All the donations received by charitable trusts are exempt from taxes, on satisfaction of certain conditions. The taxation of charitable trusts are covered under section 11 of the Income Tax Act. Only trusts established for charitable or religious purposes can claim exemption under the act, and they need to file ITR even though their income is exempt from taxation. To claim exemption, these charitable institutions are compulsorily required to get their books of accounts audited by a Chartered Accountant. Due date for ITR filing of charitable trusts FY 2024-25 is 31st October, 2025. This article explains in detail, the taxation of trusts and compliance requirements for trust taxation.Conditions for Claiming ExemptionThe charitable trust should be duly registered under section 12AB of the act.It should be established to promote charitable or religious objectives.

The National Pension Scheme is a voluntary retirement scheme introduced by the Central Government. People can invest in such pension account regularly and receive 60% of it as a lump sum amount on attainment of 60 years of age and the remaining as annuity pension. However, the scheme also allows partial withdrawal from the NPS account. This article attempts to simplify the partial withdrawal rules and the tax benefits thereon.Partial Withdrawal From NPS Before we delve into the withdrawal rules, let’s understand some basics. There are two types of NPS accounts- Tier I and Tier II.If you wish to subscribe to NPS it is mandatory for you to open a Tier-I account.

Toll revenue constitutes a significant part of the development and maintenance of highway infrastructure of the Indian economy. In recent times, a lot of modernization has been made in promoting transparency and efficiency in toll collecting. In this article, we will understand road usage charge collection, calculation, and other details about road charges in India.What is Toll Tax in India?Road charges, often known as “tolls", are the taxes you pay for using interstate expressways, bridges, tunnels, and national or state highways. In India, the entire road network, including toll taxation policies and systems, falls under the purview of the National Highway Authority of India (NHAI).NHAI has laid down various rules and regulations that determine the collection process. These rules include certain exemptions for taxes, tax validity, rules on how the road charges for a particular highway/expressway are determined, and much more. Why is Toll Tax Collected?India has one of the greatest and largest roadway networks in the world.

GVMC, or the Greater Visakhapatnam Municipal Corporation, is the principal authority or civic body responsible for governing the city of Visakhapatnam in Andhra Pradesh. Therefore, the GVMC property tax is levied on the city's citizens who own property.So if you are a resident of Visakhapatnam owning a property in the city, read the following blog till the end to find out more about the same.How to Pay GVMC Property Tax Online?The GVMC property tax payment process for Visakhapatnam has been simplified through the introduction of an online payment procedure. You can thus opt for paying the GVMC property tax online by following the simple steps given below:Step 1: Visit the official website of Commissioner and Directorate of Municipal Administration, Government of Andhra Pradesh.Step 2: Go to online payments - choose property tax option.Step 3: Choose the district and municipality as Visakhapatnam, and click submit.Step 4: A new screen will be displayed, wherein you can search your property using relevant details like assessment number, owner name or door number. Step 5: The list of properties matching with the relevant details are displayed. You can choose your property, click on “Pay tax” option.Step 6: On payment page, you can see the property tax due for the year and the balance payable. Proceed with paying using debit card or credit card to finish the payment process.Step 7: Once the process is complete, confirmation is sent to you by the government.How to Pay GVMC Property Tax Through Mobile App?Property owners of Visakhapatnam are also allowed to pay the GVMC tax using the personalised mobile app of the Greater Visakhapatnam Municipal Corporation.

After an assessee files the Income Tax Return (ITR), the Income Tax Department (ITD) passes it through various stages of assessment to ensure that the total tax liability of a person [under section 2(31)] is accurate. At the preliminary stage, the filed ITR is assessed for any arithmetic errors or mismatches by the ITD system. Based on the preliminary assessment, the intimation about the refund, tax demand, or neither of refund or tax demand is sent to the assessee about the processing of his ITR. In response to the intimation, the assessee either makes the overdue tax payment or accepts the adjustment. The profiles of high-risk tax returns are picked by the computer and examined by the Assessing Officer according to the Income Tax Act, 1961 provisions.In this article, we have discussed the types of assessment that the Income Tax Department follows to ensure the correctness of the ITR being filed.1.

EPFO Claim Status provides the real time update of the progress of your application made for PF transfer or withdrawal. It provides transparency in the processing of EPF application from initial submission of application to disbursement of funds. The real time tracking allows the EPF member to know the stage where the application stands in the pipeline. If there is any bottleneck, the member can know about the estimated time of credit of the funds into their bank account.This blog provides a comprehensive guide on checking your EPF claim status.​What is EPFO Claim Status?EPFO claim status refers to the current status of the application on the EPFO withdrawal. It gives a quick insight on the withdrawal process development, allowing applicants to address potential delays or errors effectively.  What are the Pre-requisites to Check EPFO Withdrawal Status? To know the status of your claim, the following information should be available to you:Universal Account Number (UAN)  EPF regional office of your employer  Employer details Extension code (if relevant)Keep the above information/documents handy, and then follow the below steps to check the status of your claim online. How To Check Your EPFO Withdrawal Status Online?The EPFO has made both an online and offline process accessible to check the status of your requisition.

