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India Today
23 minutes ago
- India Today
Filing ITR-2 or ITR-3? Check these common mistakes and tips to avoid them
With the excel utilities for ITR-1, ITR-2, ITR-3 and ITR-4 now released, it's vital for taxpayers to file correctly and on time. But using these excel utilities can get tricky if you're not careful. One wrong entry and you could mess up your entire tax calculation, and nobody wants a notice from the tax department, right?Take for example a recent case. A taxpayer who sold shares found that while his Long-Term Capital Gains (LTCG) showed up correctly in Schedule 112A, the main Capital Gains section showed zero tax payable. If he had filed it like that, he would have surely got a tax notice later for wrong tax DO THESE ERRORS HAPPEN?Tax experts say these issues mostly come up if you don't fill every part of the excel utility correctly. Mihir Tanna, Associate Director at S.K Patodia LLP while speaking to The Economic Times, said that people often forget to fill the last row in the Capital Gains schedule, which is row F. 'You must mention the quarter-wise details and click on 'Validate' at the top of the sheet. Without this, your capital gains and taxes may not show up correctly,' he explains. Chartered Accountant Suresh Surana added that the excel utility only shows the correct tax once you have resolved all errors. 'Unless you validate all parts and click on 'Compute Tax', the figures may appear blank or wrong. Once you upload it on the portal, the correct tax will show if all your details are right,' he said to MISTAKES YOU MUST AVOIDSo what else should you watch out for while using the excel ITR utility? Experts shared a few easy but important tips:Use the pre-filled data: CA Gaurav Aggarwal pointed out that many taxpayers lose time by entering every detail manually. He suggested logging in to the income tax portal, downloading the pre-filled JSON file, and importing it into the Excel utility to reduce simple errors, mentioned the macros in Excel: Without this, the ITR excel utility simply wouldn't work. Also, shortcuts like Ctrl+C and Ctrl+V won't work here. You have to use the F2 key to edit or every section: Each schedule (like salary, capital gains, deductions) has its own 'Validate' button. Use it. Once you check each part, then click on 'Calculate Tax'. This makes sure the entire return has no keep a copy: It is advisable to keep a backup. A single error can sometimes damage the entire Excel file, forcing taxpayers to begin again. Keeping a copy of the file or JSON midway ensures that if anything goes wrong, the work isn't taxes can feel confusing, but if you follow these simple steps, you'll avoid many headaches later. Take your time, double-check your details, and don't rush to hit that 'Submit' button. After all, nobody wants to waste time fixing tax notices later!- Ends
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Business Standard
4 hours ago
- Business Standard
TCS maintains 100% variable pay for 70% of staff in Q1 despite slowdown
Tata Consultancy Services (TCS), India's largest IT services company, has announced a 100 per cent payout of the Quarterly Variable Allowance (QVA) to over 70 per cent of its employees for the April–June quarter (Q1 FY26), according to an internal mail viewed by The Economic Times. This marks the second consecutive quarter of full QVA disbursement to the majority of its workforce, even as the industry continues to battle global macroeconomic headwinds and tight client budgets. The company stated that the payout for employees in higher grades, typically managerial and leadership roles, would remain variable and aligned with the performance of their respective business units, a policy it has followed consistently across quarters. 'We have paid out 100 per cent QVA to over 70 per cent of the company. For all other grades, the QVA depends on their unit's business performance. This is in line with our standard practice across quarters,' TCS had said in a statement issued previously in May, when it also made a full QVA payout for the January-March quarter. The company's internal grading structure begins with Y-level trainees, followed by system engineers (C1), and ascends through C2, C3, C4, C5, and executive leadership levels. Staff in the C3 and above bands generally comprise senior managers and business unit heads. Growth slows, but headcount grows Despite its commitment to employee payouts, TCS reported a mixed financial performance in Q1 FY26. Net profit rose 6 per cent year-on-year to ₹12,760 crore, up from ₹12,040 crore in the same period a year ago. However, revenue grew just 1.3 per cent year-on-year to ₹63,437 crore. In constant currency terms, revenue declined 3.1 per cent, and sequentially, revenue was down 1.6 per cent — the slowest growth since the Covid-hit Q1 FY21. The company cited global macroeconomic uncertainty, geopolitical tensions, and sluggish discretionary tech spending as ongoing drags on demand. CEO K Krithivasan noted that a recovery in discretionary investments remained elusive. 'This trend has continued and intensified to some extent in this quarter,' he said during the earnings call. Despite the subdued business environment, TCS added 5,060 employees during the April-June quarter, building on the 625 net additions made in the January-March period. The company's workforce now stands at nearly 613,000 — the highest among Indian IT firms. Attrition for the quarter stood at 13.8 per cent. No word yet on annual increments While the firm has honoured its quarterly variable pay commitment for two straight quarters, it has yet to announce annual salary hikes. Speaking after the Q1 results, Chief Financial Officer Samir Seksaria said delivering annual wage hikes remains a top priority for the company, despite the deferment. 'My priority is getting back to the wage hike,' Seksaria told PTI, though no timeline was specified. TCS typically rolls out annual increments starting in April. Seksaria noted that wage hikes, while critical, usually dent operating margins by over 150 basis points. He also pointed to a decline in utilisation levels due to upfront hiring, even as demand has remained weak. 'As demand recovers, we expect utilisation to improve. If demand recovery is prolonged, we will double down on optimisation,' he said, adding that internal efficiencies will be key to margin management going forward.
Economic Times
14 hours ago
- Economic Times
After Elon Musk mayhem, Stephen Miller's wife Katie breaks silence with bold show of loyalty
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