Tax filing, ITR forms, deductions, and tax-saving strategies for Indian taxpayers.
EPF withdrawal before 5 years continuous service is fully taxable + 80C reversal trap. TDS rates, exceptions, transfer vs withdraw, partial withdrawal life events.
HUF as separate tax entity in India: own PAN, exemption, 80C, 80D. Formation steps, eligible income, Rs 1L+ tax savings, common mistakes.
NRI taxation in India: residential status tests, NRE/NRO/FCNR account taxation, DTAA benefits, Form 67 FTC, property sale TDS, common mistakes.
FD interest is fully taxable at slab rate. Bank TDS 10% above Rs 40K (Rs 50K seniors). 80TTA does not cover FD; 80TTB does. Reporting + traps.
Section 80E education loan interest deduction: no upper cap, 8-year window from repayment start. Eligibility, worked example, old regime only.
Section 56(2)(x): gifts above Rs 50K aggregate per year from non-relatives are taxable. Relatives list, wedding exemption, inheritance, Rs 269ST cash limit, ITR reporting.
Belated return (Sec 139(4)) and revised return (Sec 139(5)) explained: deadlines, late fees, loss carry-forward rules, filing process, worked examples.
ITR-U lets you file return up to 24 months after AY end. 25% additional tax within 12 months, 50% within 24. Cannot claim refund or reduce tax. Section 139(8A) explained.
In short: Form 15G (below 60) and 15H (senior 60+) submitted to your bank stop them from deducting 10% TDS on FD/RD interest. Threshold is Rs 40K/year for under-60, Rs 50K for seniors. Without these forms, TDS sits with IT Department for 9-15 months until you claim refund via ITR. Submit fresh forms every April…
Form 12BB is the standardised investment declaration salaried employees give to employer for TDS calculation. Submitted in Q4 (Jan-Mar) with proof. Common traps + fix.
PAN-Aadhaar linking penalty, status check, inoperative PAN consequences. ₹1,000 fee under Sec 234H, 20% TDS on inoperative PAN, exemptions, fix process.
Budget 2025 restored partial indexation benefit on real estate (with the option to choose between 12.5% without indexation or 20% with indexation for properties bought before 23 July 2024). Equity LTCG stays at 12.5% above Rs 1.25 lakh per year. Gold LTCG at 12.5% without indexation. Crypto remains at flat 30%. The rules vary substantially…