If you are a taxpayer then this news is important for you. In fact, the Income Tax Department said on Thursday that taxpayers will not be allowed to deduct the expenses incurred to settle the proceedings initiated under four laws including SEBI and Competition Act. According to PTI news, in a notification issued on April 23, it has been told that the Central Board of Direct Taxes (CBDT) notified that any expenditure incurred to settle the proceedings initiated in respect of violations or defaults under four specified laws will not be considered to be incurred for the purpose of business or profession. No deduction or allowance will be given for such expenditure.

These are the four laws

According to the report, these four laws are – Securities and Exchange Board of India Act, 1992; Securities Contracts (Regulation) Act, 1956; Depositories Act, 1996; and Competition Act, 2002. Amit Maheshwari, Tax Partner at AKM Global, said that the deduction of settlement payments under Section 37(1) of the Income Tax Act, 1961, has long been a subject of judicial debate, especially in cases like Income Tax Officer vs Reliance Share and Stock Brokers (P.) Ltd., where consent fees paid to SEBI were allowed as business expenses on the basis of business convenience.

Any expenditure not eligible for deduction

The CBDT amended the law through the Finance Act, 2024 and has now notified that any expenditure incurred for settlement or compromise of proceedings under specific laws, including the SEBI Act, Securities Contracts (Regulation) Act, Depositories Act and Competition Act, whether in India or abroad, will not be eligible for deduction.

This effectively repeals earlier tribunal decisions and brings much-needed clarity to the tax landscape, although ambiguities remain under other regulatory laws such as FEMA and RBI directions, Maheshwari said.

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In this scheme of EPFO , the investor easily gets the benefit of pension along with a lump sum amount after retirement. The benefit of pension is available only to those members who invest in the Provident Fund for more than 10 years. Let us tell you that the benefit of pension is available when the investor is 58 years old.

If an investor wants to take early pension before the age of 58 years, then the method is different.

How can you claim

For early pension, the age of the investor should be between 50 years and 58 years. If the age of the investor is less than 50 years, then he does not get the benefit of pension. Let us tell you that if the investor is unemployed for 2 months continuously, then he can withdraw the entire amount from the PF fund.

Also Read: Income tax return filing want to get quick refund, check this process

For early pension, the investor has to fill and submit the Composite Claim Form. Apart from this, he will also have to select the option of Form 10D.

How much pension does an investor get

Let us tell you that if you take advantage of early pension, you get less pension. According to the rules of EPFO, the investor gets pension after deduction of 4%.

If the investor avails pension at the age of 56, he will get only 92 percent pension. The investor has applied 2 years ago, so 8 percent has been deducted from his pension amount.

These investors will not get pension

If an investor has contributed to EPFO ​​for less than 10 years, then he will not get the benefit of pension. In such a situation, he has two options to get pension. First option – If the investor does not want to do a job, then he can withdraw the entire amount from the PF fund.

Second option- The investor can take a pension certificate. In this, when the investor gets a new job, with the help of this pension certificate, he can get the old pension account added on to the new job.

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While filing income tax return, you have to take care of very small things. You need to claim all the necessary deductions to reduce your taxable income. A standard deduction also exists for pensioners and individuals. So that you can reduce the amount of tax. Through standard deduction, a certain amount is reduced from the taxable income. Due to which your tax amount also reduces.

Standard deduction was stopped in the middle

Standard deduction was started in the year 1974 in India. But it was later closed. It was reintroduced in the 2018 Union Budget. Now it has been re-introduced for pensioners and salaried people. So that the tax liability is reduced. This time, in the financial year 2023-24, those who opt for the new tax regime will be given the benefit of this standard deduction.

How much is standard deduction

Standard deduction has been kept at fifty thousand rupees for the salaried. You can claim this even after the actual expenses incurred on medical allowance, transport allowance. Salaried include employees of private companies, government and non-profit organizations. Suppose your taxable income is Rs 100000 lakhs, then you can claim a deduction of Rs 50000 thousand. That is, now you will have to pay tax only on 50 thousand rupees. This deduction is not available to a self-employed person.

How to claim

You have to file your return on the Income Tax Department’s site. When you file ITR, then only you will have to enter the amount of standard deduction. That is, if you are also salaried, then you must take advantage of this standard deduction.

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Please tell that after this guideline of EPFO, it is expected that the claim will not be rejected again and again. EPFO has said that every claim should be thoroughly investigated in the first instance and the reasons for rejection should be informed to the member in the first instance. It has been found in the investigation that often the same claim is rejected again and again on different grounds.

The field offices will also be required to send a report on monthly rejection of similar PF claims to the Zonal Office for review to ensure that they are processed within the expected timeline. The ministry said that the complaints of the members point towards irregular practices being followed in some field offices. Malpractices lead to delays in delivery of appropriate benefit services to members, including calling for unnecessary documents. The ministry has given instructions to immediately stop the wrong practices.

