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
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
Filing your taxes at the last-minute could lead you to miss out on disclosing some transactions or failing to gather all the required documents on time. For instance, if you invest in cryptocurrency, you have to disclose those transactions scrip-wise. Karan Batra, founder of Charteredclub.com, said crypto exchanges don’t have a standard format for statements, … Read more
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
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