Income Tax: How to check whether employer is depositing TDS with the tax department?

Income Tax: How to check whether employer is depositing TDS with the tax department?

The Bombay High Court has recently held that employees cannot be penalised for employer’s failure to deposit tax deducted (TDS) from salary. “The object and purpose behind the provision is to the effect that when an obligation to deposit the tax as in the present case, is on the employer and if the employer has defaulted, … Read more

Avoiding double tax on Kisan Vikas Patra interest: ITR filing tips

Avoiding double tax on Kisan Vikas Patra interest: ITR filing tips

You will need to disclose only the interest accrued during the current year on the certificate and not the interest received on withdrawal as you have already offered the interest on accrual basis in the earlier years.   This interest will be taxed as income from other sources and will be disclosed in Schedule OS (other … Read more

Why you shouldn’t rely on AIS for reporting stocks, MFs, derivatives in your ITR

Why you shouldn't rely on AIS for reporting stocks, MFs, derivatives in your ITR

The idea is to use it as a tax book while filing returns. However, instead of easing compliance, it has often increased the burden on taxpayers mostly because details related to equity transactions in the statement are inaccurate. To make matters worse, the onus of fixing the errors lies with the taxpayers.  Experts said the … Read more

ITR Filing 2024: Vital checks to ensure accuracy, and smooth filing of income tax returns

ITR Filing 2024: Vital checks to ensure accuracy, and smooth filing of income tax returns

Verify your AIS and Form 26AS For quite some time, the Income Tax Department has been making your form No. 26AS available, containing details about Tax Deducted at Source (TDS) from incomes like various income like interest, dividends, salaries, etc., paid to you as well as Tax Collected at Source on payments made by you … Read more

Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

If you are a salaried income tax payer, the process to file income tax return is quite simple, to say the least. You only need to file your return via form 1 i.e., ITR-1.  The income tax return form number -1 can be filed by a resident individual whose income does not exceed ₹50 lakh … Read more

Income Tax: Make note of these 5 key points if you are a salaried taxpayer

Income Tax: Make note of these 5 key points if you are a salaried taxpayer

As the deadline of July 31 to file income tax (I-T) returns is approaching fast, taxpayers must be scouting for documents, forms and necessary information to be able to file their tax return as soon as they can. Before filing your tax return, make sure that you have linked your aadhaar with your PAN. The bank account … Read more