The TDS rate on rent paid was reduced to 2% from 5% with effect from 1 October 2024, a change that many tenants may have missed. It’s that time of the year when taxpayers start downloading the Annual ...

TDS and TCS returns may be furnished physically or electronically depending on status of the deductor. Any person or entity, while making specified payments to another person (third party), needs to ...

Recently , Abhishek, a salaried person who was living in a rented house, was asked to pay a tax penalty of Rs 1 lakh by the income tax department. Even though this penalty was discretionary, it was ...

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, ...

Tax deducted at source (TDS) is the practice of reducing tax evasion and spillage by making it mandatory to deduct TDS from payments at pre-defined rates. Whether your employer pays you salary, or ...

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 ...

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. TDS means tax deducted at source—which ...

It’s that time of the year when taxpayers start downloading the Annual Information Statement (AIS) and Form 26AS to file their income tax returns (ITR). It’s that time of the year when taxpayers start ...