Also Read | Unexplained Cash at Home Attracts 84% Tax and Penalty: New Rules.

Intimation vs. Notice: Know the Difference

It is vital to know whether the communication you received is an Intimation or a formal Notice.

5 Common Income Tax Notices and Why You Get Them

The IT department uses data analytics to issue notices when your filed ITR does not match information they already have (like Form 26AS or AIS).

Also Read | Unexplained Cash at Home Attracts 84% Tax and Penalty: New Rules.

5 Steps to Respond to Any Income Tax Notice Online

Answering a tax notice happens entirely within the income tax e-filing portal. You won’t be sending paper or visiting an office for this, which is good.

Step 1: Log in and Check Your Worklist

• Visit the official Income Tax Department portal (incometax.gov.in).

• Log in using your PAN as your user ID.

• Once logged in, navigate to the Pending Actions section on your dashboard.

• Click on “e-Proceedings” or look at your “Worklist” tab for actions required.

Also Read | Unexplained Cash at Home Attracts 84% Tax and Penalty: New Rules.

Step 2: Read the Notice Carefully

• Click on the relevant notice to View Detailed Notices.

• Crucially, identify the Section (e.g., 143(2), 139(9)). This tells you exactly why the notice was issued and what action is required.

• Note the deadline. Missing the deadline can lead to hefty fines or your return being treated as invalid.

Step 3: Gather Documents and Draft Your Reply

• Collect all relevant supporting documentation (bank statements, investment proof, invoices, Challan copies) needed to address the issue raised in the notice.

• Draft a clear, professional, and factual response. Address every single point raised by the Assessing Officer in the notice. This is a must.

Step 4: Submit Your Response and Attachments

• Within the e-Proceedings section for the relevant notice, click “Submit Response.”

• If it’s a Demand Notice (u/s 156), you must choose a response:

  • Demand is Correct: Pay the amount immediately via the e-Pay Tax function.

  • Disagree with Demand: Select the relevant reason(s) and provide a detailed explanation and supporting documents (like proof of prior payment or calculation error).

• Upload your response letter and all supporting documents (ensure they are in the required PDF/JPEG format and size).

Step 5: Final Submission and Tracking

• After submitting your response, a success message and Transaction ID will be displayed. Keep this record.

• You cannot update or withdraw your response once it’s submitted.

• Keep checking the e-Proceedings section once a week for any fresh follow-up notices or clarification requests from the department.

Also Read | Unexplained Cash at Home Attracts 84% Tax and Penalty: New Rules.

🛑 Official Source Disclaimer

DISCLAIMER: Tax rules are complex and change fast. Deadlines are strict. For Scrutiny Notices (u/s 143(2)) or personalized help, always consult a Chartered Accountant (CA).

The post Got an IT Notice? 5 Steps to Respond Online with Confidence 2026 [UPDATED] first appeared on Rightsofemployees.com.

“Recently, it has been reported that financial institutions are charging fees for adding/modifying details of nominee in PPF accounts,” the finance minister wrote on the social media platform ‘X’.

‘Nominee’ has legal right over the amount of the original account holder. He said that necessary changes have been made in the Government Savings Promotion General Rules 2018 through the gazette notification dated April 2, 2025 to remove any fee on change in information related to ‘nominee’ for PPF accounts. In the gazette notification, the fee of Rs 50 for cancellation or change of nomination for government-run small savings schemes has been abolished.

Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts.

Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on… pic.twitter.com/Hi33SbLN4E

— Nirmala Sitharaman (@nsitharaman) April 3, 2025

He said, “The recently passed Banking Amendment Bill 2025 allows a maximum of four people to be made ‘nominees’ for payment of depositors’ money, goods kept in safe custody and safety lockers.” Another change in the bill relates to redefining the term “substantial tax” of a person in the bank. There is a provision to increase this limit from the current Rs 5 lakh to Rs 2 crore.

