The Union Budget is presented every year in India. It has significant importance for taxpayers as it defines the financial strategies to be adopted by the government, which directly impacts individuals' financial strategies. It is led by the Finance Minister, and it outlines allocations for various sectors such as infrastructure, healthcare, and education, thereby influencing the tax structure to generate revenue for these expenditures. Let's delve into its complexities and understand its implications on personal finances.Understanding the Union BudgetThe Union Budget is the government's comprehensive financial plan for the upcoming fiscal year. Led by the Finance Minister, it allocates funds for various sectors, aiming to foster economic growth and development.

Tax filing can sometimes be a tedious task with risks of numerous errors. In this regard, it is imperative to have sound knowledge about the various aspects of income tax filing and other related information. To assist taxpayers and resolve their queries, the income tax department has come up with income tax customer care numbers. Individuals can always feel free to call any of the numbers highlighted below for prompt assistance.Scroll down and check out the customer care numbers that you can call for resolving queries related to e-filing and other queries. Types of Queries Addressed Through Income Tax Toll-Free NumbersHere are the types of queries that you can address by calling any of the income tax toll-free numbers: In case you have any general queries regarding income tax.If you have queries related to the e-filing of income tax Returns or Forms and other valuable services offered through the e-filing portal.Issues related to TAN and PAN applications. For any sort of rectification, intimation, refund and other queries related to Income Tax Processing.Any queries related to Tax credit (Form 26AS), Form 16 and other queries regarding TDS statement, Form 15CA processing.List of Income Tax Customer Care Helpline Number and Email IDsDiscussed below are the official contact details of the income tax department. You can take note of these income tax customer care numbers to resolve any of your queries. Income Tax Department official Toll-Free And Customer Care Numbers And Contact DetailsDepartment Contact DetailsAaykar Sampark KendraCall on income tax toll-free number 1800 180 1961 or 1961.e-filling of income tax return Dial the toll-free number of 1800 103 0025Tax Information Network-NSDLCall on +912027218080TDS Centralised Processing Centre (TRACES)Dial 1800 1030344Refund/RectificationCall on 1800 1034455Tax Return Preparer SchemeCall on income tax helpline number 1800 1023738Official Income Tax Email IDsIncome Tax Help Desk Email IDPurpose@incometaxindiaefiling.gov.inFiling income tax returns@incometax.gov.inDepartmental website@cpc.gov.inCompliance and reporting@tdscpc.gov.inInformation related to TDS @nsdl.co.inPAN card@insight.gov.inPAN cardIncome Tax CPC Helpline Toll-Free Numbers, Working Hours and Email IDsPurposeHelpdeskIncome Tax Helpline NoWorking HoursGeneral queries about Income TaxAayakar Sampark Kendra (ASK)1800 180 1961 or 196108:00 hrs - 22:00 hrs (Monday to Saturday)PAN & TAN queries, etc.Tax Information Network - NSDL+91-20-2721808007:00 hrs - 23:00 hrs (All Days)e-Filing of Income Tax Returns or Forms, etc.e-Filing1800 103 0025 (or) +91-80-46122000 +91-80-614647001800 419 002508:00 hrs - 20:00 hrs (Monday to Friday)Form 16, and other related queriesTRACES (TDS Reconciliation Analysis and Correction Enabling System)1800 103 0344 (or)+91-120-4814600 10:00 hrs - 18:00 hrs (Monday to Saturday)For rectification, refund, etc. Centralised Processing Center1800 103 4455 (Toll-free) (or) +91-80-4660520008:00 hrs - 20:00 hrs (Monday to Friday)Income Tax SMS CodesAfter knowing the income tax customer number, you can also take a look at the official SMS codes of the income tax department. These codes are generally used to send out official communication.ITDEPTTDSCPCITDEFLUTIPANCMCPCISBICMPINSIGTNSDLDPNSDLTNThe income tax department uses these codes, in particular, to send reminder messages and notifications regarding tax payments.

Basic salary is an essential component of salary packages. Understanding basic salary is crucial for both employees and employers, as it helps to form the basis for various financial calculations and decisions. This article explains everything you need to know about basic salary, including its definition, significance, calculation methods, and important factors to consider.What is Basic Salary?The basic salary is a fixed portion of the employee’s salary. It does not include allowances, bonuses, benefits, perks or any other compensation received from the employer.It is generally fixed depending on the employee's designation. The basic salary is increased depending on the employee's performance; otherwise, it remains fixed.It is a predictable and fixed source of income for any employee.

