental incomeOld & New Tax RegimeSection 80EEInterestRs. 50,000Old Tax RegimeSection 80EEAInterestRs. 1.5 lakhOld Tax RegimeThe Income Tax Act offers the following key home loan tax benefits:1.

Did you know that deceased people can also be taxed? As ironic as it sounds, the income tax returns for a deceased person have to be filed if he/she has taxable income. His legal heir/representative needs to file the return on his behalf for the income earned till the date of death. The legal heir has to register himself at the income tax website to file the return on behalf of the deceased. In this article, we will discuss how to file the income tax return for the deceased by a legal heir.Who is a legal heir?From the viewpoint of the law, a legal heir is a person who represents the deceased's assets. Any of the following documents are acceptable as legal heir certificates when registering as a legal heir:The certificate of legal heirship is issued by a court of law.The certificate of legal heirship is issued by the local revenue authority.The certificate is issued by the local revenue officials to the remaining family members.The deceased person's registered Will.The State/Central government's family pension certificate.The certificate of surviving family members issued by the local revenue authorities (Municipality, Nagarpalika) is the most common certificate available.