A Salaried Employee’s Tax Nightmare: How an ITAT Ruling Reversed a ₹1.15 Lakh Penalty A recent ruling by the Income Tax Appellate Tribunal (ITAT) in Pune has brought to light a critical issue for salaried employees: the risk of unknowingly becoming involved in tax fraud committed by their consultants. The case involves an employee who … Read more
Understanding how to properly claim House Rent Allowance (HRA) exemption can significantly reduce your taxable income. Many salaried employees, however, unknowingly miscalculate their HRA, missing out on these valuable tax benefits. Are You Eligible for HRA Exemption? If you’re a salaried employee receiving HRA and residing in rented accommodation, you’re likely eligible for a tax … Read more
Navigating your taxes can feel like a maze, but for salaried employees, Form 16 is your trusty map. This crucial document lays out your total salary, any TDS (Tax Deducted at Source), and how your tax was calculated. Key Updates for Your FY 2024-25 ITR Filing (AY 2025-26) The Income Tax Return (ITR) filing season … Read more
As a salaried taxpayer, getting your finances in order for the upcoming tax season is crucial. The good news is that Digital Form 16 is here to simplify the process for the Financial Year 2024–25 (Assessment Year 2025–26). This electronic tax certificate from your employer is your key to a smoother Income Tax Return (ITR) … Read more