The government has made several provisions in the Income-tax Act,1961 that allow you deductions against investments in specific avenues. One such popular option is deduction under section 80CCD. Section 80CCD provides additional benefits to employees who opt for investments in specified pension schemes. Deduction is allowed for contributions made by both employers and employees.Budget 2025 UpdateThe same tax benefits available for NPS contributions under Section 80CCD(1B) will now apply to contributions made to NPS Vatsalya accounts, allowing Rs. 50,000 deduction under the old regime if you have invested in the NPS Vatsalya schemeWhat is Section 80CCD?Section 80CCD relates to the deductions available to individuals against contributions made to the National Pension Scheme (NPS) or the Atal Pension Yojana (APY).

The Employees’ Provident Fund (EPF) is a government-backed savings scheme where both employees and employers contribute monthly to build a retirement corpus. Upon retirement or after two months of continuous unemployment, individuals can withdraw the accumulated funds. If unemployed for over one month, 75% of the balance can be withdrawn. Typically, the EPF claim is processed and credited to the bank account within 20 days. 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.

As per Clause 2 of Article 276 of the Indian Constitution, the state governments of India have the sole authority to impose a professional tax. Individuals earning from professions like trade, calling, employment in other business firms, doctors, lawyers, etc., are liable to pay this tax. In this article we will explain about:Professional tax in AssamAssam Professional tax ActApplicability of Professional tax in AssamDocuments required for Professional tax paymentProfessional Tax Slab RatesProcess to make online paymentDue Date for paying Professional TaxPenalties applicable in case of non-paymentProfessional tax exemption in KarnatakaProfessional Tax FormsConclusionProfessional Tax in AssamAccording to the state government of Assam, every individual, whether salaried or self-employed, is liable to pay professional tax. Even professionals like lawyers, doctors, chartered accountants, etc., need to pay professional taxes. The amount of tax payable is decided by the Assam government and depends on one's income slab. Assam Professional Tax Act Professional tax in Assam came into force after the enactment of the Assam Tax on Professions, Trades, Callings, and Employment Act of 1947.

All salaried individuals are liable to pay professional tax in Kerala. In this article we will learn about:Professional tax in KeralaProfessional tax slab in KeralaApplicability of professional tax in KeralaProfessional tax paymentProfessional tax exemption in KeralaFAQsProfessional Tax in Kerala As per the Kerala Municipality Act 1994, professional tax is levied on every individual's income, including lawyers, Chartered Accountants, entrepreneurs, etc. However, the amount of tax payable varies depending on your income slab as set by the state government. According to the Income Tax Act 1961, the total amount of professional tax you pay in a financial year can be considered a tax deduction.Kerala Professional Tax ActProfessional tax came into being in 1996 with the enforcement of the Kerala State Tax on Professions, Trades, Callings, and Employment Act, commonly known as the Kerala Professional Tax Act. The Kerala Municipality Amendment Act of 2015 mandates that employees earning a half-yearly salary of more than Rs 12,000 are liable to pay professional tax. Professional Tax Applicability in Kerala As stated earlier, every individual earning a specific half-yearly income is eligible to pay professional tax (PT) in Kerala.

According to Article 276 of the Indian Constitution, every individual earning an income is liable to pay professional tax. Whether you earn your source of living from a job or self-employment, paying this tax is mandatory. However, the payable tax amount differs from one state to the other. Most Indian states have set their own tax rates for different income slabs. If you are a resident of New Delhi, read this article for a complete overview of the following about the professional tax in New Delhi.Meaning of Professional Tax in New DelhiNew Delhi Professional Tax RuleApplicability of Tax in New DelhiProfessional Tax Slab RatesProcess to make Online PaymentProfessional Tax Payment Due DateProfessional Tax Late Payment PenaltyApplicable ExemptionsConclusionProfessional Tax in New DelhiThe state government imposes a professional tax on every professional, including lawyers, doctors, consultants, architects, etc. Moreover, you must pay professional tax in New Delhi if you earn from trade, calling, or other professions.