The Union Budget 2019 introduced several changes, the major one being TDS, which is applicable to payments made to resident contractors. Under Section 194M of the Income Tax Act, individuals and HUFs paying over a threshold amount in a year for contractual work or professional services have to deduct TDS before making such payments. After deducting TDS (tax deducted at source), you need to file Form 26QD as a challan-cum-return statement. Read below to learn about the purpose, due date and filing process of Form 26QD. Importance Of Compliance With Form 26QDUnder Section 194M, Individuals or HUFs (not required to get their books of account audited) are required to deduct TDS on payments above Rs.50,00,000 made for certain contractual and professional work in a financial year. The deduction shall be made when the amount is credited to the recipient's account or when the payment is made (in cash, cheque, draft, or any other form), whichever is earlier. After deducting TDS, the deductor must deposit this amount to the government within the applicable due date.While making TDS deposits,  you need to furnish a challan-cum-return statement via Form 26QD on the income tax portal for reporting transactions specified under Section 194M. In short, a payer or deductor must deduct TDS at applicable rates (5%) when making payments above Rs.50 lakh and deposit the amount while filing Form 26QD.

It is essential to understand the provisions of the Income-tax Act,1961, applicable to the services provided by consultants. For effective tax planning, consultants must be well-versed in the regulations outlined in the Income-tax Act, 1961.Who is a Consultant?The terms "consultant" or "profession" are not explicitly defined in the Income Tax Act, 1961. However, the explanation of Section 194J and the definition of "profession" under Section 2(36) give an insight.Understanding "Professional Services" According to Section 194JProfessional services include legal, medical, engineering, architecture, accountancy, technical consultancy, interior decoration, and advertising. They also cover professionals specified by the CBDT, such as authorised representatives, film artists, company secretaries, individuals in the IT sector, sports personalities, and more.Understanding "Fees for Technical Services" According to Section 194J"Fees for technical services" include managerial, technical, and consultancy services but exclude payments classified as Salary. Technical Services: These require technical expertise or technology-related skills.Managerial Services: These services involve the expertise needed to oversee and run a client's business.Consultancy Services: These offer clients advice and guidance to support their business choices and plans.Applicability of Tax on Consultancy ServicesThe income earned by a consultant is subject to taxation under the regular provisions of the Income-tax Act,1961, which is applicable to individuals. The taxation framework applicable to the consultants is as follows:Presumptive Taxation Scheme: This scheme offers consultants having annual gross receipts under Rs.

Form 10BB is a statutory form used as an audit report for any fund or trust or institution, university or other educational institution, hospital, or other medical institution referred to in Section 10(23C) of the Income Tax Act,1961. It is mandatory to file Form 10BB to claim exemptions under Section 10(23) of the Income Tax Act,1961.Form 10BB Audit Report ApplicabilityForm 10B of the Income Tax Act applies to the following cases:If the total income of the trust or institution, without using the provisions of the mentioned clause/section, as applicable-sub-clauses (iv), (v), (vi) and (via) of clause 23C of section 10sections 11 and 12 of the Act,exceeds rupees 5 crores during the previous yearIf any foreign contribution is received during the previous year by any trust or institutionTrusts or institutions applied any part of their income outside India during the previous year.For all the other cases, Form 10BB shall be applicable.Form 10BB Due DateThe due date to file Form 10BB is one month before the due date for filing the Income Tax Return (ITR) of the relevant assessment year. The due date to file Form 10BB is 30th September of the relevant Assessment year.How to File Form 10BB Online?You need to ensure that you have the following documents before filing the Form 10BB:Balance SheetIncome and Expenditure StatementThe following steps are to be followed for filing Form 10BB:Step 1: Login to the e-filing portalStep 2: Click on e-File,  then click on ‘Income Tax forms’, and then select  ‘File Income Tax Forms’Step 3: Click on Persons not dependent on any Source of Income and click on ‘file now’ on Form 10BB Step 4: Select the Assessment year, assign it to a Chartered Accountant(CA) after attaching the required documents and then Click on ‘Continue’.Step 5: CA will accept the assignment through his login and upload the Form.Step 6: Assessee to accept the form uploaded by CA through the Worklists for the “For Your Action’ tabThis Form is divided into three separate sections. They are:Section A: General InformationThis section requires organisations to provide essential details, including:Name of the institutionOfficial addressPermanent Account Number (PAN)Assessment yearRegistration numberRelevant sub-clause under Section 10(23C) of the Income Tax ActSection B: Income ApplicationThis section delves into the core activities and financial aspects of the organisation, encompassing:Primary business activitiesTotal revenue earned during the yearTotal expenditure applied for the objects of the trustDetails of income utilisation for purposes other than the stated objectives, if applicableInformation on income sources exceeding 15% of the total incomeAdherence to the 15% profit reserve cap, ensuring at least 85% of total income is allocated to the organisation's activitiesSection C: Other InformationThis section requires comprehensive disclosure of the following:Whether any funds were deposited in any modes other than specified under Section 11(5)Details regarding profits and maintenance of booksDonations or transfers made to other trustsVoluntary contributions received in the previous yearAny anonymous donations received during the preceding yearPenalty for Late Filing of Form 10BBNot filing Form 10BB on time and following the conditions laid down in the audit report on time would result in the withdrawal of exemption under Section 10(23C) of the Income Tax Act,1961. This means that the trust or institution won’t be eligible to claim exemption, and its total income will be chargeable to income tax..