The current rate was fixed about six decades ago. The law also talks about increasing the tenure of directors (except chairman and whole-time director) in cooperative banks from eight years to 10 years, so that it can be harmonized with the Constitution (97th Amendment) Act 2011.

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Finance Minister Nirmala Sitharaman has made a big announcement for the insurance sector in Budget 2025-26. Finance Minister Nirmala Sitharaman has talked about increasing the FDI limit for the insurance sector from 74% to 100%. She has said that a forum will be set up for regulatory coordination and development of pension products. A revised central KYC registry will be launched in 2025 to simplify the KYC process.

The Finance Minister said, “In the case of income tax, emphasis will be laid on trust first, then investigate. The new Income Tax law will come next week. Foreign direct investment in the insurance sector will be increased from 74% to 100%. This will ensure that the entire premium amount received by insurance companies from customers is invested in India itself. Under the Jan Vishwas Bill 2.0, more than 100 provisions will be removed from the scope of crime.”

Insurance companies were seeking tax benefits to buyers in the upcoming Union Budget and incentives to sell policies. According to the Insurance Regulatory and Development Authority of India (IRDAI), the country’s insurance penetration in 2023-24 will be 3.7 percent compared to 4 percent in 2022-23. The life insurance industry’s expansion declined marginally from 3 percent last year to 2.8 percent during 2023-24. In the case of the non-life insurance industry, the figure remained at 1 percent during 2023-24, same as in 2022-23.

India’s insurance sector premium growth expected to remain strong among G20 countries
An earlier Swiss Re report said India will lead the G-20 with an average premium growth of 7.3 per cent during 2025-29 and become the fastest growing insurance market in the group. Speaking about expectations from the budget, Neha Parikh, Vice President and Sector Head (Financial Sector Ratings), ICRA Ltd, said that given the weak solvency position of public sector general insurance companies, the announcement of allocation in the budget for their recapitalisation will be positive. Parikh said, “Given the low penetration in the insurance sector, the government may announce measures to encourage access, especially for small size policies.”

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The post Budget 2025: FDI Limit For Insurance Sector Raised From 70% To 100% – Key Details Inside first appeared on Rightsofemployees.com.

The Indian economy is slowing down. Its impact is being seen in all sectors. Especially, the real estate sector, which is one of the largest employment generating sectors in the country. That is why the industry is hoping that Finance Minister Nirmala Sitharaman will take special measures to increase demand in the real estate sector in the Union Budget to be presented on February 1, 2025 and will also give some relief on tax related fronts. This will also boost economic growth. Let us know what the real estate sector expects from the Finance Minister.

Home buyers should get relief

Atul Monga, Founder and CEO of Basic Home Loan, says that in the Union Budget, tax exemption should be given to those paying home loan EMI – like under Section 80C. Increasing the cap of Rs 1.5 lakh in principal repayment and increasing the exemption of Rs 2 lakh on interest under Section 24B can be a good initiative.

He said that this will provide some relief to home buyers from rising property prices and inflation. Currently, 28% tax is levied on construction material like cement, by reducing this, the cost can be reduced significantly. This will directly benefit home buyers.

Demand to reduce tax burden
Sahil Agarwal, CEO of Nimbus Group, also believes that home buyers should get more tax relief. He said, ‘The taxes and fees imposed on home buyers should be rationalized. It is more than 12 percent of the property value in many states. In the last budget, the Finance Minister had appealed to the state governments to resolve this issue, but there has been no significant progress yet. Also, we request the government to reconsider and provide relief on Long Term Capital Gain (LTCG) tax on real estate.’

Pradeep Aggarwal, founder and chairman of Signature Global (India) Limited, also suggests that the real estate sector can benefit greatly from tax exemption. He said, ‘Property prices and construction costs have increased in the recent past. Therefore, increasing the limit of tax exemption on home loans to Rs 5 lakh can provide great relief to home buyers. Giving industry status to the real estate sector and reforms related to GST input tax credit can also play an important role in boosting demand.’

