All employers must deduct tax at source or TDS from their employees’ salary and deposit the TDS with the income tax department through their Tax Account Number (TAN). Further, all employers should file TDS returns of the salary payments. However, there may be cases when the deductor has not deposited the taxes within the stipulated time, or not furnished TDS returns with correct PAN (Permanent Account Number) of the employees.Explore this blog to get a better understanding of the following:Situation when the deductor fails to deposit the TDSRemedies under the Income Tax lawImportant things to notePenalties for Non-deduction and not depositing the TDSProcess to check TDS deduction and deposit of TDSWhat will happen when the deductor fails to deposit the TDS with the IT department?When your employer has not paid the TDS to the income tax department, the TDS would not be available against your PAN in your Form 26AS. You cannot take a tax credit of the TDS while filing your income tax return. If you take the tax credit for this amount, you will receive a notice from the income tax department for the mismatch in the TDS claimed and taxes paid.In situations like this, the taxpayer will be caught between the income tax department and the employer and suffer.Remedies under the income tax lawTo avoid the delay from companies in depositing TDS, the Central Board of Direct Taxes (CBDT) has become more vigilant and started imposing penalties on companies that are not complying with the deadlines.

OLTAS is a system for collection, accounting and reporting of the receipts and payments of Direct Taxes from all kinds of taxpayers, online through a network of bank branches. The taxpayers’ data flows from banks directly to Tax Information Network (TIN). TIN  is set up and maintained by the National Securities Depository Ltd., to manage all the data and information about challans between the tax department and the banks. Now, the system is directly integrated in the income tax e-filing portal.Background of OLTASThe Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income Tax located in different parts of the country. The Commissioners of Income Tax are entrusted with the task of collection as well as refund of all kinds of direct taxes such as income Tax, Corporation Tax, tax deducted at source etc.

The National Pension Scheme is a voluntary retirement scheme introduced by the Central Government. People can invest in such pension account regularly and receive 60% of it as a lump sum amount on attainment of 60 years of age and the remaining as annuity pension. However, the scheme also allows partial withdrawal from the NPS account. This article attempts to simplify the partial withdrawal rules and the tax benefits thereon.Read along this article to know more about the withdrawal from NPS:Partial withdrawal from NPSWithdrawal terms and conditionsTax treatment on partial withdrawalPartial Withdrawal from NPS Before we delve into the withdrawal rules, let’s understand some basics. There are two types of NPS accounts- Tier I and Tier II.

Investment in a house property is one of the most sought-after investments primarily because you get to own a house. While others may invest with the intention of earning a profit upon selling the property in the future. It is important to note that a house property is regarded as a capital asset for income tax purposes. Consequently, any gain or loss incurred from the sale of a house property may be subject to tax under the 'Capital Gains' head. Similarly, capital gains or losses may arise from sale of different types of capital assets such as stocks, mutual funds, bonds and other investments.

With the Modi government back in power, Finance Minister Nirmala Sitharaman and team are all geared up to revamp and prioritise the long-awaited Direct tax code, taking a step forward to make the act simplified, concise, easy to read and understand. The initiative stems from the overall complex laws, with hundreds of sections, deductions and exemptions making it all the more challenging to understand for the taxpayers in India. In this article, let’s examine the key aspects of:The Direct Tax Code Expectations from the Direct Tax CodeWhat makes it crucial for taxpayers in IndiaFAQsWhat is the Direct Tax Code?The Direct Tax Code intends to simplify, streamline, and standardize the current complex Income Tax Laws for all. Witnessing the percentage of people contributing to the Income Tax rising at a very slow pace, the government of India recognized the need to introduce a much more simpler version of tax laws and provisions in India. Its primary aim is to make tax compliance easy for the individuals and businesses.Why is the Direct Tax Code being Introduced?The biggest driving force behind simplifying the Direct Tax Code 2025 by the government is to increase the number of people contributing to taxes in India. According to the data shared by the government in 2023, only 2% of the population in India are income taxpayers which is strikingly low in comparison to the developed economies.

