❓ Income Tax — Questions & Answers

Trading turnover — how it's calculated and when a tax audit applies

"Turnover" for trading is not the value of your trades — for F&O and intraday it's the sum of absolute profits and losses. It only decides whether...

Can I file my ITR without Form 16?

Yes — you can file without Form 16. It's only a TDS certificate, not a pre-condition. Reconstruct your salary from pay slips, take your TDS credit fro...

Setting off & carrying forward losses — capital losses and F&O

A short-term capital loss can be set off against any capital gain (short or long); a long-term capital loss only against long-term gains. F&O (non...

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...

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...

How long does an income-tax refund take — and how to check its status

Most refunds now arrive within about 7 to 30 days after you e-verify the return — the clock starts at e-verification, not filing. Speed depends on e-v...

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 is pension taxed in India — monthly, commuted, family & army pension

Your monthly pension is taxable as salary and gets the standard deduction (₹75,000 new / ₹50,000 old). A commuted (lump-sum) pension is fully exempt f...

Can I switch between the old and new tax regime each year?

If you have only salary/non-business income, you can pick the old or new regime afresh every year when you file — even if your Form 16 used the other...

How to transfer your PF to a new account — and why it beats withdrawing

When you change jobs, transfer your EPF to the new account online through the EPFO member portal — don't withdraw. Transferring keeps your 5-year cont...

NPS vs PPF — which saves more tax (and which should you pick)?

Both cut tax, but differently. PPF is fully tax-free (EEE), guaranteed and simple. NPS gives an extra ₹50,000 deduction (and an employer route that ev...

Presumptive tax for small business — Section 44AD

A small business (not a profession) with turnover up to ₹2 crore — ₹3 crore if cash receipts are ≤5% — can declare 8% of turnover (6% for digital/bank...

Form 15G for PF withdrawal — when is it required (and when it isn't)?

Form 15G matters only when TDS would otherwise be deducted on your EPF withdrawal — that is, a taxable withdrawal (less than 5 years of service) of ₹5...

Can I claim a past year's deduction, or file an old year's return?

You can't backdate a deduction like 80CCD(1B) — it applies only to the year you actually contributed. And an old year's return can still be filed as a...

Section 157 relief (old Section 89) and Form 39 (old Form 10E) — tax relief on salary and pension arrears

When you receive arrears — back-pay or pension for earlier years — as a lump sum, it can push you into a higher slab in the year of receipt. Section 1...

NPS Tier-1 withdrawal rules — at 60, early exit, and small corpus

At superannuation (60), you can take up to 60% of your NPS Tier-1 corpus as a tax-free lump sum and must use at least 40% to buy an annuity (the pensi...