Getting industry status will change the situation

Dhruv Aggarwal, Group CEO of Housing.com and PropTiger.com, also advocates giving industry status to the real estate sector. He says, ‘The real estate sector has been waiting for industry status for a long time. If it gets industry status, it will become easier for developers to raise funds. This will help them reduce borrowing costs amid rising input and land costs.’

Agarwala says that simplifying GST rates and streamlining the input tax credit mechanism can also be good initiatives. This will help make housing more accessible and affordable for buyers. He said that due to rapid urbanisation, it is also important to implement policies that give priority to developing new greenfield cities and upgrading the infrastructure of existing urban centres to meet the growing demand.

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Finance Minister Nirmala Sitharaman in her interim budget speech for 2024-25 announced withdrawal of outstanding direct tax demand up to Rs 25,000 up to assessment year 2010-11 and Rs 10,000 from assessment year 2011-12 to 2015-16. The total tax demand involved in this is around Rs 3,500 crore.

The Central Board of Direct Taxes (CBDT) issued this order to implement the announcement made in the interim budget for 2024-25. CBDT has said in the order that till January 31, 2024, a maximum limit of Rs 1 lakh per taxpayer has been fixed for waiving off such outstanding tax demands related to income tax, property tax and gift tax.

The limit of Rs 1 lakh includes the principal amount of tax demand, interest, penalty or fee, cess, surcharge. However, this exemption will not be applicable to demands made against tax collectors deducting tax under the TDS (tax deducted at source) or TCS (tax collected at source) provisions of the Income Tax Act.

No entitlement to any claim of ‘credit’ or ‘refund’: Manish Bawa, partner, Nangia Anderson India, said the instructions make it clear that this exemption does not entitle taxpayers to any claim of ‘credit’ or ‘refund’ Is. Additionally, the exemption will not affect ongoing, planned or potential criminal legal proceedings against the taxpayer and does not provide any immunity under any law.

Sitharaman had said in the budget speech, “A large number of small direct tax demands are pending in the books of accounts. Many of those demands are older than 1962. This causes trouble to honest taxpayers and creates problems regarding refunds.

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The nominee is nominated for a specific purpose. At the same time, the heir is usually the child of the person or his wife, let us know the complete information related to it.

Finance Minister Nirmala Sitharaman had recently asked banks to enter the name of the nominee in the accounts. Due to lack of nominee, crores of rupees are lying unclaimed with the banks.

Actually, the money of the account holder who dies is transferred to the nominee (Finance Minister Nirmala Sitharaman). In such a situation, a question arises whether only the nominee is the property officer of the account holder’s property after his death. If so, then who are the successors or heirs?

Today we will talk only about the difference between nominee and successor. A nominee is created for a specific purpose. This can be made by anyone. Successors are generally members of the dynasty or family, but if a person wishes, he can appoint a person outside the family as his successor as per his wish.

The main difference between these two things is that if the name of the nominee is not registered, the bank cannot automatically declare anyone as the nominee. However, even if a person has not decided his successor, his children, wife or mother can inherit his property.

And what is the difference

As we told that nominees are made for a specific purpose and apart from that thing, they do not get any rights on any other property of any person. If a person makes someone the nominee of his bank account, then after his death that nominee will have rights only on the transactions or money of the bank account.

The nominee will not have any right on any other property. Successor is mentioned in the Hindu Succession Act 1956. All the property of the deceased is legally handed over to the heir.

More than one heir

If there is no nominee, then the property is distributed equally among the heirs of the deceased account holder. Even if an heir is already decided, this money will be divided equally among all the heirs.

There are two types of successors. Class 1 successors and Class 2 successors. Class 1 heirs include mother, widow, wife and son and daughter. Father is Class 2 successor category. The first right on a person’s property lies with his Class 1 heirs.

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The Finance Minister had announced to waive tax demand for a certain amount and period on February 1, 2024. He had said that this step of the government will provide relief to a large number of taxpayers. In the order issued by CBDT on 13 February, the conditions for waiving the tax demand have been explained.

Tax demand up to Rs 1 lakh will be waived off for every taxpayer.

