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There are various types of fixed deposit accounts available to assist people and organisations in setting aside money for the future. You can select the tenure for general FD accounts as per your convenience. Many banks provide a five-year FD plan tailored to save taxes in along with the standard FD accounts. According to Section 80C of the Income Tax Act of 1961, investing in a five-year FD scheme entitles one to an income tax deduction. It's possible that the terms, feature

As the union budget 2023 approaches, Indian mutual fund distributors are hoping for a deduction in the tax rules. Currently, investors in mutual funds are eligible for a deduction under section 80C of the Income Tax Act. However, the maximum limit for this deduction is only Rs 1.5 lakhs, which is considered inadequate by many mutual fund distributors in relation to the inflation. The mutual fund industry has been growing rapidly in recent years, with a significant increase in

Section 87A of the Income Tax Act offers a direct rebate on tax liability for resident individuals whose taxable income falls below a specific threshold. For FY 2025-26 (AY 2026-27), the government has expanded this benefit, raising the new tax regime limit to ₹12 lakh and enhancing the maximum rebate to ₹60,000. This means many salaried and middle-income earners can now effectively pay zero income tax if their net taxable income is within the eligible range. The Section 87A

In the past, many transactions required obtaining an Income-Tax Clearance Certificate, such as registering real estate, bidding on government projects, and renewing import/export, postal, and shipping licenses. Following liberalisation, all of these had dropped. Now, taxpayers only need to include their Permanent Account Number (PAN) in their tender or other relevant documents. However, according to the Income Tax Act of 1961, only a small number of transactions necessitate t

The 8th Pay Commission was agreed by the Union Cabinet on Thursday, January 16, 2025, and it will go into effect on January 1, 2026. It is anticipated that the 8th Pay Commission will significantly alter India's central government employees' compensation structure. This commission's goal is to modernise pensions, benefits, and pay scales to reflect inflation, the state of the economy, and the evolving needs of public employees. The long-awaited announcement of the 8th Pay Com

The Indian government created the Pay Commission in order to provide recommendations for central government employees' pay. Since India's independence, seven pay commissions have been set up to review and recommend adjustments to the pay scales for all Indian government employees, including civil and military. The 7th Pay Commission was accepted by then-Prime Minister Manmohan Singh and was to be implemented by January 2016, according to former Finance Minister P. Chidambaram

To use online Aadhaar services and facilities, where you receive OTPs on your Aadhaar registered mobile number, you must link or update your mobile number with UIDAI. At times, you may need to change this number due to some reason. Fortunately, you can quickly update the mobile number associated with your UID card if your previous one is no longer operational. Be aware that UIDAI has ruled out the option to update a phone number in Aadhaar using the internet. Only now is it p

High-value transaction income tax notices are issued when financial activity reported by banks, mutual funds, registrars, or credit card companies does not match the information declared in an income tax return. The Income Tax Department reviews data received through the Statement of Financial Transactions (SFT) and Automated Information Systems to flag cash deposits, property deals, investments, and large payments that cross specific thresholds. When inconsistencies arise, n

Form 26AS is the primary record the Income Tax Department uses to verify every tax credit linked to a PAN—TDS, TCS, advance tax, and self-assessment tax. When any of these entries appear incorrect, missing, or mismatched, the return may face delays, reduced refunds, or automated adjustments under section 143(1). Most discrepancies arise due to wrong PAN entries, inaccurate challan details, or deductors failing to file updated TDS statements. Correcting these entries early en

Filing an Income Tax Return that includes dividend income and capital gains requires selecting the correct ITR form and reporting each income category accurately. Dividend income from domestic companies is fully taxable, and capital gains from shares, mutual funds, and property must be declared under their respective schedules. Proper classification of short-term and long-term gains is essential to ensure correct tax calculation and avoid notice-driven corrections. With upda