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The government has extended the deadline for submitting an income tax return (ITR) to December 31, 2021 this year (from the usual July 31, 2021). This applies to most individual salaried and non-salaried taxpayers since it is for assessors who are not subject to audit. Let's take a look at the paperwork you should have on hand before submitting your ITR. Form 16: If you are a salaried individual, you will need to file Form 16 with your ITR. It is a legal document that must be sent to all salaried employees whose income tax is deducted at the source by their employer. Form 16 verifies that tax on wages is deducted at source under Section 203 of the Income Tax Act of 1961. The employer's and employee's full addresses, their Permanent Account Numbers (PANs), the employer's Tax Deduction Account Number (TAN), the amount of tax deducted and submitted by the deductee for the applicable Assessment Year, and challan numbers are all listed in Part A of the form. Part B contains information on the salary received, any additional income, exemptions and deductions claimed, as well as the tax deducted, all of which are required to create and file your Income Tax Return. Form 16A/Form 16B/Form 16C/Form 16D : If you have earned interest income in excess of Rs 40,000 in a financial year and are a non-senior citizen who has not provided self-declaration in Form 15G, or if you are a senior citizen who has earned interest in excess of Rs 50,000 in a financial year and self-declaration in Form 15H is not furnished against bank term deposits, make sure to collect Form 16A from your bank If your rental income exceeds Rs 2.4 lakh, you will have to pay tax. Before paying you rent, your tenant must deduct this tax at source (TDS). For example, if your monthly rent is Rs 50,000, your yearly rental revenue is Rs 6 lakh. Make sure your renter deducts the tax at source and gives you a Form 16C detailing the amount deducted. Form 16B should be requested from the buyer if you have sold an immovable property (land, but excluding agricultural land/building/part of the building) with a value of more than Rs 50 lakh. If you've been paid for professional services in the form of commissions, brokerage fees, contractual fees, or any other type of compensation, make sure you have Form 16A from the person or organisation that paid you. For tax deducted at source on income other than pay, these certificates are provided under Section 203 of the Income-tax Act, 1961. They include information on the deductor and deductee, such as the deductor's name, residence, PAN, TAN, assessment year, period, and the amount of tax deducted and submitted with the federal government. Form 26AS is a type of tax return that is used to calculate the amount A tax credit statement, also known as a tax passbook, is a document that shows how much money you have in your bank account. It contains details on... Source-deducted tax Source-collected tax Financial Transactions with a Specific Purpose Taxes must be paid. Demands and refunds for income taxes The case is now closed. Form 26AS consolidates the tax deducted from all sources (under Parts A1 and A2), details of tax collected at source (under Part B of the Form), advance tax paid by the assessee, self-assessment tax paid, regular assessment tax (under Part C of the Form), details of refund (if any) in the financial year (under Part D of the Form), details of certain high-value financial transactions (under Part E of the Form), details of Tax Deducted at Source o (under Part G of the Form). The income tax department's website-incometax.gov.in-has Form 26AS available for download. Investment Proofs as Tax-Saving Instruments – If you invested in tax-saving investment instruments such as Public Provident Fund (PPF), National Savings Certificate (NSC), 5-Year Tax Saver Bank Fixed Deposit, Sukanya Samruddhi Yojana (SSY), Senior Citizen Saving Schemes, Equity Linked Savings Scheme (also known as tax-saving mutual funds), National Pension System (NPS), or paid a premium on life insurance policies or tuition fees for your child, etc. during the financial year 2020-21, you are eligible for Prepare investment statements, receipts, passbooks, and certificates related to these for ITR filing. Capital Gain Statement – If you made profits on investments in mutual funds, stocks, real estate, and/or gold throughout the fiscal year, you must declare these earnings on your capital gain statement (either Short Term Capital Gain or Long Term Capital Gain). The capital gain account statement for mutual funds may be seen on the CAMs and KFintech websites (the Registrar & Transfer Agents). In the case of shares, you can obtain a statement from your stockbroker. Similarly, you can ask your Chartered Accountant or tax adviser to calculate capital gains on property and gold sold throughout the fiscal year. Certificate of Payment for Health Insurance Premiums – The premium for health insurance is deductible under Section 80D of the Internal Revenue Code. Per