With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
Learn to track your ITR's progress and correct any errors.
Deductions missed in Form 16 can still be claimed while filing ITR.
Three individuals of Indian origin have been killed in Canada in separate incidents, raising concerns about potential hate crimes and prompting investigations by Canadian authorities.
Three individuals of Indian origin have been killed in Canada in separate incidents, raising concerns about potential hate crimes and prompting investigations by Canadian authorities.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
Form 16 contains details of salary income, deductions, and exemptions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'A gig economy is more suited for superior economic outcomes.' 'You try to create an environment where people can earn more.' 'This is what should happen in India. Indeed it is already happening,' says T C A Srinivasa-Raghavan.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Though we know that Form 16 is for tax filing but many of us still find it hard to understand the components of Form 16 while filing the return. Understanding Form 16 is the key to a better tax planning.
Stuck with multiple Form 16s from a number of employers you switched during the course of a financial year and don't know how to file your income tax return? Here's help
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
Here's a simple primer to what actually Form 16 is and what must be done with it.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
With tax payers no longer required to append Form 16 with their returns, the Income Tax department has allowed employers to provide digitally signed statements of tax deducted at source to their employees.
It is advisable to file your ITR right away and not rely on potential extensions.
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Taxpayers often get confused regarding how to file their income tax return with multiple Form 16s. Here's some help.
Can't believe you can file your income tax return without Form 16? Read this...
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
It is important to have the necessary documents on hand to verify the information in the form.
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