Taxpayers have been given relief in case of tax demands issued under the Income Tax Act, 1961, Wealth Tax Act, 1957 and Gift Tax Act, 1958. The limit (amount) of tax demand is different for different assessment years till 2015-16. However, a limit of Rs 1,00,000 has been fixed for each taxpayer’s demand waiver. This does not include demand entry of TDS and TCS.

Tax demand limit fixed according to assessment year

This waiver will be available in case of demand up to Rs 25,000 for assessment year 2010-11. This waiver will be available for every tax demand up to Rs 10,000 during assessment year 2011-12 to assessment year 2015-16. This means that a maximum exemption of Rs 25,000 will be available for tax demand related to assessment year 20210-11. Similarly, the maximum limit for waiver of each tax demand during assessment year 2011-12 to 20215-16 will be Rs 10,000.

No waiver of tax demand issued under the provisions of TDS/TCS

It is important to keep in mind that tax demands issued under the provisions of TDS and TCS will not be covered under this waiver. This waiver will include the principal portion of the tax demand as well as interest, penalty, fee, cess or surcharge.

Directorate of Income Tax (System)/Centralized Processing Centre, Bengaluru (CPC) has been asked to comply with the order of CBDT. He will have to comply with the order within two months. If any mistake is found in this apology, it will have to be corrected by CPC, Bengaluru.

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This time a major change was made in the budget regarding tax. Finance Minister Nirmala Sitharaman while announcing under the new tax regime said that no tax will be applicable on income up to Rs 7 lakh, but if it is more than this then you will have to pay tax.

Whereas if you are taking income from rent then there is no need to pay any tax on income up to Rs 10 lakh. Let us know some ways, under which you will not have to pay any tax on income of Rs 10 lakh.

Under the new tax regime, if your income is Rs 7.5 lakh, then you can avail the standard deduction of Rs 50 thousand.

On annual income of more than Rs 7 lakh, 5 percent tax has to be paid, on annual income of Rs 3 to 6 lakh, 10 percent tax has to be paid on annual income of Rs 6 to 7 lakh.

However, if the income earned from rent is Rs 10 lakh, then exemption can be claimed under the new tax system. This exemption can be taken under property tax and home loan interest rate payment.

Deduction up to 30 percent on net annual income can be claimed for repair and maintenance of the house. This means that you can get a rebate of up to Rs 3 lakh on an income of Rs 10 lakh, that is, your total income will become Rs 7 lakh and you will not have to pay any tax.

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Women will now be able to buy Mahila Samman Saving Certificate (MSSC) from post offices. The Finance Ministry, while issuing notification for Mahila Samman Savings Certificate, 2023, has made it available in 1.59 lakh post offices with immediate effect.

This scheme was announced by the Union Finance Minister Nirmala Sitharaman in the budget of 2023-24 on the occasion of ‘Amrit Mahotsav of Independence’ and is an important step towards financial inclusion and empowerment of women including girls. The scheme has flexible investment and partial withdrawal options with a tenure of 2 years. In this, with a maximum investment of Rs 2 lakh, compound interest of 7.5 percent will be available quarterly. The scheme is valid for a period of two years till March 31, 2025.

If you invest in Women Savings Certificate in March 2023, you can withdraw money from this scheme till March 2025. At the same time, you can definitely make partial withdrawals during these two years.

Investment limit increased in MIS

The Monthly Income Account (MIS) Scheme 2019 has been amended through the National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and the maximum investment limit has been increased from Rs 4.5 lakh to Rs 9 lakh for single account and joint account with effect from 1 April 2023 For Rs. 9 lakh to Rs. 15 lakh has been increased. Similarly, the investment limit in Senior Citizen Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh.

More interest started on small savings

Interest rates on all small savings schemes, except PPF, have also been revised by increasing them from April 1, 2023. Small savings customers of the post office will benefit more from these measures. Along with this, more investment will be attracted in these schemes through post offices especially in rural areas and among girls, women, farmers, artisans, senior citizens, factory workers, government employees, small traders and other sections of the society. They will get better returns on the investments made in small savings schemes.

