Key Budget Update: For cases where PAN is not provided, the TDS rate on the taxable portion of EPF withdrawals has been reduced from 30% to 20% in the 2023 budget. The Employees' Provident Fund (EPF) is a retirement savings scheme designed for salaried individuals. Both employees and employers contribute 12% of the employee's basic [...]
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Relocating overseas for enhanced career opportunities and a better lifestyle is a decision many professionals and employees take together. This transition often raises various financial considerations, including the status of your Employee Provident Fund (EPF) account as a Non-Resident Indian (NRI). This article provides an in-depth guide on NRI PF withdrawal, covering tax implications, withdrawal [...]
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Updates from Budget 2024: Changes in Capital Gains Taxation Key Highlights of the Amendment The Finance Bill 2024 has reinstated the option for taxpayers to avail indexation benefits on the sale of immovable property. Taxpayers now have the flexibility to choose between: A 12.5% tax rate without indexation, or A 20% tax rate with indexation. [...]
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Selling capital assets for a profit often results in long-term capital gains tax, which can significantly impact finances. To mitigate this, the Income Tax Act offers provisions for exemptions, including investments in specific capital gain bonds under Section 54EC. This article provides an in-depth understanding of these bonds and their associated benefits. Understanding Section 54EC [...]
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