❓ Income Tax — Questions & Answers

Revised returns and how a TDS refund works

Yes — you can revise your ITR any number of times before 31 December of the assessment year (Section 139(5)). And filing your return is exactly how ex...

PF withdrawal — KYC documents (bank proof, cancelled cheque, PAN, Aadhaar)

To withdraw EPF online you need a bank account in your own name (KYC-verified against your UAN), a cancelled cheque or passbook showing your name, acc...

Tax audit under Section 63 (old Section 44AB) — turnover limits and when it applies

A tax audit under Section 63 of the Income-tax Act, 2025 (the old Section 44AB) is required when your business turnover exceeds ₹1 crore (raised to ₹1...

What are my remedies if an income-tax appeal is pending for years?

If your CIT(A)/NFAC appeal has been pending for years, you have real remedies: file a grievance and request an expedited hearing, secure a stay of the...

Tax on investing in foreign / US stocks as an Indian resident

As a resident, your US/foreign shares are fully taxable in India. Dividends are taxed at your slab (the US withholds ~25% — you claim a foreign tax cr...

How to report a mutual-fund or share sale in your ITR (reading AIS/TIS)

Every sale of mutual-fund units or shares is a capital gain — report it in the Capital Gains schedule of ITR-2 (you can't use ITR-1), even if it's a f...

Is capital gains added to your income — and does the ₹12 lakh rebate apply to it?

Capital gains are part of your total income — which is why the ITR shows them alongside your salary — but the tax on equity gains is computed at their...

Capital-gains tax on selling property — the complete guide (rates, stamp value, exemptions)

Selling a house or plot triggers capital-gains tax — long-term (held over 24 months) at 12.5% (or 20% with indexation for older property), short-term...

Cost of acquisition in capital gains — old assets, pre-2001, no invoice, splits & grandfathering

Your capital-gains tax turns on the cost of acquisition — and for old assets there are special rules. Inherited/gifted assets take the previous owner'...

Presumptive tax under Section 44AD — who qualifies and what counts as turnover

A small business with turnover up to ₹3 crore (if cash receipts ≤ 5%, else ₹2 crore) can declare 8% of turnover as income (6% for digital receipts) un...

Do I need to file an ITR — who must file, and who should anyway?

You must file if your total income before deductions exceeds the basic exemption (₹2.5 lakh old regime / ₹3 lakh new), or if you cross certain high-va...

How to report exempt income in your ITR — PPF/EPF interest, insurance maturity and more

Income that is exempt — PPF interest, qualifying EPF interest, tax-free life-insurance maturity, agricultural income — is not taxed, but it must still...

Home loan tax benefits — principal, interest and under-construction

A home loan gives you two deductions in the old regime: the principal under Section 80C (within ₹1.5 lakh), and the interest up to ₹2 lakh for a self-...

PF advance withdrawal — reasons, TDS, and why claims get rejected

A PF advance (Form 31) is a partial withdrawal for a specific approved reason — house, medical, marriage, education — each with its own service/eligib...

ITR e-verification — the 30-day deadline and what happens if you miss it

Filing isn't complete until you verify. You have 30 days from filing to e-verify. If you verify within 30 days, the original filing date stands. Verif...

How can an NRI withdraw their EPF / PF from India — the complete process

Yes — an NRI can withdraw their EPF from India. Whether it's taxed still depends on the 5-year continuous-service rule. NRIs cannot use Form 15G (it's...

Which ITR do you file if you have capital gains — ITR-1, ITR-2 or ITR-3?

With capital gains you generally cannot use ITR-1 — you file ITR-2. The only exception: small long-term equity gains up to ₹1.25 lakh with no losses t...

Presumptive tax for professionals — Section 44ADA (CAs, doctors, consultants)

An eligible professional — including accountancy / tax / GST practice — with gross receipts up to ₹75 lakh can declare 50% of receipts as income under...

How to find your UAN (Universal Account Number)

Your UAN is a 12-digit number that links all your PF accounts. Find it on your salary slip, from your employer, or via the EPFO portal's "Know Your UA...

PF withdrawal — process, date of exit, timelines and the pension portion

To withdraw your EPF you need your date of exit updated, then file the claim online (Form 19 for PF, Form 10C for pension). Settlement usually takes 1...