financial year, the exemption limit for you and your dependant family members, including parents, is Rs 25,000. The maximum deduction for senior citizens is Rs 50,000 every financial year. If your parents are elderly citizens and you are paying their health insurance premiums, you may be eligible for a tax deduction of up to Rs 75,000. To take advantage of this deduction, make sure you have downloaded the premium certificate from the health insurance company's website. Certificate of Interest on a Home Loan - If you have a house loan from a bank or a Non-Banking Financial Company (NBFC), you can deduct the interest paid on the loan up to Rs 2 lakh under Section 24(b). The principal amount returned throughout the financial year is deductible under Section 80C of the Internal Revenue Code. As a result, make sure you obtain the interest certificate from the bank or NBFC's website. Certificate of Education Loan with Interest – Get an interest certificate from the bank/financial institution or recognised charity institution where you took the education loan if you have an ongoing education loan or if you took one during the financial year. The interest paid on an education loan can be deducted under Section 80E for up to 8 years or until the loan is paid off, whichever comes first. Receipts for Donations – Section 80G allows you to deduct (50 percent or 100 percent of the donation amount) any donation you make to a specific fund, charity organisation, accredited educational institution, etc. throughout the fiscal year. If you want to claim a deduction under this section, make sure you have all of the relevant information. As a result, retain all of your donation receipts. Passbooks from Savings Accounts - The interest income received on the Savings Account can be deducted up to Rs 10,000 under Section 80TTA of the Income Tax Act of 1961. Interest income over Rs 10,000 is taxed according to your tax bracket under the heading 'Income from Other Sources.' The interest you earn on a savings bank account is not taxed at source by the banks. As a result, keep a copy of your savings account passbook on hand and ensure that you take advantage of this deduction when filing your ITR. Ensure that all of your bank accounts are pre-validated and linked to your PAN, since only then will the Income Tax Department be able to provide e-refunds (if any). Make sure your Aadhaar number is connected to your PAN. The new deadline has been set for March 31, 2022. Your ITR may not be processed if you fail to link the two.

Mutual fund providers have released a slew of New Fund Offers in recent months. The difference between an NFO and an existing mutual fund scheme is that with an NFO, units can be purchased for Rs 10, whereas in an existing fund, units are purchased at the Net Asset Value (NAV). An existing fund's NAV is higher since it is making returns on the money it has already raised and invested in various asset classes. The NAV, or net asset value, is how these profits are distributed to investors. Purchasing new fund orders Because an NFO is only open for a limited time, investors frequently hurry to buy in it. However, unlike an existing fund, where you can follow prior performance, an NFO does not have a track record against which you may evaluate its performance. As a result, before you invest in an NFO, ask yourself the following questions: Does the fund firm have solid investment processes and systems in place? The fund house should ideally have: It has been in operation for at least 5 years. A reputable fund management group A sponsor with a good reputation. The fund house must also follow strong investment methods and systems, as well as a sound risk management framework. If these criteria aren't met, it's best to skip the NFO. Additionally, see if: The fund house's schemes have an excellent track record. Existing funds managed by the fund house and the fund manager have outperformed their peers in their respective categories. Is the fund's investment philosophy appropriate for the present market environment? If these conditions are met, there is a better chance that the NFO will be properly controlled and perform successfully. Is the investing opportunity one-of-a-kind? Only consider an NFO if it offers a unique investment idea that suits your risk profile, investing objectives, and has the potential to add value to your portfolio. Examine the scheme's essential characteristics, such as the asset allocation, the types of assets it will invest in, the investing strategy and purpose, and so on. What is the mutual fund scheme's investment objective? Read the Scheme Information Document (SID) to see if the investing objective suits your requirements. If you want to achieve modest growth while preserving your capital, don't invest in an equity-oriented NFO. However, keep in mind that there is no guarantee that the specified investment goal will be met. What is the asset allocation and risk level of the fund? The asset allocation of a scheme decides whether it is equity-oriented, debt-oriented, hybrid, and