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For each EPF account holder, nomination is an extremely important step. In the event of the account holder's untimely death, the benefits of their PF contribution , interest, EDLI, and pension will be transferred to the nominee. Members of the EPF can amend or modify the nomination online after it is completed. Form 2, which the employer would submit to the EPFO, was initially used to change a nomination. The procedure has now been streamlined by the EPFO, and members can use

In India, gold is a valuable item that can be used as collateral in addition to being a cultural icon. The Goods and Services Tax  (GST) significantly altered the tax structure for a number of industries, and gold is no exception. In India, the Goods and Services Tax (GST) on gold, a valuable and highly sought-after commodity, has become a crucial consideration for investors and buyers. Currently, the value of gold, both 24 carat and 22 carat, is subject to a 3% GST rate , an

Capital gains exemptions under Sections 54 , 54EC , and 54F allow taxpayers to reduce their tax burden by reinvesting profits from the sale of assets. Each section has distinct conditions, eligible investments, and timelines. Understanding these provisions helps taxpayers plan efficiently and maximize savings. Online platforms like TaxBuddy simplify this process by automatically identifying eligible exemptions and ensuring accurate reporting while filing ITR, making complex

Employee Stock Option Plans (ESOPs) are a popular way for companies to reward and retain employees by offering ownership in the business. However, these benefits come with tax implications at multiple stages. ESOP taxation in India occurs first when shares are allotted (perquisite tax) and again when they are sold (capital gains tax). Proper reporting in your Income Tax Return (ITR) is crucial to avoid errors, penalties, and scrutiny. Understanding how these taxes apply, how

Section 44ADA  of the Income Tax Act offers a simplified taxation route for professionals with annual receipts up to ₹75 lakh. It allows eligible individuals to declare 50% of their gross receipts as taxable income, eliminating the need for detailed expense records or complex bookkeeping. This scheme is especially beneficial for professionals like doctors, lawyers, architects, and consultants who seek ease of compliance and reduced administrative work. By adopting this scheme

Sections 44AD  and 44ADA  under the Income Tax Act, 1961, simplify tax filing  for small businesses and professionals by allowing them to declare income on a presumptive basis rather than maintaining detailed books of accounts. These provisions encourage voluntary compliance and ease the financial reporting burden, especially for those with moderate annual receipts. Table of Contents Section 44AD: Simplified Tax Scheme for Small Businesses Section 44ADA: Presumptive Taxation

Capital losses  can significantly impact tax planning if not managed correctly. The Income Tax Act, 1961 allows taxpayers to reduce their taxable income by setting off such losses against capital gains in the same or future years. The concept of set-off and carry forward helps individuals and businesses optimize their tax outgo by adjusting losses within defined limits and time frames. With recent Budget 2025 changes expanding flexibility, understanding these provisions has b

Section 54EC of the Income Tax Act, 1961 offers taxpayers an effective way to save long-term capital gains (LTCG) tax. By investing the gains from selling property or other eligible assets into government-backed 54EC Bonds, individuals can claim an exemption on the taxable amount. These bonds, issued by entities such as NHAI, REC, PFC, and IRFC, provide a secure avenue for reinvestment while ensuring tax relief under specific conditions. The investment must be made within six

For correcting mistakes in your Indian Income Tax Return (ITR), both ITR-U (Updated Return) and Revised Return serve as valid mechanisms. Each caters to different circumstances depending on when the error is discovered and the type of correction required. A Revised Return is suitable for timely corrections within the assessment year, while ITR-U is meant for older or missed returns discovered much later. Understanding the differences between these two ensures compliance, pr

When a refund fails due to bank validation issues, the Income Tax Department holds the amount until the correct details are provided. This usually happens when the taxpayer’s bank account is not pre-validated, inactive, or mismatched with the PAN. To reissue your income tax refund after a bank validation failure, update and revalidate your bank details on the Income Tax e-filing portal, then submit a “Refund Reissue Request.” The process ensures your refund is credited secure