Many people buy lottery tickets to fulfill their dreams. Their desire for financial success draws them to the lottery booth. It is a game of hit-and-miss, and the lure of victory keeps people buying more tickets.Residents of Kerala are no strangers to the game of lottery. Many pin their hopes on winning it. If you are also one of them, you must remember that you will be able to receive only a part of your prize money.

Horse racing is a well-established industry in India. Many like to bet on such events as a pastime or alternative income source. The Indian Contract Act, 1872 prohibits any kind of betting and gambling. But it contains a provision making an exemption for betting on horse-racing, making them permissible under the Contract Act. Thus, individuals who participate in this activity and gain profits need to pay tax on horse race winnings. Keep reading to know the applicable rates and more!Tax Rate on Winnings from Horse RacesIncome from horse races falls under the head “Income from Other Sources” and is taxed at a flat rate of 30% u/s 115BB of of the Income Tax Act.

Section 80IA of the Income Tax Act offers tax benefits to businesses operating in some specific sectors. Under this provision, you can exempt the tax levied on your business profits for a certain period depending on a business’s eligibility. This article will discuss the eligibility, exemption, applicability, and deduction of Section 80IA for the assessment year 2026-27.What is Section 80IA?Section 80IA of the Income Tax Act provides tax benefits to businesses that operate in infrastructure, power, telecommunication, and other specified sectors. This provision offers tax deductions and exemptions to encourage businesses to invest in the mentioned sectors. Investments in these sectors help our country's economic growth, thus, the Income Tax department encourages it by providing tax exemptions.80IA EligibilityYour business needs to meet the following criteria to be eligible for tax benefits under Section 80IA:Your business must be incorporated in India.

The Income Tax Act 1961, offers a higher basic exemption limit to senior citizens under the Old Tax Regime. Senior Citizens above 60 years of age but not above 80 years enjoy a basic exemption limit of Rs. 3 lakhs. Whereas, Super Senior Citizens above 80 years of age enjoy a basic exemption limit of Rs. 5 lakhs.

Financial Year (FY) and Assessment Year (AY) are two important terms used in Income Tax, often confused among tax payers. Assessment year comes immediately after the financial year. It is the year in which tax is calculated and paid by the taxpayer. This article explains in detail, the meaning of financial year and assessment year and key differences between them.What is a Financial Year?A Financial Year (FY) is the 12-month period between 1 April and 31 March – the accounting year in which you earn an income.What is the Assessment Year?The assessment year (AY) is the year that comes after the FY. Only in the assessment year, the taxes are calculated and income tax returns are filed. Both FY and AY start on 1 April and end on 31 March. For instance, for FY 2024-25, the assessment year is AY 2025-26.AY and FY for Recent YearsPeriodFinancial YearAssessment Year1 April 2025 to 31st March 20262025-262026-271 April 2024 to 31 March 20252024-252025-261 April 2023 to 31 March 20242023-242024-251 April 2022 to 31 March 20232022-232023-241 April 2021 to 31 March 20222021-222022-231 April 2020 to 31 March 20212020-212021-22What is the Difference Between AY and FY?From an income tax perspective, FY is the year in which you earn an income. AY is the year following the financial year in which you have to evaluate the previous year’s income and pay taxes on it.For instance, if your financial year is from 1 April 2024 to 31 March 2025, then it is known as FY 2024-25. The assessment year for the money earned during this period would begin after the financial year ends – that is, from 1 April 2025 to 31 March 2026.

EPFO 3.0 transformes the way employees access their provident fund. With this upgrade, users will be able to enjoy facilities such as auto-claim settlement, instant withdrawals through ATMs and UPI, and seamless fund transfers to the bank account of their choice. This new version aims to make withdrawals quick and hassle-free. Major Changes Made in Withdrawal RulesEPF 3.0 is expected to be launched within the first half of 2026.ATM withdrawals and UPI withdrawals are allowed.Minimum 25% of the contribution shall be maintained in the account at all times. The rest of the fund is eligible for withdrawal.Marriage withdrawals are relaxed up to 5 times; education withdrawals up to 10 times throughout the tenure.EPF 3.0 has been approved by CBT, enabling faster processing, instant withdrawals; implementation will take place in phases.What is EPFO 3.0?EPFO rolls out version 3.0, a robust IT-driven platform designed to make member services faster and more accessible. The upgrade will introduce features like auto-claim settlement, digital corrections, and instant fund withdrawals via ATMs and UPI. Members will also be able to check their PF balance on UPI, transfer funds directly to their preferred bank account, and securely update details on EPF accounts through OTP verification.Launch Date of EPFO 3.0Union Minister for Labour & Employment and Youth Affairs & Sports, Dr.