so on. The risk level is determined by the asset allocation of the fund among the various asset classes. The SID also has a risk-o-meter that specifies the scheme's risk rating. The SID specifies both asset allocation and risk level. Consider an NFO that is best suited to your risk profile and asset allocation (equity, debt, and gold). What is the investment strategy of the funds? The fund's investment plan explains where it will invest, how the underlying portfolio will be constructed, the investment style that will be used, and so on. It could assist you in determining whether and how the fund's stated investment objective would be met, as well as whether or not the investment idea is truly unique. How will the fund's performance be measured? Depending on its declared investment aim, the performance of any mutual fund scheme is measured against a pre-determined benchmark index. Knowing the benchmark index might help you predict how the fund will choose stocks to invest in in the future. Who will be in charge of the fund? The fund manager (and the fund management team) are in charge of the fund's performance. Examine the fund manager's educational qualifications, fund management experience, the number of schemes he or she administers, and how those schemes have performed. If the existing funds managed by the NFO's fund manager have a solid track record, then investing in the NFO is a sensible idea. Consider adding just those NFOs to your mutual fund portfolio that are distinctive, have the potential to add value to your portfolio, and are appropriate for your risk profile, investing objectives, financial goals, and time available to attain those objectives.

Higher education is now more important than ever, as obtaining a suitable career becomes more difficult and competitive every year. Getting a good higher education, on the other hand, is not inexpensive. In comparison to a government university, the expense of higher education in a private institute is three times more. Thankfully, an education loan can assist you in realising your desire of giving your child with a high-quality higher education. If certain circumstances are satisfied, you may be eligible for college loan tax savings under Section 80E of the Internal Revenue Code. Let's look at college loan tax benefits and how to claim them on your income tax return. Deductions for student loans Only the interest paid on your school loan during a financial year is eligible for tax deductions under Section 80E of the Income Tax Act. The repayment of the principal amount will not result in a tax advantage. There is no upper limit on the amount of interest that may be claimed as a tax deduction for school loans. However, you may only claim tax savings or deductions for college loans for a maximum of 8 years. Education loans that are eligible for tax deductions Section 80E allows you to deduct school loans as tuition costs paid to any college, university, or other educational institution. You, your spouse, and your children can all benefit from college loan tax benefits. You can claim tax deductions on college loans in India, whether you took them for a study in India or overseas. The sole requirement is that the loan be obtained from a financial institution that has been authorised by the RBI. There are no limits on taking out an education loan for any particular subject of study. You can deduct the interest paid on an education loan if your kid is pursuing any field of study after finishing a senior secondary or comparable test. Who qualifies for college loan tax benefits? Individual taxpayers are exclusively eligible for education loan tax advantages. What is the maximum amount of tax relief available for student loans? As previously stated, there is no maximum or minimum amount that may be claimed as a tax deduction for interest paid on an education loan. Taking up an education loan, on the other hand, provides two benefits. Parents can claim income tax deductions on tuition fees paid to a school, college, university, or other educational institution, in addition to interest paid. As a parent, you can claim tax advantages of up to Rs. 1.5 lakh on tuition fees paid for your children, up to a maximum of two children, under Section 80C of the Income Tax Act. If you have more than two children, you can claim tax deductions for two and defer the rest to your spouse. However, your spouse must pay the tuition expenses for the additional kid or children in order to do so. Things to keep in mind Only the interest paid on an education loan is eligible for tax advantages, not the principle. The tax savings on education loans are limited to a total of two children's loans. Tuition fee deductions under Section 80C are only available for full-time courses taken in an Indian educational institution. It does not apply to international education. Development and transportation expenses are not eligible for Section 80C deductions. Education loan tax advantages under Section 80E are only available for a maximum of eight years.

