Employees’ Provident Fund (EPF) is a government-backed savings scheme intended to help employees cover their expenses once they retire. Under the PF scheme, both the employee and the employer contribute monthly a minimum of 12% of the basic salary to the employee's EPF account. Individuals can withdraw the accumulated funds in the EPF account under the specific conditions. Monitoring the EPF claim status is important to ensure the entire process is completed efficiently.Read through this blog to gain an understanding of the following:What is EPF claim statusHow to apply for EPF claim Pre-requisistes to check the withdrawal statusOnline and Offline process to check the withdrawal statusEligibility to apply for PF claimDifferent stages of PF claimTypes of formsCancelation of the PF claim withdrawalLatest UpdatesThe government has decided to retain the EPF interest rate of 8.25% for the financial year 2023-24.What is EPF Claim Status?EPF claim status refers to the current status of the application on the EPF withdrawal. It gives a quick insight on the withdrawal process development, allowing applicants to address potential delays or errors effectively.  How to Apply for EPF Claim?You can start your application for EPF withdrawal process in two ways:Physical applicationOnline applicationPF Claim OfflineDownload the new Composite Claim Form (Aadhaar)/Composite Claim Form (non-Aadhaar) to withdraw the EPF balance.Composite Claim Form (Aadhaar)Use the Composite Claim Form (Aadhaar) if you have seeded your     Aadhaar and bank details on the UAN portal and if your UAN is activated.Fill and submit the form to the respective jurisdictional EPFO office without the attestation of the employer.Composite Claim Form (Non-Aadhaar)You can use the Composite Claim Form (Non-Aadhaar) if the Aadhaar and bank details are not seeded on the UAN portal.Fill and submit the form with the employer’s attestation to the respective jurisdictional EPFO office.One may also note that in case of partial withdrawal of EPF amount by an employee for various circumstances as discussed in the above table, very recently, the requirement to furnish various certificates has been alleviated, and the option of self-certification has been introduced for the EPF subscribers. PF Claim Online ApplicationThe EPFO has come up with an online withdrawal facility, which has made the entire process more comfortable and less time-consuming.PrerequisitesTo apply for the withdrawal of EPF online through the EPF portal, make sure that the following conditions are met:The Universal Account Number(UAN) is activated, and the mobile number used for activating the UAN is in working condition.The UAN is linked with your KYC, i.e. Aadhaar, PAN, bank details, and the IFSC code.If the above conditions are met, there is no need for the previous employer to attest to your withdrawal application. For detailed EPF withdrawal application procedure with guiding screenshots, click here. What are the Pre-requisites to Check EPF withdrawal Status?To know the status of your claim, the following information should be available to you:a. Universal Account Number (UAN)b.

With the Modi government back in power, Finance Minister Nirmala Sitharaman and team are all geared up to revamp and prioritise the long-awaited Direct tax code, taking a step forward to make the act simplified, concise, easy to read and understand. The initiative stems from the overall complex laws, with hundreds of sections, deductions and exemptions making it all the more challenging to understand for the taxpayers in India. In this article, let’s examine the key aspects of:The Direct Tax Code Expectations from the Direct Tax CodeWhat makes it crucial for taxpayers in IndiaFAQsWhat is the Direct Tax Code?The Direct Tax Code intends to simplify, streamline, and standardize the current complex Income Tax Laws for all. Witnessing the percentage of people contributing to the Income Tax rising at a very slow pace, the government of India recognized the need to introduce a much more simpler version of tax laws and provisions in India. Its primary aim is to make tax compliance easy for the individuals and businesses.Why is the Direct Tax Code being Introduced?The biggest driving force behind simplifying the Direct Tax Code 2025 by the government is to increase the number of people contributing to taxes in India. According to the data shared by the government in 2023, only 2% of the population in India are income taxpayers which is strikingly low in comparison to the developed economies.

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.

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, etc., can 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 the professional tax in Bihar:Professional Tax in BiharBihar Professional Tax ActProfessional Tax Applicability in BiharTax Slab Rates in BiharProcess to make online paymentProfessional Tax payment due datePenalties for non paymentExemptionsTypes of Professional tax FormsConclusionProfessional Tax in BiharThe state government of Bihar imposes a direct tax on every profession. Every salaried or self-employed professional is liable to pay professional tax in Bihar.

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 the following:Professional Tax in JharkhandTax Rules governing Professional Tax in JharkhandInsights on applicability of Professional TaxProfessional Tax Slab RatesEnrollment Tax Slabs for people engaged in Business/ProfessionForms InvolvedOnline Payment of Professional Tax Due Date for PaymentPenalties involved in case of non-paymentApplicable ExemptionsConclusionProfessional Tax in JharkhandIf you are holding a job or associated with a business in Jharkhand, the state government will impose a professional tax on your income. Every state in India levies a professional tax on individuals earning a minimum of Rs 3,00,000 per annum. Professional tax in Jharkhand is collected by the State Municipal Corporation as per the income slab of an individual. Moreover, you can claim the payable amount as a deduction under Section 16 of the Income Tax Act.Jharkhand Professional Tax RuleThe Jharkhand State Tax on Professions, Trades, Calling, and Employment Act was enacted in 2011.

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.

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. Continue reading to 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 OdishaThe Odisha Professional Act Tax, 2000, governs the provisions of professional tax in Odisha. The Commercial Taxes Department of the Odisha government is in charge of collecting this tax.