Verification is a very crucial process for the completion of Income Tax Return (ITR) filing. The Centralized Payment Centre (CPC) only processes the tax return after the taxpayer verifies it. The verification ensures the correctness and authenticity of the Income Tax Return. The Income Tax department has given the option of verifying the return either electronically or physically (i.e. by sending a signed ITR-V to the Centralized Processing Centre (CPC) in Bangalore).To speed up ITR processing, the CBDT has reduced the time limit for ITR verification from 120 days to 30 days from the date of return submission. Timeline For the E-Verification of ITR The ITR should be verified within 30 days after the taxpayer files it.

The first step to filing tax returns as a salaried individual is to obtain your Form 16 from your employer.  Before proceeding, it's essential to understand what Form 16 is - a TDS Certificate that outlines your Taxable Income and TDS. It is the employer's responsibility to provide Form 16 to all employees. In the unlikely event that your employer fails to provide you with Form 16, don’t worry; you can still e-file your return yourself. ClearTax shows you how!What are the instances in which Form 16 is not issued by the employer?1. No TDS Was Deducted : If the total income of the employee in the financial year is less than the taxable threshold (₹2.5 lakh for individuals under 60), and therefore no TDS was deducted, the employer is not obligated to give Form 16. This is the most frequent reason.2. Contractual or Freelance Engagement:  If an individual is employed by the company on a freelance or contract basis and not as a salaried employee, then the employer will give a Form 16A (for TDS on non-salary), but not Form 16.3. Company Has Shut Down or Is Non-Compliant : In exceptional situations, if a firm closes down or does not obey TDS rules, it may not provide Form 16 even though TDS has been deducted. In those situations, workers can look to Form 26AS on the Income Tax site for TDS information.4.

As per government notification, Aadhaar number needs to be produced mandatorily if you want to open a post office account or invest in the National Savings Certificate (NSC), Public Provident Fund (PPF) and Kisan Vikas Patra (KVP) schemes.The government has extended the deadline for linking of Aadhaar to small savings schemes such as post office deposits and Kisan Vikas Patra to March 31, 2018. The linking of Aadhar with various savings schemes such as post office deposits, Public Provident Fund, National Savings Certificate and Kisan Vikas Patra can be done through online as well as offline modes.Linking of Aadhaar with Saving Schemes via offline modeLinking of Aadhaar to various saving schemes can be done through Indian Post Bank Account. The below-mentioned steps should be followed in this respect: Step 1: Visit your nearest Indian post office branch along with a copy of your Aadhaar card and Post office passbook. Step 2: Fill the Aadhaar linking form which will be available from the branch and attach a copy of your Aadhaar card with the form and submit it. Step 3: After submitting the application form, you will be given an acknowledgement to confirm your request for linking Aadhaar with your India Post Bank Account. Step 4: After processing of your application by the post office, notification will be received via SMS on your registered mobile number.Linking of Aadhaar Card with Indian Post Bank Account via online modeStep 1: Log on to your internet banking account using your User ID and password. Step 2: Click on the link “Registration of Aadhaar Number in Internet Banking” on the home page. Step 3: Enter your 12 digits Aadhaar number therein and click on “confirm”. Step 4: Select the Indian post bank account for which the Aadhaar number needs to be linked. Step 5: To inquire that whether your Aadhaar number update request has been processed or not, click on “Inquiry” option on the homepage of the website.Different types of saving schemes available in IndiaThere are a number of options available when you are looking for saving schemes in India. Many are backed by the Government of India, while RBI and SEBI regulate the others. Alongside, a number of these schemes provide some kind of income tax exemptions/ deductions.Click here to know more https://cleartax.in/s/saving-schemesConclusionWhether you've invested in a Post Office Savings Account, Kisan Vikas Patra, or a Post Office Recurring Deposit—or plan to do so—you'll need to link your 12-digit Aadhaar number to your account.

Capital Gains are profits earned from selling capital assets like land, buildings, jewelry, or even Virtual Digital Assets like crypto currencies. After Budget 2024, Long-Term Capital Gains are taxed at a flat 12.5%, without the benefit of indexation. If the capital assets sold are listed equity shares, long term capital gains arising out of that sale is eligible for exemption of Rs.1.25 lakhs. On the other hand, Short-Term Capital Gains are generally taxed as per slab rates. However, in the case of certain specified securities, Short-Term Capital Gains are taxed at flat 20%.Let’s break down the meaning and tax impact of Capital Gains in this article. It is proposed to include ULIPs with premiums exceeding 10% of the policy’s sum assured, alongside those with annual premiums above Rs. 2.5 lakh.It is proposed to amend Section 2(14) to clarify that securities held by investment funds under Section 115UB, will be treated as capital assets.What is Capital Gains Tax in India?Any profit or gain that arises from the sale of a ‘capital asset’ is known as ‘income from capital gains’. Such capital gains are taxable in the year of transfer of the capital asset takes place. There are two types of Capital Gains: Short-Term Capital Gains(STCG) and Long-Term Capital Gains(LTCG).Meaning of Capital AssetsLand, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, and jewellery are a few examples of capital assets. This includes having rights in an Indian company.