Individuals who are NPS subscribers can claim a tax advantage under Sec 80 CCD (1) up to a maximum of Rs. 1.5 lac under Sec 80 CCE. All NPS subscribers are eligible for a special tax benefit under Section 80CCD (1B) NPS subscribers are eligible for an extra deduction of up to Rs. 50,000 for investments in NPS (Tier I account) under Section 80CCD (1B). This is in addition to the Rs. 1.5 lakh deduction permitted under Section 80C of the Income Tax Act of 1961. Benefits of the Corporate Sector in Terms of Taxation: Subscribers are eligible for an additional tax benefit under Section 80CCD (2) of the Income Tax Act, which applies to the corporate employees. Employer contributions to the NPS (for the benefit of employees) up to 10% of pay (Basic + DA) are tax deductible, with no monetary limit. Corporates Employer contributions to NPS can be deducted as a 'Business Expense' from their Profit & Loss Account up to 10% of pay (Basic + DA). How to Make an Investment to Get a Tax Break: If you are already a subscriber, you can go to any POP-SP or go to the eNPS website (https://enps.nsdl.com) to make an extra payment to your Tier I account. Please note that tax benefits are only available for Tier I account investments.

Many salaried workers receive HRA, or House Rent Allowance, which is included in their income. However, did you know that if you live in a rental home, you may be able to deduct HRA from your taxes? If you are salaried or self-employed, you can claim HRA exemption under Section 80GG. So, first, let's define House Rent Allowance, how to calculate it, and some often asked issues. HRA stands for House Rent Allowance. Your company will provide you a House Rent Allowance as a stipend for your rented apartment. Even if your company does not pay you HRA or if you are self-employed, you can claim this income tax deduction. However, in order to be excluded from HRA tax deductions, you must live in rental housing. Someone who owns a home and receives HRA from their employer is not eligible to claim tax deductions under Section 80GG. What Factors Go Into Determining a House Rent Allowance? The amount of House Rent Allowance is decided by a number of criteria, including where you live and your pay. If you live in a metropolitan area, your HRA will be equal to half of your basic pay. Your HRA should be equal to 40% of your base income in any other city. The amount you are paid is made up of a combination of your base wage, dearness allowance, and other benefits. If you do not receive any dearness allowances or commissions, the HRA you should receive is in the range of 40% to 50%. Calculation of HRA The following factors can be used to calculate your HRA: Ten percent of your base earnings minus the actual rent paid 1. The amount of HRA you were granted. 2. 50% of your starting pay (for a metropolitan city) The HRA is the smallest of these three figures that you can claim as a tax deduction. How Do You Work Out Your HRA? Let's consider the case of Abhijeet Saxena, a Jaipur-based salaried individual. He rents an apartment and pays a monthly rent of Rs. 5,000, totaling Rs. 1.2 lakhs each year. His monthly earnings are as follows: Every month, a professional tax of Rs. 200 and a Provident Fund of Rs. 2000 are withheld from his pay. Let's compute Abhijeet's HRA, which he may deduct from his income, using the three variables we covered earlier: 1. Actual yearly rent minus 10% of your basic wage = (Rs. 5,000 x 12) - Rs. 18,000 = Rs. 42,000 2. Annual HRA paid by the employer = Rs. 6,500 multiplied by 12 = Rs. 78,000 3. 50% of your basic salary (on a yearly basis) = Rs. 90,000 The HRA deduction that may be claimed for tax exemption, which in Abhijeets' instance is Rs. 42,000, is the smallest of the three figures. Here are some things to remember about the HRA tax exemption: claim. You cannot claim HRA tax exemption if you pay rent to your spouse. 1. HRA income tax exemption is available even if you have taken out a house loan. 2. If you live with your parents and pay rent to them and receive a receipt for it, you can claim House Rent Allowance. 3. If your yearly rent exceeds Rs. 1 lakh, you must submit your landlord's PAN data. 4. In the case of an NRI landlord, a 30 percent TDS (Tax Deducted at Source) must be deducted from the rent before it is paid.

