'Earlier there was no provision for considering TCS collected from the taxpayer for overall tax computation.' 'Now, credit will be given by the employer for TCS already collected to consider net tax to be deductible.'
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
According to a study, there are several misconceptions regarding income tax.
The study, conducted across 500 corporates and banks in Delhi NCR, Mumbai, Chennai, Bengaluru and Hyderabad, revealed that women in Chennai were the best tax planners with the average tax ratio (percentage of gross salary paid as tax)-at two per cent, closely followed by women in NCR at 3 per cent and Bengaluru at 4 per cent respectively.
There are four simple ways to link PAN to Aadhaar; make the most of the deadline to avoid hassles later, explains Bindisha Sarang.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.
Tax payers need not dread filing returns as the process can be simplified.
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