Form 16/ 16A, which your employer furnishes before filing your taxes for the relevant financial year. It is to be noted that Form 26AS and Form 16/16A should have the same amount deducted as Tax Deducted at Source (TDS). However, there might be inconsistencies in the TDS amount deducted for various reasons, including clerical mistakes. […]

Individuals with their total income below the taxable limit can submit Form 15H and Form 15G to the bank and ask them to not deduct TDS on the amount of interest. These forms help claim receipts without any tax deduction. Form 15G and Form 15H are self-declaration forms provided by the Income Tax Department in

A taxpayer pays taxes on every kind of income. Form 26Q is a type of TDS (Tax Deducted at Source) return form used in India. It is specifically used for reporting TDS deductions made on payments other than salaries. Form 26Q is filed by the deductor, who is the person responsible for deducting TDS, to provide information

The Income Tax Department, recognizing the significance of fostering savings and investments, has incorporated a comprehensive set of income tax deductions under Chapter VI A of the Income Tax Act. While deduction under 80C stands out as a widely known provision, several other deductions exist, providing taxpayers with opportunities to strategically reduce their tax liabilities.

An income tax return is a communication made to the Income Tax Department by the taxpayer, informing the department about the financial details of the taxpayer. The details are provided for every financial year and include figures such as the taxable income and tax liability of the taxpayer. Depending on the category of the assessee,

The Finance Act of 2020 introduced Section 115BAC into the Indian Income Tax Act. This section allows individuals to choose between old tax rates and new reduced tax rates. Both regimes come with their own share of deductions and exemptions. This article sheds light upon the deductions under the new tax regime introduced under section

Form 16 is a document issued under Section 203 of the Income Tax Act 1961. It is issued by an employer to their employee and serves as a certificate of Tax Deducted at Source (TDS) on salary income. It ensures that the employer successfully submits the TDS to the Income Tax Department. Simply put, Form

The Indian income tax system levies a tax on individual taxpayers depending on their income level. However, from 2020-21, the method of levying taxes changed. A new tax regime was announced wherein the tax rates were reduced significantly, along with a massive reduction in tax-saving opportunities. The government has incorporated many incentives in the 2023

TDS is a specific amount that is deducted when a certain payment like salary, commission, rent, interest, professional fees, etc. is made.The TDS rates are set on the basis of the age bracket and income of different individuals. The person who makes the payment deducts tax at the source, while the person who receives a payment/income has