The capital gains realised from the sale of capital assets are dealt with under Section 54F. Let's have a look at the contents of this section. What is the purpose of Section 54F of the Income Tax Act? Section 54F of the Income Tax Act of 1961 exempts long-term capital gains received from the sale of a capital asset other than a residential property from taxation. So, if you sell a capital asset like as stocks, bonds, jewellery, gold, or other valuables and reinvest the proceeds in the purchase or building of a home, the profits gained on the sale of the capital asset are tax-free under Section 54F. Make a claim for a Section 54F exemption. You must meet some fundamental conditions to seek a legitimate exemption under Section 54F of the Income Tax Act. The following are the requirements: Individuals and Hindu Undivided Families are eligible for the exemption (HUFs) To qualify for the exemption, the revenues from the sale must be utilised in the following way: To purchase a new residential property one year prior to the asset's selling date. To purchase a residential property within two years following the asset's sale. Within three years of the asset's sale, construct a residential property. The amount of the deduction that is allowed for tax exemption under Section 54F. The amount of the deduction under Section 54F of the Income Tax Act is determined by the amount invested in a residential property. If you spend all of the earnings to buy a dwelling, you can claim an exemption for the whole amount under Section 54F. If you put a portion of the money into a residence, however, the exemption will be decreased accordingly. The ramifications of selling the asset The residential property that you acquire or build with the capital gain selling proceeds should not be transferred or sold within three years of acquisition or completion. If you transfer the home property within three years, the exemption provided by Section 54F of the Income Tax Act would be revoked, and any capital gains will be taxed beginning in the year of the transfer.

A range of deductions and exemptions are available  to help you save money on taxes . Investing in a wide range of instruments that qualify for these deductions and exemptions is available to taxpayers. Term insurance is one such tax-saving tool. Aside from the tax benefits of term insurance, policyholders also receive a solid life insurance coverage for their family and may live a stress-free life in the long run. Term insurance is a type of insurance that covers you for a specific period of time A term insurance plan, as the name implies, is a policy that lasts for a certain period of time. It provides you with a substantial sum insured at a reasonable premium charge. The sum guaranteed is payable to the policyholder's nominee if the policyholder dies during the policy period. Benefits from Term Insurance Payouts in Taxes A term e insurance policy's most significant function is to pay a death benefit to the policyholder's nominees. The death benefit is the amount guaranteed by a policy and paid to the named beneficiaries if anything tragic happens during the policy's term. The death benefit is often handed soon after the claim is filed, assisting them in meeting their daily costs. Aside from giving financial protection to your loved ones, another significant benefit of a life insurance policy is the premiums paid are deducted from your total income. Most individuals are unaware, however, that a term plan provides tax savings on death benefits as well. On the benefit payout received, there is a tax benefit. To put it another way, the insurance proceeds are tax-free. While traditional term insurance policies pay the death benefit throughout the policy period, a return of premium term plan reimburses the premium paid once the insured lives to the end of the policy term. Even this premium refund is tax-free under Section 10 of the Internal Revenue Code (10D). Individuals most commonly employ Section 80C of the Income Tax Act to save money on taxes. For all of the above investments and instruments combined, a maximum deduction of Rs.1.5 lakh is available under this section. It encompasses a variety of instruments such as PPF, EPF, ULIP, and ELSS, as well as payments such as house loan repayment, children's college fees, life insurance premiums, and