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Prabhakar K S

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Form 12 BAA is here to help you claim tax credit on non-salary income

Enabling this, CBDT notified the amendments and the new Form 12BAA, last month. The new form enables an employee to offset tax deducted at source (TDS) and tax collected at source (TCS) from non-salary income against his / her salary TDS.

03 November 2024, 23:31 IST

Form 12 BAA is here to help you claim tax credit on non-salary income

Form 12 BAA is here to help you claim tax credit on non-salary income

Form 12 BAA is here to help you claim tax credit on non-salary income

03 November 2024, 23:31 IST

The onus of depositing TDS rests unequivocally with the employer

As per the Income-Tax Act, the employer should remit the deducted taxes to the central government on or before the 7th of every subsequent month.

07 October 2024, 02:59 IST

The onus of depositing TDS rests unequivocally with the employer

The onus of depositing TDS rests unequivocally with the employer

The onus of depositing TDS rests unequivocally with the employer

07 October 2024, 02:59 IST

Delayed I-T refund? Be patient & watch out for notices

Of course, 13.86 lakh unverified returns can be processed only on verification by taxpayers. Mind you, the statutory timeline for processing returns is December 31, 2024.

08 September 2024, 18:31 IST

Delayed I-T refund? Be patient & watch out for notices

Delayed I-T refund? Be patient & watch out for notices

Delayed I-T refund? Be patient & watch out for notices

08 September 2024, 18:31 IST

How your tax burden has changed after the Union Budget

Let’s look at the final individual tax proposals under various heads of income that will come into force soon.

12 August 2024, 04:10 IST

How your tax burden has changed after the Union Budget

How your tax burden has changed after the Union Budget

How your tax burden has changed after the Union Budget

12 August 2024, 04:10 IST

Income Tax: Will the Union Budget take that leap of faith?

The Union Budget 2024 will be the first major policy document of the new government. It is expected to reinstate the ambitious plan to make India the third-largest economy by 2027.

14 July 2024, 23:53 IST

Income Tax: Will the Union Budget take that leap of faith?

Income Tax: Will the Union Budget take that leap of faith?

Income Tax: Will the Union Budget take that leap of faith?

14 July 2024, 23:53 IST

False HRA declarations: Know the implications

Given technological advancements, and the usage of data analytics, it is not possible to escape the consequences of willful tax dodging. In fact, for the taxman, it is very easy to trace the tax evaders and levy interest and penalty.

12 May 2024, 22:39 IST

False HRA declarations: Know the implications

False HRA declarations: Know the implications

False HRA declarations: Know the implications

12 May 2024, 22:39 IST

Gifting to minors: Know the tax tag it carries

Do gifting shares shift the tax burden to the minor child? Are there any tax implications for him? No.

31 March 2024, 22:11 IST

Gifting to minors: Know the tax tag it carries

Gifting to minors: Know the tax tag it carries

Gifting to minors: Know the tax tag it carries

31 March 2024, 22:11 IST

Electoral bonds: How the SC ruling impacts your tax exemption eligibility

The apex court’s ruling is prospective in nature rather than of retrospective. This means the electoral bonds related amendments were valid until the judgment pronounced day i.e. February 15.

03 March 2024, 20:53 IST

Electoral bonds: How the SC ruling impacts your tax exemption eligibility

Electoral bonds: How the SC ruling impacts your tax exemption eligibility

Electoral bonds: How the SC ruling impacts your tax exemption eligibility

03 March 2024, 20:53 IST

Relief from old tax demands: Read the fine print here

Given that the waiver is not a blanket one, let’s try to understand its nuances, the government’s compulsion and what is yet to be unravelled.

05 February 2024, 00:15 IST

Relief from old tax demands: Read the fine print here

Relief from old tax demands: Read the fine print here

Relief from old tax demands: Read the fine print here

05 February 2024, 00:15 IST

New Year: New income tax regime, returns and obligations

The Union Budget 2023-24 has enhanced the turnover threshold limit in the presumptive taxation scheme under section 44AD from Rs 2 crore to Rs 3 crore if the receipts in cash do not exceed 5% of the total turnover or gross receipts during the previous year.

31 December 2023, 22:50 IST

New Year: New income tax regime, returns and obligations

New Year: New income tax regime, returns and obligations

New Year: New income tax regime, returns and obligations

31 December 2023, 22:50 IST