Each year, employees receive a Form W-2 that provides details of the prior year’s earnings, taxes withheld, and other miscellaneous data (such as the taxable cost of group term life insurance, the ...

This is set to change with the introduction of a new form by the CBDT. By using this form to report TCS collections and TDS deductions, employees can reduce their tax deductions at the source ...

The new income tax regime’s revised tax slabs introduce rates ranging from 5% to 30%, with incremental increases across ...

This is the first time this has been true for the university since they became a tax-exempt organization in 2007.

Companies required to use “box 11” of Form W-2 in 2023 to report either payments of nonqualified deferred compensation ...

Here’s some election news that doesn’t involve politics: the IRS is finalizing a long-awaited official form for the Section ...

This resulted in higher tax deductions by employers from salary payments and cash flow issues for employees,” said Mitesh Jain, partner, Economic Laws Practice. By informing employers about the TCS ...

Form 12BAA: The Central Board of Direct Taxes (CBDT) has introduced a new form — Form 12BAA, a move aligned with the Budget 2024 announcements. This form will allow employees to report tax deductions ...

(AI image) CBDT has introduced a new form that allows employees to inform their employers about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) from other sources of income.

Starting from the next financial year, employees with income from sources other than salaries will need to submit a new Form 12BAA. This form was introduced by the CBDT on October 15, 2024, through ...

The Central Board of Direct Taxes ( CBDT ) has introduced a new form, Form 12BAA , aimed at helping salaried employees reduce ...

Enabling this, CBDT notified the amendments and the new Form 12BAA, last month. The new form enables an employee to offset ...