The circulation of black money across the tax heavens has always been a point of concern for the Income Tax Authorities. Recognizing the need to curb black money, a comprehensive law ‘The Black Money Act’ was introduced in 2015. With the new law, it is now mandatory to disclose foreign assets and income in your income tax return to avoid tax evasion and enhance transparency in cross-border transactions.As the final deadline of 31st December to file the revised/belated income tax return is fast approaching, the Income Tax Department has recently launched a Compliance-cum-awareness campaign urging Indian taxpayers to declare foreign assets and income in their AY 2025 Income Tax Returns. Failure to do so can lead to a hefty penalty of Rs. 10 lakhs and prosecution, depending on the severity of the omission.Deep dive into this blog to learn more about the disclosure of foreign assets in ITR:Meaning of Foreign AssetsImportance of Disclosing Foreign Assets in ITRPeople liable to report Foreign AssetsHow to Declare Foreign Assets in ITRDeadline to Report Foreign Assets in ITRPenalty for Non-disclosure of foreign assets in Income Tax ReturnWhat are Foreign Assets?If you’re an Indian resident, foreign assets will comprise of bank accounts in other countries, investments in real estate, stocks, mutual funds and other capital assets outside India, financial interest in any foreign entity, or signing authority over any account located abroad, insurance or annuity contract etc.What is the Importance of Disclosing Foreign Assets in ITR? Disclosure of foreign assets and income in income tax returns is important and ensures compliance with Indian tax laws.

An Income Tax Refund is issued by the Income Tax Department if a taxpayer has paid more income tax than was due for the financial year. Individuals/Businesses pay income tax through TDS deducted, advance tax on the basis of anticipated liability, or self-assessment tax which might exceed the actual tax liability. In some cases, an income tax refund can also arise in case the tax liability is reduced by claiming deductions, exemptions, set off of losses, or tax credits while filing the income tax return.Post-filing, the Income Tax Authorities assess the taxpayer's tax liability. In case the tax liability assessed exceeds the amount paid, the excess tax paid is refunded to the taxpayer along with interest at 0.5% per month or part of the month (i.e. 6% per annum) until the date of refund.In this blog, you will gain an understanding of the following:Calculation of Income Tax RefundProcess to Claim Income Tax RefundHow to check the ITR refund statusMeaning of different status of refundTaxability of income tax refundTime Duration for a Tax RefundMode of receiving the refundInterest on the Income Tax RefundProcess to claim a refund on missed ITR filingIncome Tax Refund Helpline #submitRefundbutton { background-color: #1678FB; } .formBlock{ background: #FFFFFF; border-radius: 16px; box-shadow: 0px 30px 60px 0px rgb(164 172 179 / 20%); padding: 1rem 5rem; } .form-group{ 10px 0px; } .refundBtn{ background-color: #1678FB; color: #ffffff; padding: 0.75rem 1.5rem; 20px; border-radius: 8px; font-weight: 700; } .errMsg{ color: #FA324C !important; font-size: 10px !important; 10px 0px !important; line-height: 16px !important; } .blockHidden{ display: none; } .resInfo{ 50%; } .resInfo span{ float: right; } .bgLightGreen{ background-color: #D0E4FE; 40px; 30px; padding: 10px 20px 20px 20px; border-radius: 16px; } .social-icons-div{ padding-top: 20px; display: flex; justify-content: center; } .formSelect{ background-color: white !important; border: solid 1px #E0E0E0; padding: 0.6rem; } h2 span , h3 span{ position: static !important; } #pan{ text-transform: uppercase; } @media only screen and (max- 768px) { .resInfo{ 100%; } .formBlock{ padding: 1rem 2rem; } .mobileHidden{ display: none; } } Check Your ITR Refund StatusEnter your PAN  Assessments Year (AY)* Choose… 2022-2023 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018 2016-2017 2015-2016 2014-2015 2013-2014 2012-2013 2011-2012 2010-2011 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004 2002-2003 2001-2002 2000-2001 1999-2000 1998-1999 1997-1998 1996-1997 1995-1996 1994-1995 1993-1994 1992-1993 1991-1992 1990-1991 1989-1990 1988-1989 1987-1988 1986-1987 1985-1986 1984-1985 1983-1984 1982-1983 1981-1982 1980-1981 1979-1980 1978-1979 1977-1978 1976-1977 1975-1976 1974-1975 1973-1974 1972-1973 1971-1972 1970-1971 1969-1970 1968-1969 1967-1968 1966-1967 1965-1966 1964-1965 1963-1964 1962-1963 1961-1962  Captcha   Check your refund nowBelow is the Refund Status forPAN for AssessmentYear No refund record has been found at present.