so on. A term life insurance premium paid under this section is also eligible for a deduction of up to Rs.1.5 lakhs (total of all investments and payments under this Section). Section 80C provides a tax benefit for term insurance if the following requirements are met: The annual premiums paid should not be more than 10% of the total insured. If the premiums are more than 10%, deductions will be made proportionately. The policyholder will not get Section 80C tax advantages on premium payments if the policy is voluntarily relinquished or cancelled before two years from the policy's start date, according to Section 80C(5). Section 10 of the Income Tax exempts term insurance from taxation. The sum guaranteed paid on maturity or surrender of a policy, or upon the policyholder's death, is totally tax-free under Section 10(10D) of the Income Tax Act. Section 10 also exempts bonuses obtained with such an amount (10D). Section 10(10D) of the Income Tax Act exempts term insurance from taxation if the following conditions are met: If the premium is less than 10% of the sum promised or the sum assured is at least 10 times the premium, a tax advantage under Section 10(10D) is available. A TDS (Tax Deducted at Source) of 1% is imposed if the payout exceeds Rs.1,00,000 and the policyholder's PAN is provided to the insurer. When a policyholder decides not to have the benefit paid out immediately, the amount of the payout may be subject to tax. In this situation, the insurance company holds the funds until they are paid out, and the funds are paid out after a time of interest accumulation. Taxes are normally levied on the fraction of interest that has accrued. Who is eligible for a tax break on term insurance premiums? Individuals and Hindu Undivided Families (HUFs) can claim tax benefits on term insurance by claiming a deduction on the premiums paid for a term insurance policy.

The government has issued a number of regulations aimed at accelerating digitisation in the nation, particularly in the area of financial transactions. People have begun to prefer online or digital transactions to cash after the emergence of the coronavirus epidemic. As a result, conducting online payments using UPI payments feature has grown in popularity in India in recent years, as seen by the large number of applications such as GPay, Paytm, PhonePe, and others that have been downloaded. UPI payments, on the other hand, have their own set of advantages and disadvantages. As a result, you should be familiar with all of the top UPI payment safety tips and tactics to avoid losing money. At all times, you must remain vigilant and vigilant against online or cyber fraud. A small mistake such as clicking on the wrong link, answering fraudulent calls, or disclosing personal information such as your PIN can result in significant financial loss. Tips for Safe UPI Payments Set a strong screen lock, password, or PIN not only for your phone but for any payment or financial transaction applications as well. Simple passwords, such as your name, date of birth, or phone number, should be avoided. Never disclose your PIN: Your PIN should never be shared with anybody. Anyone with access to your phone and the ability to transfer money can commit fraud if you share your PIN. If you believe your PIN has been compromised, you should update it right away. Do not click on unconfirmed links or answer false phone calls: Your inbox is constantly bombarded with bogus communications containing unverified links. You should avoid clicking on such links since you might lose a lot of money. It's also a good idea to avoid answering phoney phone calls. The caller may impersonate your bank or another organisation and ask for personal information such as your PIN or OTP. Hackers frequently send consumers links or phone them and ask them to download a third-party app to verify their identity. Banks never ask for a PIN, an OTP, or any other sensitive information. Version the UPI App on a regular basis: Every programme has to be updated, and each update adds new features and advantages. The UPI payment app should constantly be updated to the most recent version. Don't maintain several payment apps on your phone: Keeping numerous payment apps on your phone is a bad idea. Installing only trustworthy and certified payment apps is a good idea.

