a) Section 276B of The Income Tax Act provides that if a person fails to deposit TDS deducted, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months ...

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, ...

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 ...

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.

The Income Tax Department has issued an advisory stating that correction statements for TDS and TCS can only be filed for Q4 of FY 2018-19 up to Q3 of FY 2023-24 until March 31, 2026. This means if ...

What is Form 71 important for incorrect TDS filing? Form 71 has been initiated in the wake of several taxpayers facing the issue of their tax being deducted in the financial year in which the income ...

Banks or financial institutions deduct TDS on fixed deposits when the interest earned exceeds certain thresholds. September 15, 2025, last date for submitting the Income Tax Returns (ITRs) for the ...

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are two separate provisions under the Indian tax regime, both intended to facilitate early and efficient tax collection. Though applied ...

Commuted pension received from certain notified pension funds, like LIC Pension Fund, will now be fully tax-free. (Representational Image: X) The new Income Tax Bill will replace many of the existing ...

BMC Elections 2026 Results: Voter Turnout For Mumbai Polls OUT; 52.94% Mumbaikars Voted For Civic Body Contest; Number Below 2017 According to a report by Hindustan Times, the select committee ...