Topic
income tax
Business Rs 100 crore club gets bigger: Number of nine-figure income filers quadruples in five years
The Times of India reports that the number of income tax filers declaring income over Rs 100 crore has quadrupled over the past five years, signaling a rise in high-income earners in India.
Business ITR Filing FY 2025-26: Top 10 Mistakes High-Net-Worth Taxpayers and Executives Must Avoid
Business Today outlines 10 critical ITR filing mistakes for FY 2025-26, emphasizing that pre-filled returns are not ready-to-file. High-income taxpayers, especially those with capital gains or foreign assets, face heightened scrutiny. ClearTax CEO Archit Gupta warns that careful review can prevent tax notices and refund delays.
Finance ITR Filing FY 2025-26: Essential Document Checklist and Penalty Risks for Finance Professionals
With the July 31 ITR filing deadline approaching, taxpayers must gather critical documents including Form 16, AIS/TIS, and Form 26AS. Late filing incurs penalties of ₹1,000 to ₹5,000, and those opting for the old tax regime may lose benefits if they miss the due date.
Business ITAT Ruling Exposes TDS Traps for Property Buyers
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted a TDS demand exceeding Rs 5.8 lakh against a property buyer, ruling that the seller's subsequent PAN-Aadhaar linkage regularised the deduction. Tax experts caution that buyers face significant compliance obligations, especially for non-resident sellers and jointly held properties, and often require professional assistance.
Finance Understanding Form 16 for FY 2025-26: A Guide for Salaried Taxpayers
Form 16 is crucial for salaried taxpayers in India for filing income tax returns for FY 2025-26. It details salary and tax deductions, aiding accurate tax filing. Employees must obtain it from their employers, especially if they switched jobs.