Proposed amendment under Section 54ECProposed amendment under Section 54ECBudget 2018 has inter alia proposed an amendment to Section 54EC of the Income-tax Act. This section currently provides for an exemption of long-term capital gains(“LTCG”) on the sale of any Long Term Capital Asset provided the capital gains are invested within 6 months from the date of transfer in certain long-term specified assets viz any bond, redeemable after three years and issued on or after the 1st day of April 2007 by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 or by the Rural Electrification Corporation Limited(REC).Vide the budget, the government has proposed to amend the above section by restricting its scope only to capital gains arising from long-term capital assets, being land or buildings or both. It is also proposed to provide that long-term specified asset, for making any investment under the section on or after the 1st day of April 2018, shall mean any bond, redeemable after five years as against the earlier three years and issued on or after 1st day of April, 2018 by the National Highways Authority of India or by the Rural Electrification Corporation Limited or any other bond notified by the Central Government in this behalf.This amendment will take effect from 1st April 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment years.Above is summarised in the below table Earlier ProvisionAfter AmendmentCapital AssetAny  Long Term Capital Assetcapital gains arising from long-term capital assets, being land or building or bothMaturityRedeemable after three yearsRedeemable after five yearsExample: During FY 2024-25, Mr A sold the shares, and there was a Long-Term Capital Gain of Rs 10,00,000. Can he take an Exemption under 54EC?A: No, Mr A Cannot Claim Exemption under 54EC because 54EC is only available for capital gains arising from land, buildings, or both.This amendment will take effect, from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment years.Our takeWhile the intention of the legislature behind this amendment has not clearly been spelt out in the Memorandum to the Finance Bill, one can infer that this would come down heavily on investors earning LTCG on sale of shares especially listed shares and units of equity oriented funds as they can neither claim an exemption under Section 10(38) nor can they reduce their tax burden by claiming an exemption under Section 54EC as this exemption is, as already stated above, now available only if LTCG is on account of transfer of land or building or both. #inlineCTA-choosePlan{ display: flex; flex-direction: row; align-items: flex-start; flex-wrap: wrap; padding: 24px 0; border-top: 1px solid #C4C4C4; } #inlineCTAimage{ padding-right: 20px; } #CTAbody{ flex: 1 1 50%; } #inlineCTAhead{ color: #314259; font-size: 20px; font-weight: 700; padding-bottom: 8px; } #inlineCTAcontent{ font-size: 16px; color: #9092A3; font-weight: 400; } #inlineCTAbutton{ padding: 8px 24px; color: #1678FB; font-size: 16px; background-color: #FFF; border: 1px solid #1678FB; border-radius: 8px; font-weight: 700; text-decoration: none; 8px 0 10px; } #inlineCTAbutton:hover{ background-color: #1678FB; color: #fff; box-shadow: 4px 5px 10px rgb(0 0 0 / 14%); } @media only screen and (max- 600px){ #full-width-mob, #inlineCTAbutton{ 100%; } #inlineCTAhead { font-size: 19px; padding: 8px 0; } #CTAbody{ flex: 1 1 100%; } } const userAgent = navigator.userAgent || navigator.vendor || window.opera; const inlineCTAbutton = document.getElementById('inlinebtnLink'); if (/android/i.test(userAgent)) { inlineCTAbutton.href = "https://black-cleartax.app.link/filing-entryscreen" } if (/iPad|iPhone|iPod/.test(userAgent) && !window.MSStream) { inlineCTAbutton.href = "https://cleartax.in/MyAccount/start" } .

Taxes play a significant role in the overall growth and development of the companies. Amongst the set of new tax rules introduced by the Government every year, the introduction of Section 115BAA on September 20, 2019 brought in a reduced tax rate for businesses operating in India. Section 115BAA offered a reduced tax rate of 22% with a surcharge and education cess of 10% and 4% along with a couple of exemptions for qualifying entities. Also, the MAT rate has been reduced from the current 18.5% to 15%.Beyond figures, Section 115BAA was more about fostering a business-friendly environment, promoting investments and driving economic expansion.Let’s discuss the corporate tax rate cut for domestic companies in detail focusing on the following:What is the meaning of Section 115BAA of the Income Tax Act, 1961?Section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on September 20, 2019. Section 115BAA has been inserted in the Income Tax Act,1961 to give the benefit of a reduced corporate tax rate for the domestic companies. The section states that domestic companies have the option to pay tax at the rate of 22% plus surcharge of 10% and cess of 4%.

Every income tax return filed must be mandatorily signed by the appropriate person (authorised by Income tax law) confirming that the information furnished in the return of income are correct and in accordance with the income tax law and also confirming that he/she is the competent person to make and verify the return. In this article we will be discussing a little more in detail as regards who is authorized to sign an income tax return. Checkout the blog to know about the following:Person Authorised to verify and sign the income tax return.Verification of Income Tax Return Who is the authorised person who can verify and sign the income tax return?Income tax returns and other related documents require proper verification and signature, but who exactly has the authority to sign depends on the type of taxpayer and the specific circumstances. Section 140 of the Income-tax Act, 1961 prescribes who can sign an income tax return for each type of taxpayer attempting to file his return. This has been discussed below:Category of taxpayerWho must sign?IndividualThe Individual himself,Guardian or any other person competent to act on individual’s behalf in case individual is mentally incapacitated from attending to his affairs,Any person authorised by an Individual to verify and sign the return through valid power of attorney, if individual is absent from India/ if for any other reason it is not possible for an individual to verify the return.