As these forms are quite elaborate, their early notification will give assessees more time to get the documentation and paperwork ready, and hence make complete disclosures while filing their returns.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
Reader Deepak Jain has sent us a photograph.
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.
'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
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.
The intensity of power crisis this season has hit a new high with average coal stock dipping to less than eight days. The first of a pan-Indian series, based on a ground report, shows how the Manesar industrial hub is coping with the challenge. As the scorching heat wave and the lengthy power cuts intensify in Haryana, the usually bustling labour chowk of the Industrial Model Township (IMT) of Manesar wears a deserted look.
Auto component makers in India are bracing for a tough time. High absenteeism among workers owing to Covid-19, shortages of critical parts, and temporary closures of plants by automobile manufacturers have thrown a spanner in the works for the Rs 3.2-trillion sector, which derives 60 per cent of its revenues from automobile original equipment manufacturers (OEMs), with the balance split equally between replacement demand and exports. Car market leader Maruti Suzuki India on Saturday said it was extending the maintenance shutdown, which was from May 1 to 9, till May 16, "keeping in view the current pandemic situation". Some activities will continue in the plants.
Admitted to Apollo Hospital on April 4, which informed the government that he had suffered radiation, doctors said, the scrap dealer Deepak Jain's bone marrow is significantly suppressed and his condition continues to be serious.
Two victims of exposure to cobalt-60 radioactive material are all set to be discharged from the Army hospital and are planning to take legal action against those responsible for their condition. Scrap dealers Ajay Jain and Deepak Jain who have been undergoing treatment at the Army hospital for over a month will be discharged on Wednesday.
The police is yet to trace the origin of Cobalt-60, the radioactive material that caused serious injuries to six persons and are awaiting the recovery of the owner of the scrap shop from where it was found three days ago to get more clarity.
A knee-jerk reaction, they said, could be detrimental to the fortunes of an industry that is highly dependent on the country given the huge competitive advantage it offers, in terms of cost and speed.
According to the order, all factories producing essential goods and services will remain operational at full capacity.
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
With 2015 having multiple weekend breaks, travel agents and online travel portals expect a holiday rush this year.
There were fewer Series-B deals this year versus last, but more money was raised
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