Iif a person dies during a financial year, if he or she made any income during that year,  income tax return must be filed. Any individual who earns an income that is over the minimum amount that is exempt from the collection of income tax is required to pay income tax and submit an income tax return under the Income Tax Act. After a person's death, who will pay income tax and file a return? The solution to this issue is found in Section 159 of the Income Tax Act, which states that it is the legal successor of the deceased's obligation to submit income tax returns and pay any income tax due on his or her behalf. For the purposes of Income Tax, the legal heir would be considered the assessee, and all of the requirements of the Income Tax Act would apply to him in the same way as they would to the deceased assessee. The legal heir must first register as the deceased's legal heir on the income tax website, after which he or she can submit the ITR on the deceased's behalf. Calculation of the Deceased's Income The deceased's income would include all earnings from the beginning of the year until his or her death. In the hands of the legal heirs, all income derived from assets inherited from the deceased is taxed. If a notice was sent to the dead before his death, the notice's actions against the legal heir might be maintained from the date of the deceased's death. On behalf of the dead, the legal successor is individually accountable for all taxes. The dead is responsible for any penalties, interest, or other amounts owed. The sum owed to the Income Tax Authorities on behalf of the dead by the legal successor should not, however, exceed the assets inherited by him. To put it another way, the legal heir is not liable for paying the fees out of his own pocket Uploading Documents for Legal Heir Registration At the time of legal heir registration, all of the following documents must also be submitted: Death Certificate Copies a copy of the deceased's PAN card In the presence of a Notary public, self-attested PAN Card copy of the legal heir Legal Heir Certificate or Affidavit Any of the following papers can be presented as proof of legal heirship for the purpose of obtaining a Legal Heir Certificate:- Surviving Member Certificate issued by the Local Authority Legal Heir Certificate issued by the Court of Law Letter issued by the Banking or Financial Institution on their letterhead, with official seal and signature affixed, stating that so and so holding PAN(s) was/were the nominee(s) of the deceased to the account/instrument(s) held in the name of the deceased with the institution and the same was not withdrawn until the deceased died Following the submission of these papers, an application will be forwarded to the Income Tax Authorities, who will analyse the materials and accept or reject the application. An email is sent to the registered email address with the approval/rejection data.

Electric vehicles are not only cost-effective, but they also come with tax benefits in India. Due to the fact that non-electric automobiles for personal use are deemed luxury goods under Indian tax legislation, salaried professionals do not qualify for any tax breaks on auto loans. However, the Indian government has introduced a new provision that exempts EV owners from paying taxes, in order to boost the usage of electric cars in the country. The code for this section is 80EEB. Salaried professionals can take advantage of tax savings when purchasing an electric vehicle under this clause. This might persuade paid workers to consider an EV as a feasible alternative for their next car. Tax Benefits for buying EVs Section 80EEB allows for a total tax exemption of up to Rs 1,50,000 when paying off an EV loan. This tax credit is valid for both four-wheeled and two-wheeled electric vehicles. Criteria for Eligibility Individuals are the only ones who can benefit from this tax break. This deduction is not available to any other taxpayer. As a result, if you are a HUF(Hindu Undivided Family) , AOP(Association of Persons), Partnership business, corporation, or any other form of taxpayer, you cannot claim any benefit under this provision. The conditions that apply to Section 80EEB are listed below- Each person is only eligible for this exemption once. This implies that Section 80EEB loan tax reduction is only available to those who have never owned an electric car previously. Only those who are financing an electric car are eligible for this exemption. A loan from a financial institution or a non-banking financial firm should be used to fund the EV (NBFC). The clause allows for tax savings on EV loan repayments made between April 1, 2019 and March 31, 2023. Tax incentives under Section 80EEB will be available beginning in FY 2020-2021 Under Section 80EEB, anyone who opt to buy an EV on loan would be entitled for a tax deduction of Rs 1.5 lakh on the interest paid on the loan amount. For paid professionals, the tax savings make purchasing an electric car as their next vehicle a viable option.