States in India, including Odisha, levy a professional tax (PT) in accordance with Article 276 of the Indian Constitution. Professional tax in Odisha is a direct tax that applies to businesses, salaried individuals, entrepreneurs and professionals in various occupations. Even though only a small amount is deducted, professional taxpayers in Odisha need to be well-versed in the subject. In this article we will learn more about professional tax payments in Odisha.Professional Tax in OdishaUnderstanding of the Odisha Professional Tax ActApplicability of Professional Tax in OdishaDocuments Required for registrationProfessional Tax Slab RatesProcess to make online paymentProfessional Tax payment due dateProfessional Tax late payment penaltyApplicable ExemptionsConclusionProfessional Tax in OdishaIf you are a salaried employee, whether government or private, and if you are self-employed engaged in a profession like a doctor, engineer, lawyer, Chartered accountant, company secretary, etc., working in Odisha, you are liable to pay professional tax.Professional tax in Odisha varies between Rs.1,500 - 2,500, according to the applicable income slab.The maximum professional tax in Odisha is Rs.2,500 per annum. Persons earning a salary of Rs.1,60,000 annually or less are not required to pay professional tax in Odisha.

The professional tax imposed by the state government is the same as the income tax imposed by the Central Government. You need to pay a certain percentage of your earnings to the Commercial Tax Department of the respective state as professional tax. Only 17 states levy professional tax in India, and Jharkhand is one of them. The following article provides detailed information on Professional Tax in Jharkhand.Professional Tax in JharkhandIf you have a job or are associated with a business or profession in Jharkhand, the state government will impose a professional tax on your income. The professional tax amount in Jharkhand varies between Rs. 1200 and Rs.

As per Section 16(iii) of the Income Tax Act of 1961, every Indian state can impose a professional tax on its residents who have a stable income source. This article provides a detailed insight into professional tax in Bihar. Professionals like architects, chartered accountants, doctors, lawyers, consultants, engineers, etc., are required to pay this tax in Bihar. However, the payable amount differs for every professional; it varies per income slab. The minimum income slab for professional tax applicability in Bihar is Rs 3,00,000 per annum.Read through this article to know more about professional tax in BiharProfessional Tax in BiharThe state government of Bihar imposes a professional tax on every person engaged in profession, trade, calling, or employment, including salaried or self-employed professionals. Both private and government sector employees are liable to pay professional tax in Bihar.

Changing jobs is very common among individuals. People tend to change jobs for a better pay scale or to acquire new skills, and when you do this within a financial year (FY), you will have more than one Form 16. This may lead to confusion about whether your income taxes are in order or not.Here are the solutions to the queries arising if you changed jobs during the year:Inform your Current Employer about your Previous EmploymentSeveral individuals do not inform their new employer about their previous salary structure. As a result, the new employer calculates income tax based on the income earned in the FY, which leads to a miscalculation of taxes for the financial year.For instance, Mr Raj left ABC company in December 2023 and joined a new company, XYZ, in January 2024. He has not been informed about his previous salary to XYZ.

Section 194K prescribes TDS deduction at the rate 10% on dividend paid on mutual funds to residents. This resulted in the elimination of double taxation, which happened due to previous tax laws. Under the previous laws, tax on mutual fund payout was levied when the company distributed to the AMC(Asset Management Company) and when the AMC distributed the same to the unit holders. Let’s discuss Section 194K in detail. Types of Income from Mutual Fund UnitsIn general, an individual can earn two types of income by investing in mutual fund units. They are:Sl.No.Income TypeChargeability to Tax1.DividendDDT has been abolished as per the Budget 2020. From FY 2020-21, dividend income will be taxable in the hands of the receiver/investor.However, Section 194K requires the mutual fund to deduct TDS while distributing dividends exceeding Rs 10,000 to unitholders. 2.Capital GainsCapital gains are taxable in the hands of the taxpayer. Any long-term capital gains earned from equity-oriented mutual funds will be taxed at the rate of 12.5% if the gains exceed Rs 1.25 lakh in a year. Similarly, any short-term capital gains earned from the equity-oriented mutual funds, subject to STT, will be taxed at the rate of 20%.  However, Section 194K does not require a mutual fund to deduct TDS on capital gains arising on redemption of units by unitholders.Section 194KAs per Section 194K, any person responsible for paying a resident with respect to:Units of a mutual fund as per Section 10(23D)Units from the administratorUnits from a specified companyShall deduct TDS at the time of credit of such income to the payee’s account or at the time of making payment, whichever is earlier.Purpose of Section 194KUnder the previous income tax laws, dividends were taxed twice. Initially, a tax was imposed when a company would pay a dividend to an Asset Management Company (AMC).