Income Tax Advice

Income Tax Advice

Form 15G and 15H – How to Save TDS on FD Interest FY 2025-26

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Last Updated: June 2026 — FY 2025-26 (AY 2026-27) Forms 15G and 15H are declarations you submit to your bank or financial institution to prevent TDS deduction on interest income when your total income is below the taxable limit. Form 15G vs Form 15H Feature Form 15G Form 15H Who submits Individuals below 60 years, … Read more

Section 80EE Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer

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In Budget 2013, New Section 80EE, has been introduced. Benefit of section 80EE is available for new home loan buyer Highlights of Section 80EE are: Additional deduction is available to only Individuals. Benefit of Section 80EE available only, if you have no existing house, in your name. You have bought a new house, and House cost of the … Read more

Section 80TTA Deduction – Interest on deposits in savings account is exempt from Income tax

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Deduction in respect of interest on deposits in savings account (Section 80TTA): Section 80TTA has been introduced from this Financial Year [2012-13] and it allows to an Individual or HUF from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account a … Read more

Increase in Employees Contribution in Provident fund will reduce take home salary

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EPFO (Employee Provident Fund Organisation) as issued a circular on 30.09.2012. According to Circular, EPF (Employees Provident) should be deducted on total salary. Total Salary for purpose EPF calculation will be Basic Salary + DA + Conveyance Allowance + House Rent Allowance+ Education Allowance+ Travel Allowance + Medical Allowance+ Night Allowance+ Uniform Allowance+ any other … Read more

Rajiv Gandhi Equity Savings Scheme, 2012 -Section 80CCG – Notification

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  Rajiv Gandhi Equity Savings Scheme, 2012 (RGES) Notification No. 51/2012 [F.No. 142/35/2012-TPL]/SO 2777(E), dated 23-11-2012 In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:- Short title, commencement and application 1. (1) This Scheme may … Read more

Missed the deadline of 31st July, Don’t worry, you can file tax returns till 31st March

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Every Individual whose income exceeds maximum taxable limit is required to file Income tax Return on or before the due date. Due date for Individuals getting salary and who are running their own business or profession or working as free lancer are required to file tax return on or before 31st July, every year. In … Read more

No Need to file income Tax Return

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Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head is exempt from filing Income tax return. Conditions prescribed are: 1. Total income for the relevant assessment year does not exceed five lakh rupees. 2. Individual is earning … Read more