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The Indian government provides funding for a long-term savings plan called the Public Provident Fund (PPF). Its purpose is to help people build a retirement fund. The tax-free interest rate compounded annually is one of the main advantages of the PPF account, making it a desirable investment option for those looking to increase their wealth over the long run. The PPF account has withdrawal requirements and restrictions even though it offers flexibility regarding contributions

Established in 1952 under the Employees Provident Fund and Miscellaneous Provisions Act, the Employees Provident Fund Organisation (EPFO) is a statutory body. It is in charge of overseeing and controlling all officially recognised provident fund accounts in India. EPFO is dedicated to upholding accountability and openness in its business practices. For withdrawals, all Employees Provident Fund (EPF) participants need to link an active bank account to their PF accounts. The EP

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Purchasing a property is a significant life event. However, did you know that stamp duty tax exemptions can save homeowners thousands in taxes? The excitement of homeownership often entails intricate financial planning for many first-time homeowners. Stamp duty tax is still a substantial but occasionally disregarded expense, even if the down payment and EMIs are the most important concerns. You can lower your tax liability and save money by finding out if you qualify for the

Freelance delivery partners for platforms like Zomato and Swiggy earn income through multiple deliveries, incentives, and bonuses. While this income is flexible and often attractive, it is still subject to taxation under Indian law. Many delivery partners are unaware of the proper way to report their earnings, claim deductions, and ensure compliance with income tax regulations. Filing taxes correctly not only prevents future notices from the Income Tax Department but also hel

Filing your Income Tax Return (ITR) can be a complicated task, especially when you have multiple sources of income. For many individuals, combining salary income with freelance or side gig earnings is a common scenario. However, understanding which ITR form to use, disclosing income accurately, and ensuring tax compliance are crucial steps to minimize the chances of scrutiny from the Income Tax Department. Let us explore the best approach for individuals with both salary and

Filing income tax returns is a mandatory task for millions of Indians, but for many first-time and casual taxpayers, the process often seems complex, intimidating, and costly. Recognizing this challenge, TaxBuddy, a pioneering AI-powered tax filing platform, has partnered with Jio Finance to launch an affordable and user-friendly ITR filing service for the financial year 2024-25. Starting as low as ₹24 for self-filing and with expert-assisted plans from ₹999, this new service

Filing Income Tax Returns (ITR) for capital gains from shares and mutual funds requires careful reporting of profits earned from investments. Accurate declaration ensures compliance with the Income Tax Act, avoids penalties, and maximizes tax efficiency. With multiple sources of capital gains—short-term and long-term—investors often face confusion over reporting requirements, calculations, and applicable exemptions. Online platforms like TaxBuddy simplify this process by prov

The introduction of the new tax regime has left many salaried employees wondering whether to stick with the old regime and claim exemptions like HRA and LTA or switch to the new regime for lower tax rates. The choice is not always straightforward, as it depends on individual salary structures, rental expenses, travel expenditures, and other tax-saving options. House Rent Allowance (HRA) and Leave Travel Allowance (LTA) are important components of a salaried employee’s income

A notice under Section 142(1) of the Income Tax Act, 1961, is sent by the Assessing Officer when additional information or documents are required before completing your income tax assessment. It may be issued whether a return has been filed or not, and is meant to verify income details, deductions, or transactions. Receiving this notice does not always imply an error or wrongdoing; it’s often a standard verification step to ensure accuracy and compliance with tax laws. Table