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.
It is important to have the necessary documents on hand to verify the information in the form.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Sciver-Brunt smashed a 39-ball 57, her second consecutive half-century, after taking two wickets for 26, as MI first bowled out GG for a modest 120 and then chased down the target, scoring 122 for 5 with 3.5 overs to spare.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Farmer leader Balbir Singh Rajewal appealed to people to raise black flags at their houses, vehicles and shops on May 26 to protest against the contentious farm legislations.
Missing the deadline for filing Income Tax returns can lead to consequences.
Can't believe you can file your income tax return without Form 16? Read this...
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
A spectacular seven-wicket haul by Mitchell Santner helped New Zealand dismiss India for 156 before the tourists reached 198-5 at stumps on day two of the second test in Pune on Friday to tighten their grip on the three-match series.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Failure to disclose any income can lead to penalties and legal issues.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
'Your activities are not in the interest of the nation. Being a public institution, TISS cannot permit or tolerate its students indulging in such activities which are anti-national and bring a bad name to the nation. Hence all such activities fall under the category of serious criminal offence'
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Vote for the best bowling performances in the Punjab Kings vs Delhi Capitals match.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Though the government is yet to notify the new form, begin with collating documents, checking interest certificates and tallying form 26AS.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