EPF members have been requested to add a nominee by December 31 in order to continue receiving a slew of perks from the provident fund authority, EPFO. This is due to the fact that the new rules will take effect on January 1, 2022. It, if you haven't yet nominated the nominee to your EPF account, do so as soon as possible as the deadline approaches. What is the procedure for adding a nominee to an EPF account online? The methods to file an e-nomination against your EPF account are outlined below, but keep in mind that you may be asked to perform additional activities, such as providing a profile image, by the organisation. How to add an e-nomination to your online profile: Go to epfindia.gov.in to learn more. Select the For workers option from the Services menu. Then, under the 'Services' option, select the 'Member UAN/Online Service (OCS/OTCP)' link . Log in to your EPF account using your UAN and password in the fourth step. Your UAN number may readily be found on the monthly salary slip that your company sends you each month. A notice will appear when you have successfully signed into your account, stating that the e-nomination option is accessible with e-sign. Please register your nomination as soon as possible to ensure that your family members have easy access to social security benefits without having to physically visit EPFO offices. Now go to the 'Manage' page in your EPF online account and choose 'e-nomination' from the drop-down menu. A tab with the words 'Provide details' will appear on your screen; click 'Save'. Then, to update your family declaration, click Yes Now 'Click on family details' and fill in the required information. Remember that you can nominate more than one person in this section. If more than one nominee is assigned to an EPF account, go to the next step and click on 'Nomination information' to declare the amount of share assigned. After that, select the 'Save EPF ' option. Finally, click E-sign to generate an OTP, which will be delivered to the cellphone number associated with your EPF account number. Your e-nomination will be recorded with the EPFO organisation once the procedure has been properly e-signed. You also don't have to transmit any tangible paperwork to either your company or the EPFO.

Making payments through the internet has become the new standard. People prefer to make online payments rather than carry cash in their pockets. People undertake online transactions for a variety of reasons, including ordering meals, shopping, and booking taxis, and they preserve their passwords, debit card, and credit card information. However, along with the rise in internet banking, the prevalence of online fraud has skyrocketed. As a result, the Reserve Bank of India (RBI) has instructed all merchants and payment gateways to erase critical customer information from debit and credit cards that is kept on their end in order to make online payments safer and secure. As of January 1, 2022, the new regulations for debit and credit cards will take effect, and the RBI has also instructed retailers and payment gateways to employ encrypted tokens for transactional data transmission. The same is true for banks, who have begun to tell their consumers. Customers of HDFC Bank have been notified through SMS that their personal information maintained on Merchant Website/App would be destroyed by the merchants from January 1, 2022, in accordance with the RBI regulation for better card security. It also stated that if you want to pay each time, you'll need to provide your entire credit card information or choose tokenization. From January 2022, when you make your first payment to a merchant, you will be required to provide an extra form of identification to ensure your identity (AFA). To complete the transaction, you will need to enter your card's CVV and OTP. What is Tokenization? According to HDFC Bank's FAQs, is the process of substituting a code termed a "Token" for the actual or clear card number. The combination of card, token requestor (i.e. the entity that accepts the request from the consumer for tokenization of a card and sends it on to the card network to issue a matching token), and merchant should be unique (token requestor and merchant may or may not be the same entity). As a result, with tokenization, a customer's 16-character credit or debit card number is replaced with a unique online identity known as a token-which is a random string of 16 digit integers. In a tokenized card transaction, the real card information is never disclosed or retained with the retailers. The HDFC Bank website states that there are no fees for using the service of tokenizing the card in its FAQs on the feature. How can I obtain a Tokenized Card? The first step is to request the card token via the bank's website or app using the token requestor. In the second step, the retailer will contact the bank that issued your credit card or Visa/Mastercard/Diners/Rupay to obtain the token. At this point, a token is created that is associated with a particular card, as well as with the person making the token request as well as the merchant. Tokenization cards may be used with Mobile Credit Cards for payments such as NFC-enabled POS transactions and Bharat QR code-based payments, whether online or offline. In addition, any and all feasible businesses, both online and off. Other key facts to remember about Tokenisation: - Tokenization is only applicable for domestic transactions For maintaining your tokenized cards, banks will provide a gateway to the cardholders to see and manage the tokenized cards. This site allows cardholders to see and delete tokens associated with their specific cards. If a card is issued by a bank or referred to as a "authorised card network," tokenization and de-tokenization may only be conducted by that bank or network.