Claim should not be rejected

It has been observed in the departmental inquiry that in many cases the claims were rejected for one specific reason and when it was resubmitted after correction, it was again rejected for other/different reasons. All the responsible officers should ensure that no claim is rejected and EPF employees do not face any kind of trouble, if the claim is rejected knowingly without any reason, strict action will be taken against them.

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Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

In earlier times, withdrawing money from EPF was a difficult task, but now you can withdraw EPF money sitting at home. For this you have to download UMANG app. Through this you can easily withdraw PF money. The government launched the UMANG app in 2017. Let us tell you how you can withdraw your money from UMANG app.

Make a claim for money like this through Umang App

• First of all login to UMANG App
• Select EPFO ​​and click on ‘Employee Centric Services’.
• After this you click on ‘Raise Claim’ option.
• Enter UAN details.
• Click on ‘Get OTP’
• After this an OTP will come on the registered mobile number.
• After filling the OTP, click on ‘Login’.
• After this, now enter the last four digits of the bank account.
• Select the Member ID and click on ‘Proceed for claim’.
• After that enter ‘Address.
• After entering the address, click on ‘Next’. After that upload the photo of the check.
• After this the money will be transferred to your account within the stipulated time frame.

Through this app you can easily check PF details, apart from this you can also download passbook.

How to download 
UMANG App can be downloaded from Google Play Store (Android users) and iOS App Store (iPhone users). Apart from this, you can also download this app by giving a missed call to 9718397183, in fact, on missed call, you get a link, from which you can easily download it.

What is UMANG App
The Government of India launched this app in 2017. This app was created by the Ministry of Electronics and Information Technology. You can download the app from both iOS and Android. This app provides a wide range of services. Through this app you can avail facilities like Employees Provident Fund (EPF), PAN, Aadhaar, DigiLocker, Gas Booking, Mobile and Electricity Bill Payment etc. Most of the employees working in government and non-government sectors have a PF account. While doing the job, some part of the salary of the employees is credited in their PF account.

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In such a situation, we are telling you the easy way through which you can fill ITR without Form 16. Form 16 is an important document for filing ITR. This shows how much your gross salary is. If for any reason your company has closed the sacks. If you have left the company without following the terms of the company, then you will not get Form 16 from the company.

In such a situation, the question arises that how to fill ITR (How To File ITR) without Form 16? There is no need to put much emphasis on the mind for this. There are just a few easy steps that you just have to follow.

Keep Salary Slip

If you do not have Form 16, then first you have to collect all your salary slips. From this you will know the gross income. Before filing ITR, it should be clearly understood that in your net taxable income, only your contribution towards PF is included in it, the contribution of PF given by the company is not. To know the taxable income, you have to deduct all types of investments and deductions from your gross income.

View tax in salary slip

Now you have salary slip. In such a situation, your next step will be to see Form 26. From this TDS calculation is seen. It contains information about TDS on your salary. Now the point to be noted here is that the amount of tax which is in your salary slip and what is appearing in Form 26AS should be same.

If the figures are not the same, then once help can be taken from the old company. So that it can be known that why different tax is showing in salary and in Form 26AS.

Claim the discount as

if you have invested somewhere, then fill it in the form. You can claim tax exemption under section 80C on investments up to Rs 1.5 lakh. Claim tax exemption on health insurance under section 80D. Apart from this, any other investment or expenditure has been made, on which tax exemption can be given.

After doing all this, taxable income will come in front of you. You calculate tax on it and fill it. If you have already paid more tax then it will come back after filing ITR. The calculation of the amount of tax to be paid will automatically be reflected in the ITR form. Keep in mind that after filling ITR, do e-verification.

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After the introduction of the facility of online withdrawal from PF account by EPFO, people have got a lot of convenience. There are times when you suddenly need money. In such a time, PF only comes in your work.

The money will come in an hour.

Recently, the central government had taken an important decision due to the rapid increase in the cases of corona in the country. After this decision, PF account holders will not have to wait for three days to withdraw money. Yes, now the PF amount will be transferred to your account within an hour of online application. Under this, an amount up to one lakh rupees can be withdrawn.

Money will be used for treatment,

this facility is being given by the government under medical emergency. In the facility started by the government, if a corona patient does not have money for treatment, then he can withdraw the amount deposited in PF for treatment.

Withdraw money this way

• First of all go to the home page of www.epfindia.gov.in website.
  Now click on Online Advance Claim given at the top right corner. Click
  on https://unifiedportalmem.epfindia.gov.in/memberinterface
• Here you will see the claim form on the online service, here you will see Form-31,19,10C and 10D.
• Verify by entering the last 4 digits of your bank account.
• After this click on Proceed for Online Claim.
• Select PF Advance from the drop down (Form 31)
• Now choose the reason for which you want the money.
• Enter the amount and upload the scanned copy of the cheque.
• Then enter your address
• Click on Get Aadhaar OTP and enter the OTP received on the Aadhaar linked mobile.
• Your claim has been filed. Within a few hours, your claimed money will be credited to the bank account.

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