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Demand is being made on behalf of crores of central and state government employees to restore the old pension. Some state governments have accepted the demands of the employees regarding this. But the Central Government is trying to find a middle ground regarding the old and the new pension scheme.

In view of this, Finance Minister Nirmala Sitharaman, while presenting the Finance Bill on Friday, said in the Lok Sabha that there is a need to reform the National Pension System (NPS). A committee will be formed under the leadership of the Finance Secretary. The Finance Minister proposed to constitute a committee to improve NPS in the matter related to the pension of government employees.

The committee will be constituted under the leadership of the Finance Secretary. The question is, what steps can the government take to find a middle ground amid the long-standing demand of the employees to restore the old pension (OPS)? Sources say that the government is trying to find a way through which the employees can be made happy without putting extra burden on the exchequer.

Trying to find a middle way

Sources say that Modi government is planning to find a middle way on the demand of old pension (OPS). The government is considering two options. As a first option, it is being considered that government employees should be given guaranteed pension at about 50% of the last salary received under NPS. With the implementation of this rule, changes can be made in the existing NPS without putting much burden on the exchequer.

There can be change in NPS in this way

Sources related to Finance Ministry also say that there can be change in NPS in such a way that after retirement the employee will get 41.7% amount as a lump sum amount. The remaining 58.3% amount was received on the basis of annuity. From the analysis it is found that if the 58.3% corpus made up of Central/State Government contribution (14%) is annuitised, the pension in NPS can be around 50% of the last drawn salary. No official statement has been given by the government.

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The government has given many facilities to senior citizens, at present the Modi government has now announced to give Rs 70,500 to senior citizens. Yes… If you also want to take advantage of this, then you have a good chance.

Finance Minister had announced in the budget

Many special announcements were made in the budget by Finance Minister Nirmala Sitharaman. Now you are going to get full benefit of Rs 70,500 every month from the government. Let us tell you that many schemes are being run by the government, in which you can become a millionaire by investing money. If the benefits of these schemes are added, then according to that you can earn well every month. Let us tell you how-

There are many types of government schemes

At present, many government schemes are being run like Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS), Mahila Samman Savings Certificate (MSSC) and Pradhan Mantri Vaya Vandana Yojana (PMVVY), in which You can earn good profits by investing.

Will get Rs 70,500 every month

If you invest Rs 1.1 crore in all these schemes, a senior citizen couple will earn a monthly income of around Rs 70,500 and these are assured returns.

You can invest up to 30 lakh

in SCSS, you can invest up to 30 lakh, that is, you can deposit up to 60 lakh in a joint account and you get the benefit of interest at the rate of 8 percent. Under POMIS, you can invest up to Rs 9 lakh. Interest is available at the rate of 7.1 percent on this.

You can invest a maximum of 2 lakhs in the MSSC scheme, although this scheme is only for women . Interest is being received on this at the rate of 7.5 percent. You can invest up to 30 lakhs in the joint account of PMVVY scheme and in this you will get interest at the rate of 7.4 percent.

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The Finance Minister has taken care of everything from job professionals to farmers and women in the budget. Along with this, the government has also provided relief to the pensioners. For the first time in the country, family pensioners will get the benefit of Standard Deduction. Family pension is the pension which is received by the dependent of an employee after his death.

Finance Minister Nirmala Sitharaman announced in her budget speech today that pensioners getting family pension will also be able to avail standard deduction of Rs 15,000. Except those getting family pension, first other pensioners and salaried employees are getting the benefit of standard deduction. Under this, they can get a discount of up to Rs 50,000.

How much benefit will the family pensioners get?

In the budget, the Finance Minister for the first time announced the benefit of standard deduction on family pension as well. This means that now the taxable income of the person receiving family pension will also be calculated after deducting Rs 15,000 from the total income.

What is standard deduction?

