One can reduce their taxes by furnishing these forms in their ITR filing. Also TDS can be claimed from the Income Tax department. From the looks of the new Forms it can be said that, claims under ...

As the financial year draws to a close, many salaried employees are preparing to receive their Form 16, a crucial document for filing Income Tax Returns (ITRs). Form 16, which details salary income, ...

CBDT last week mentioned that, with a view to redress genuine hardship of deductors in timely filing of TDS statement in Form 24Q on account of revision of its format and consequent updating of the ...

In case of mismatch between Form 16 and Form 26AS, request your employer to issue new Form 16, reflecting the correct details of TDS. However, TDS is only provisional tax. The final tax liability is ...

The income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax. As per the amended form, banks will also have to ...

ITR: If you are a salaried individual, Form 16 is a crucial document for filing the income tax return (ITR). Employers are required to file their e-TDS return for the January–March quarter by 31 May.

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Tax deduction at source (TDS) or ...

Complex tax regulations concerning property sales by Non-Resident Indians (NRIs) are causing significant financial blockages and compliance issues.

NEW DELHI: The income tax department will deny tax deducted at source (TDS) credit and flag your income tax return (ITR) if it detects any discrepancies between the TDS information reported in the ITR ...

Challan is a form that is used to pay taxes to the government. The authorized banks receive the tax paid through a challan before it is deposited with the Income Tax department. Payments made with ...

As the financial year draws to a close, many salaried employees are preparing to receive their Form 16, a crucial document for filing Income Tax Returns (ITRs). Form 16, which details salary income, ...