TAX ON EPF
Central govt employees: General Provident Fund (GPF), other provident funds' interest rates announced for July-September 2024
Central govt employees' salary: The Ministry of Finance has announced the interest rates of the General Provident Fund (GPF), Contributory Provident Fund (CPF) and other similar provident fund schemes for the July-September quarter of 2024. Will investors get interest on GPF if the contribution exceeds Rs 5 lakh? GPF latest interest rates and all other latest rules explained.
Documents required for ITR filing: 10 documents you need to file income tax return
Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.
Can you transfer EPF account from unexempted trust to EPFO, exempted trust?
EPF account transfer from unexempted trust: Many salaried individual have Employees' Provident Fund account either with EPFO or exempted trusts. However, what if you have an EPF account with unexempted trusts? Does EPF scheme rules allow an EPF member to transfer the unexempted trusts to EPFO or exempted trusts? Read on to know about it.
You could lose section 80C tax benefit on EPF contribution; here's why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
Do international employees still have to make EPF contributions after Karnataka High Court ruling?
Karnataka High Court's April 25, 2024 ruling deemed special provisions for International Workers under EPF Scheme unconstitutional, affecting EPF contributions, retirement age eligibility, and equality before law for these workers.
Inclusion of foreign workers in PF unconstitutional, says High Court
The move, which is likely to be challenged by govt and the Employees Provident Fund Organisation (EPFO), will impact thousands of expatriates who have contributed to the social security scheme or are currently part of it.
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How to plan your income tax savings for FY25 using ELSS mutual funds?
Plan tax savings for FY25 with ELSS funds. Invest Rs 1.5 lakh early using lumpsum, SIP, or STP. Consider various investment options for Section 80C benefits. ELSS offers higher returns than traditional options.
New vs old tax regime - which is beneficial for you? Amount of deductions you can claim decides
New vs old tax regime: Many taxpayers find it difficult to ascertain which tax regime makes them pay lower tax in a financial year. The simple answer to that is the amount of deductions claimed by you in the old tax regime. However, the amount of deductions that must be claimed by you varies for every different income level.
How to save income tax in new tax regime? Two deductions that salaried can claim
Deductions under new tax regime: If you are planning to opt for the new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed.
The unintentional tax-saving investment that most salaried employees do
EPF as tax-saving investments: If you're a salaried employee and is/planning to opt for old tax regime for current FY 2023-24, then Employees' Provident Fund (EPF) contribution is one tax-saving investments that happens automatically. Many people forget to account the tax-benefit available under Section 80C on EPF investments while evaluating the total tax saving investments.
8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
Though under the new tax regime you may end up paying no tax on income up to Rs 7.5 lakh and and pay tax at a lower rate when your income goes higher, but old tax regime offers higher tax saving opportunities with various deductions and exemptions. However, these deduction can not be claimed by all taxpayers and apply on only select individuals. Hence, it makes sense for you to check which tax regime will help you save higher tax.
Tax-saving investment: 7.1% interest in PPF or 8.25% returns in VPF; which is a better option to save tax this year?
Tax-saving investment ideas FY23-24: PPF has been a go-to option for traditional investors to save tax while planning for retirement. Is there any other option that offers higher returns, lowers your income tax outgo, and saves money for long-term goals? Yes, Voluntary Provident Fund (VPF). How does it VPF fare when compared to PPF Public Provident Fund (PPF) or Voluntary Provident Fund (VPF) — which is a better option for you to save tax in the financial year 2023-24.
Which investment is 100% tax-free: 3 tax-saving investment options for tax-free income
Tax-saving ideas: Particularly for individuals in higher income tax brackets, the taxability of investment returns becomes pivotal. Taxable returns are added to your income and subject to higher tax rates.
How to save tax: 6 easy income tax saving tips
One of the easiest ways to save tax is to avail tax deductions under section 80C. Each fiscal year presents an opportunity to reduce your taxable income by up to Rs. 1.5 lakh through Section 80C deductions. These deductions are accessible to both individuals and HUFs.