Standard Deduction is the deduction that is deducted from the income of the income tax payer and after that tax is calculated on the remaining income. Salaried Employees and Pensioners are already getting the facility of getting tax exemption through standard deduction. Suppose the annual income of a person doing a job is Rs 8 lakh. In such a situation, if the benefit of standard deduction up to Rs 50,000 is available in the total package, then their tax will be calculated on Rs 7,50,000 instead of Rs 8 lakh.

In India, before the year 2005, there was a provision of standard deduction for salaried individuals, but it was discontinued in the 2005 budget. In the budget of the year 2018, the standard deduction was again implemented and the exemption available in the form of transport allowance and medical reimbursement was abolished.

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Many experts are hopeful that the government can make several announcements to provide relief to the common people in the country. In such a situation, whether the country is general or special, everyone is interested in the budget (Budget 2023). For this reason, a large number of people watch the budget speech live (Budget 2023 Live).

If you have missed seeing the budget due to some important work, then you do not have to worry. The government has launched an app through which you can see all the information related to the budget from the app. For this, the government has launched the Union Budget App. Let us know what this app is and how you can download budget documents from it.

What is Union Budget App?

To promote digitalisation in the country, the government had presented a paperless budget for the first time during the Corona period and launched all the documents related to it on the Union Budget App. On this app, you can see budget documents in two languages ​​i.e. Hindi and English. You can download this app from Android and Apple iPhone store. This app can also be downloaded from the special portal www.indiabudget.gov.in created for the budget.

How to download budget document-

The Union Budget App was launched by the government in the year 2021 during the Corona period. From this app, you can download the budget documents after the completion of the budget speech of the Finance Minister. All the government budget documents will be available in Hindi and English on this app, which you can download by just clicking on the app and choosing the language.

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Let us tell you that the budget before the Lok Sabha elections is the last full budget of the second term of the Modi government. This budget before the 2024 Lok Sabha elections is being considered very important. This budget of India is going to be presented at a time when the world’s major economies have slowed down and are heading towards a possible recession.

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Special announcements can be made in the government budget to increase the salary of government employees. Only a few days are left for the presentation of India’s Budget 2023. Government employees, common people, middle class and taxpayers have a lot of expectations from Finance Minister Nirmala Sitharaman’s Union Budget 2023.

Central employees have the highest expectations from this budget as the Lok Sabha elections are going to be held in the year 2024 and this is the last full budget of the Modi government before the Lok Sabha elections. In such a situation, the government can make populist announcements in this budget. Such announcements can be made in this budget which will increase the salary of government employees.

The government may announce the fitment factor in the Union Budget 2023. If this happens then a big hike can be seen in the basic salary of government employees. Presenting the budget on February 1, Finance Minister Nirmala Sitharaman may announce a salary hike for central employees.

Will the salary increase in the budget on February 1, 2023?

The budget session of Parliament will begin on January 31 and Finance Minister Nirmala Sitharaman is to present the Union Budget on February 1, 2023 . It is expected that the Finance Minister may announce an increase in the fitment factor in Budget 2023. Special announcements can be made in the government budget to increase the salary of government employees. Central employees have been demanding a change in the fitment factor for a long time.

Demands have been placed before the government several times

The employees association has held several meetings with the government to increase the fitment factor. If media reports are to be believed, the government wants to implement it as soon as possible. So that, government employees can be wooed at the time of elections. Lok Sabha elections are to be held in the middle of the year 2024. If the government announces to increase the fitment factor in the budget, then if this happens, then there can be a big increase in the salary of the employees.

The salary of government employees will increase by this much

Currently the fitment factor is 2.57 per cent. This means that if someone gets a basic pay of Rs 15,500 in 4200 grade pay, then his total pay will be Rs 15,500×2.57 i.e. Rs 39,835. The increase in the fitment factor from 2.57 per cent to 3.68 per cent will increase the basic salary and the allowances attached to it. The minimum basic salary of the employees will increase from Rs 18,000 to Rs 26,000. This step of the government will benefit about 48 lakh central government employees.

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Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

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