The professional tax imposed by the state government is the same as the income tax imposed by the Central Government. You need to pay a certain percentage of your earnings to the Commercial Tax Department of the respective state as professional tax. Only 17 states levy professional tax in India, and Jharkhand is one of them. The following article provides detailed information on the following:Professional Tax in JharkhandTax Rules governing Professional Tax in JharkhandInsights on applicability of Professional TaxProfessional Tax Slab RatesEnrollment Tax Slabs for people engaged in Business/ProfessionForms InvolvedOnline Payment of Professional Tax Due Date for PaymentPenalties involved in case of non-paymentApplicable ExemptionsConclusionProfessional Tax in JharkhandIf you are holding a job or associated with a business in Jharkhand, the state government will impose a professional tax on your income. Every state in India levies a professional tax on individuals earning a minimum of Rs 3,00,000 per annum. Professional tax in Jharkhand is collected by the State Municipal Corporation as per the income slab of an individual. Moreover, you can claim the payable amount as a deduction under Section 16 of the Income Tax Act.Jharkhand Professional Tax RuleThe Jharkhand State Tax on Professions, Trades, Calling, and Employment Act was enacted in 2011.

According to Article 276 of the Indian Constitution, every individual earning an income is liable to pay professional tax. Whether you earn your source of living from a job or self-employment, paying this tax is mandatory. However, the payable tax amount differs from one state to the other. Most Indian states have set their own tax rates for different income slabs. If you are a resident of New Delhi, read this article for a complete overview of the following about the professional tax in New Delhi.Meaning of Professional Tax in New DelhiNew Delhi Professional Tax RuleApplicability of Tax in New DelhiProfessional Tax Slab RatesProcess to make Online PaymentProfessional Tax Payment Due DateProfessional Tax Late Payment PenaltyApplicable ExemptionsConclusionProfessional Tax in New DelhiThe state government imposes a professional tax on every professional, including lawyers, doctors, consultants, architects, etc. Moreover, you must pay professional tax in New Delhi if you earn from trade, calling, or other professions.

Individuals have the option to electronically submit their income tax returns and fulfill other tax obligations using the government's e-filing portal. To log in, it is important to register your PAN on the e-filing portal.Here's a step-by-step guide on how to register your PAN on the new e-filing portal.Steps To Register PAN In Income Tax E-Filing Portal.Step 1: Visit the income tax portalStep 2: Click on ‘Register’. The following window will open.Step 3: Enter your PAN under the taxpayer tab and click on ‘validate’. Then, select ‘Yes’ and click on ‘Continue’.Step 4: Provide the basic detailsHere you will have to provide your basic details such as first name, middle name, last name as per the PAN records, date of birth, gender, residential status and then click on ‘Continue’. Note that the first name, middle name and last name combination is crucial in this step. A quick tip to identify the ‘Last Name’ is the 5th character in your PAN no. It represents the starting letter of your last name.If the name combination does not match PAN records, you will receive an error message shown as – ‘Name entered is not as per PAN.