The last date to file your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26) is 16th September 2025 for individual taxpayers. Failing to file your ITR on time can not only attract a penalty but also lead to other consequences and inconveniences, such as loss of certain deductions, delayed refunds, and issues in visa processing or loan approvals.What is the Penalty for Late Filing of ITR?Under Section 234F of the Income Tax Act, if you file your ITR after the due date, you may have to pay a maximum penalty of Rs. 5,000For FY 2024-25, if you file your return before 16th September 2025 (due date extended to 10th December 2025 for audit cases), no penalty is levied. However, returns filed after 16th September 2025 will attract a penalty of up to Rs. 5,000.

An income tax refund arises when the tax you have paid to the government is more than your actual tax liability. This excess tax can occur due to higher TDS deductions or advance tax payments during the year.  You can claim the refund while filing your income tax return.Income Tax Refund Status Check AY 2025-26Income tax refund status for FY 2024-25 can be checked by logging into your income tax portal, or by just entering your PAN and assessment year in NSDL protean website. You can track your refund here.What is Income Tax Refund?When the taxes paid by you in the form of TDS, advance tax and self assessment tax is more than your actual tax liability, the excess tax paid is given to you in the form of Income Tax Refund.How to Check ITR Refund Status Online?If you are concerned about your tax refund status, you can check the status of the income tax refund, following the simple steps mentioned below.Step 1: Visit the income tax portal and log in to your accountStep 2: Click on 'e-File', choose 'Income Tax Returns' and then select ‘View Filed Returns’Step 3: You can see the status of your current and past income tax returns.Step 4: Click on 'View details,' and you'll see the status of your income tax refund, as shown in the picture below.Alternatively, you can also check the refund status using NSDL e-PAN Protean portal by entering your PAN and assessment year.Income Tax Refund Delay FY 2024-25If the refund credit is getting delayed, in other words, the refund is awaited beyond this time, the following could be the reasons for the same.Enhanced Verification and Delayed ITR ProcessingThe income tax returns are processed in a more stringent manner for the current assessment year, compared to preceding assessment years.This year, a lot of additional disclosures were mandated for claiming various deductions. Therefore, the department has more database to verify the authenticity of deductions claimed.Returns may be processed late if the department suspects an incorrect refund claim. If you have made error in the returns, you can revise it within December 2025 (for FY 2024-25).High Refund ClaimsTaxpayers claiming higher refunds (for example, above Rs. 50,000), or higher refunds than in previous years, are facing delays in refund processing this year. This is because the department is verifying each claim using the expanded database available.Mismatch between returns and Form 26AS/ AISEnsure the particulars as mentioned in the returns match with data as per Form 26As or AIS.It might be that sometimes details on AIS or Form 26AS is incorrect.

DTAA or Double Tax Avoidance Agreement, is a tax treaty between two or more countries. The main objective behind signing this treaty is to avoid taxing the same income twice. If a non-resident Indian is residing in another country and earning there, the tax applicable comes under the consideration of DTAA. While signing the agreement, both contracting states decide on the tax rates and jurisdictions for income arising from both nations. India has signed DTAAs with almost 100 countries. DTAAs are beneficial for NRIs and help resolve inconsistencies in tax collection from non-residents.

Assets like stocks, bonds, property, mutual fund units, property etc., are great investment options that generate capital gains when sold/redeemed. Thus, they are called capital assets, and the profits generated from their sale are liable for taxation under the head capital gains.So, if you are thinking of investing in such assets, it is important to know about capital gains tax, its types, and available exemptions. Keep reading for a deeper insights around the following:Recent Budget Updates on Capital GainsWhat is capital gains taxCapital gains Tax Rules for different asset classesTax exemptions on capital gainsConclusion  What is Capital Gains Tax?As mentioned above, when you gain profits from the sale of capital assets, there are tax implications. This is called capital gains tax. Now, based on the holding period of the assets, there can be two types of applicable capital gains tax:Short-term capital gains tax orLong-term capital gains taxShort-Term Capital Gains TaxWhen you sell your capital assets after holding them for a period of less than or equal to 24 months, it would be considered a short-term asset.