The Atal Pension Yojana (APY) is a pension plan introduced by the government that helps private sector workers save money for their old age. The plan is meant to get people to save for retirement over a long period, but sometimes, someone needs to close their APY account. This is when the subscriber of the scheme uses the APY closure form.Purpose of the APY Closure FormThe primary goal of the APY closing form is to make it simpler for subscribers to shut their APY accounts on their own. It is an official request to the Pension Fund Regulatory and Development Authority (PFRDA) and the subscriber's Pension Fund Manager (PFM) to cease the subscriber's membership in the plan and return the accumulated wealth to the subscriber.Eligibility Criteria for Closing an APY AccountTo be qualified for closing an APY account, the user must meet certain conditions:Minimum Contribution time: The user should have attained the age of 60 years.Death of the subscriber: The subscriber dies before age 60.Voluntary exit: Voluntary exit is allowed only in a few specified circumstances, such as specified illness.APY Closure ProcessThe process of closing an APY account includes the following steps:APY Closure Form: You can get the APY closure Form from the subscriber's Pension Fund Manager (PFM) or you can download it from the website of NPS CRA.Fill Out the Form: Complete the APY account closure form accurately, providing all of the necessary information.Attach Supporting Documents: Attach the necessary supporting documents, including proof of name, age, address, etc.Submit the Form: Submit the completed APY exit form and the supporting documents to the PFM.Verification and Processing: The PFM will verify the request and begin the account closure procedure, which may take weeks to complete.Receive accrued Pension Wealth: The user will receive their accumulated pension wealth once the process is complete.How to Fill APY Closure Form?When filling out the APY closure form, it is crucial to take the utmost care. The following information is required to be filled in the form: Personal and Account Details: Ensure that personal and account information is correctly entered, together with the date of birth, APY account number and PRAN.Reason for Closure: Clearly state the cause for the account closing, which incorporates the choice to exit, loss of life of the member, or any other reason.Bank Account Information: Provide complete bank account details, including account number, IFSC code, and branch code, to allow the transfer of the amassed earnings wealth.Signature and Date: Affix your signature and date to the form.Documents to Submit When Closing APY AccountWhen submitting an APY account, the person will also be required to submit the following documents alongside the APY closure form:Proof of IdentityProof of AgeProof of AddressRejected Cheque or Bank Statement Death Certificate.

Top concerns for India's ageing population include protecting their hard-earned retirement savings and offering a steady source of income. This goal has been much pursued by the government-backed Senior Citizen Savings Scheme (SCSS), offered through post offices and some banks. The SCSS has attracted retired investors with its attractive interest rates, quarterly payouts, and safety. Before putting money into senior citizen savings plans, potential investors should consider several inherent disadvantages of senior citizen savings schemes.Disadvantages of Senior Citizen Savings SchemeHere are the disadvantages of investing in a senior citizen savings scheme: Age LimitOnly citizens over 60 are eligible to open an account under SCSS. This means an individual who wants to retire early cannot claim the scheme's benefits.Restricted Availability: A Possible Cash Flow ShortfallThe lack of liquidity of the SCSS is one of its most apparent drawbacks; this is important for retirees who might require access to their money for unforeseen costs, medical problems, or shifting financial responsibilities.

The Employee Provident Fund represents a savings plan where the Indian employed saves to secure their financial safety amid their retirement years. However, much of this can be denied for numerous reasons. At best, the implications of turning down such offers would be that it simply delays the needed money and, at worst, that the rejection can represent a long and frustrating path to obtain such financing. In this article, we will look at why your online EPF claim could have been refused and describe the steps of the reapplication procedure after the rejection to help you go through this case. Understanding the rationality of the denial, one may apply again to the same claim, ensuring appropriate action is taken unredeemed to analyse the rationality of the denial as a condition to reapply for the same.Online EPF Claim Rejection The following are the common reasons for the rejection of your EPF (Employees' Provident Fund) claim online:The 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.Inactive UAN (Universal Account Number) outside EPF system—If a claim is submitted with an Inactive UAN or UAN that is not available within the EPF system.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.Reject claim: If 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.

Section 270A is one of the most crucial section of the Income Tax Act. It offers with penalties for under-reporting or misreporting income. The aim of the introduction of this section is to avoid tax evasion. In this article, we will take a look at what Section 270A covers, who it applies to, and why it's crucial, as well as provide some examples.What is Section 270A of the Income Tax Act?Section 270A of the Income Tax Act is delivered through the Finance Act of 2017. This section presents for the Assessing Officer (AO) to charge consequences on people who have underreported or misreported their profits in their Income Tax Returns(ITR).What is Under Reporting of Income Under Section 270A?Under-reporting income occurs when a person discloses a smaller amount than their actual income.