What is the TDS rate for salary, dividend, interest, house rent, cash withdrawal and other transactions for FY 2024-25
Tax Deducted At Source (TDS): TDS is levied on many types of incomes like salary, house rent, virtual digital assets (VDA), etc. What is important to note here is that a correct amount of TDS should be deducted and TDS return (if applicable) is filed in time. Read here to know some TDS rates for FY 2024-25.
EPFO gives relief to these EPF members from submitting joint declaration form
EPFO Joint declaration form submission: EPF scheme rules require mandatory submission of this form if an EPF member wants to contribute on basic pay exceeding statutory limit of Rs 15,000 per month. The EPFO has also started sending SMSes to the EPF members to submit the joint declaration form as soon as possible.
How NPS investment of Rs 50,000 can help you save more income tax
NPS deduction of Rs 50000: Under the old tax regime, an individual can claim additional deduction of Rs 50,000 for NPS investment made. This deduction is available over and above Rs 1.5 lakh available under Section 80C of the Income Tax Act. With full utilisation of Section 80C and additional NPS investment, an individual can claim total deduction of Rs 2 lakh in a financial year.
Top 10 ELSS tax-saving mutual funds have earned 32% return in 3 years; benefits of investing in these MFs
Investing in tax-saving ELSS mutual funds: Taxpayers can make last-minute investments under Section 80C of the Income Tax Act to avail tax benefits. ELSS, with a three-year lock-in period, offers potential for higher returns compared to other fixed-income products.
How section 80C of the Income-tax Act can help you save tax
Tax-saving guide: In order to claim the section 80C deduction, a taxpayer must invest the specified amount in eligible investment instruments or spend it on designated expenses within the same financial year.
Income Tax Planning FY2023-24: 4 tax-saving options for tax-free returns
We all invest in various financial products to save some tax. However, the income or return generated from these investments often attract tax. There are still some investments that can offer you tax-free returns. If you are planning to invest now, here is a list for you.
11 ways of tax savings for salaried individuals for FY 2023-24
11 tax deductions for salaried individuals: If you want to save tax for FY 2023-24 then there is still time. Given below is a list of 11 tax deductions which you can claim upon fulfilling certain investment or other criterias. These tax deductions can help you lower your total income and thus reduce your tax outgo.
What is Section 80C tax deduction limit after Budget 2024?
Section 80C limit in interim Budget 2024: Various investments and expenditures specified under Section 80C allow individuals to claim a maximum deduction of Rs 1.5 lakh from gross taxable income in a financial year. It is important to note that the new tax regime does not allow deduction under Section 80C of the Income-tax Act.
Income tax saving for FY 23-24: How salaried taxpayers can claim deduction of up to Rs 3.35 lakh without HRA, loan
You can claim certain income tax deductions under different heads and therefore reduce your overall income tax liability. Section 80C of the Income-tax Act, 1961 is one of the most widely used deductions that offers a deduction of up to Rs 1.5 lakh in each financial year. But, there are others deductions as well that you can claim and lower your income tax outgo. Check what are the deductions that you can claim in FY2023-24.
Income tax deductions available under section 80C in India
In Union Budget 2023, Finance Minister Nirmala Sitharaman did not make any changes to Section 80C. Therefore, if you have opted for the old tax regimen, you can still benefit from deductions amounting to Rs.1.5 lakh under section 80C
Interim Budget 2024 wish list: 15 income tax, personal finance ideas for the Finance Minister
The Union Budget will be announced next month. ET Wealth reached out to experts to know what they want on February 1.
NPS tax benefits: How salaried, self-employed can claim tax deductions for NPS under old, new income tax regime
Income tax benefits for NPS: You can claim tax deductions against NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2) under the old income tax regime. Tax deductions for investments in NPS are available under the new income tax regime as well. If you are wondering how to avail of tax deductions for NPS investment, read here.
How old income tax regime can help save Rs 52,000 tax
As a first step, you should inform his company that he wants to opt for the old tax regime. Several deductions available to you will not be considered under the new regime. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
I have an EPF corpus of Rs 85 lakh; is it tax efficient to transfer it to NPS tier 1 account after retirement?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Hike EPF contribution to reduce your tax outgo
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
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