Latest news with #Form16
Hindustan Times
14 hours ago
- Business
- Hindustan Times
Employee details ordeal of manager 'shamelessly' asking for money despite repeated refusals
A Reddit post has drawn attention to a disturbing trend in the corporate workspace, where a senior manager has been persistently asking a team member for money, despite multiple refusals. The post, titled "My manager keeps asking me to lend money", has sparked widespread discussion among users, with many condemning the manager's behaviour and calling for appropriate action. Redditors reacted strongly after a user exposed their manager's repeated money requests.(Representational image/Unsplash) In the post shared by Reddit user @GlitteringBug25, the employee recounted their ordeal, explaining that they have been working in a service-based company on the same project for over four and a half years. The same manager has been supervising the project since day one. (Also read: Toxic boss demands injured employee to return to work by Friday: 'I can give you a chair') 'I joined as a fresher. He knows my salary and often says that my salary is the highest among my offshore team members including my TL. I graduated from a top-tier college, so my starting package was high,' the user wrote. The situation escalated when the manager began asking for money. 'He asked for 25k and then 15k. I straight away refused. But now he keeps asking me every month,' the user added. Just a week ago, the manager demanded ₹ 17,000. 'I told him I didn't have money even though I had it. Yesterday he called me and directly told me he is sending a QR code and that I should send him ₹ 2,000 through it. He didn't even bother asking if I was okay.' The employee expressed frustration: 'I'm getting fed up of refusing each and every time. He shamelessly keeps asking even though I had refused him just a few days back.' Check out the post here: Internet reacts The post has triggered concern and strong reactions from fellow Reddit users, many of whom advised taking the issue to the Human Resources (HR) department. One commenter sarcastically remarked, 'The only thing left in Indian corporate now is the manager asking for a bribe for giving good reviews.' Another urged, 'Stop sending and escalate to HR.' (Also read: 'Why do Indian hiring managers think they're God?': Candidate shares bitter Bengaluru job interview) Others shared tactics to discourage the behaviour. 'One day ask him for ₹ 50k claiming a serious emergency. Then see how fast he stops asking you,' one user advised. Another said, 'Lent money never comes back. Tell him your parents handle your finances, or that you're paying off loans—just avoid giving him your Form 16.' A more serious concern came from a commenter warning, 'Do not lend him money at any cost! Plus, file a complaint with HR and save all communications. This might be a trap to build a case against you.'
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Business Standard
2 days ago
- Business
- Business Standard
'Trust restored': Officials to ask 'relevant' questions during tax scrutiny
The CBDT has asked its officers to ask 'relevant' and 'specific' questions while scrutinising tax assessments: a decision that experts say will reduce arbitrariness and harassment. Ravi Agrawal, chairman of Central Board of Direct Taxes, recently asked Principal Chief Commissioners of Income Tax (PCCITs) to supervise faceless assessing officers and ensure they avoid sending unjustified or vague queries to taxpayers, PTI reported. The directive applies to all scrutiny cases selected for review in FY26. Suresh Surana, a chartered accountant, said tax notices often seek information on personal expenditure, all bank statements, or explanation for travel or business operations even when these weren't relevant to a case. 'Such queries increased the compliance burden unnecessarily and caused stress to taxpayers,' he said. 'Even salaried taxpayers were asked to justify income already reported in Form 16 and reconciled with TDS data. Business owners were served blanket queries like 'justify business expenses' without context,' said Niyati Shah, chartered accountant and vertical head of personal tax at 1 Finance. Ashish Mehta, partner at Khaitan & Co, noted that even audited companies have often been asked to submit 'exhaustive details and past-year bank statements.' How does the CBDT directive help taxpayers? 'This is a step toward restoring trust,' said Shah. 'It forces assessing officers to apply their minds before raising a query and prevents blanket, template-based questioning.' Surana emphasized that it's especially helpful for senior citizens who rely on pensions or interest income. 'Focused scrutiny will spare them from excessive documentation or irrelevant questions,' he said. SR Patnaik, partner (Head – Taxation) at Cyril Amarchand Mangaldas, said the move will 'provide clarity by narrowing the scope of enquiry to specific transactions, making it easier for taxpayers to respond effectively.' Experts say taxpayer must do these things about queries they find irrelevant: -Respond politely, referencing relevant ITR sections or AIS data -Escalate the issue under the faceless assessment structure or through a grievance under e-Nivaran -Cite the CBDT directive to highlight non-compliance As a last resort, approach the Principal Commissioner or even consider a legal writ, said Patnaik 'It helps to get a tax professional involved if the queries remain repetitive or unjustified,' said Shah How will the faceless assessment system improve? The CBDT has placed the onus of quality control on assessment unit (AU) heads. 'This makes AU heads directly responsible for the relevance and clarity of queries,' said Shah. 'Over time, this should reduce 'fishing expeditions' by junior officers.' Mehta agreed, adding that the new responsibility 'should lead to fewer standardised notices and more case-specific scrutiny.' Patnaik, however, cautioned that implementation remains key: 'The faceless system is still evolving. Without a way to directly engage with officers, grievances can remain unaddressed unless structural reforms accompany these directives.' 'The faceless assessment system was meant to ensure transparency, but due to poor implementation, it has often led to genuine claims being rejected and even incorrect notices being issued,' said Rashi Khanna, associate partner at DMD Advocates. 'The department must ensure accountability of assessment units, incentivise reasoned orders, and create a feedback mechanism to improve trust and efficiency.' With enhanced oversight and accountability, the new framework aims to bring more fairness and professionalism to tax scrutiny, a welcome change for compliant taxpayers.
India.com
3 days ago
- Business
- India.com
ITR Filing 2025: SEVEN Major Precautions You Should Take While Filing The Return Of Income
photoDetails english 2922983 Updated:Jun 27, 2025, 12:39 PM IST 1. Carefully select the tax regime. 1 / 7 From AY 2024-25, the new tax regime is the default option. Every year, you can select between the old and new tax regimes for that Assessment year. 2. AIS and Form 26AS 2 / 7 Download AIS and Form 26AS and check the actual TDS / TCS / tax paid. If you see any discrepancy, you should reconcile it with the Employer / Tax Deductor / Bank. 3. ITR Documents 3 / 7 Compile and carefully study the documents to be referred to when filing your ITR, like bank statement / passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc. 4. PAN, bank details 4 / 7 Ensure details like PAN, permanent address, contact details, bank account details, etc. are correct in the pre-filled data. 5. Correct ITR Forms 5 / 7 Identify the correct return for you (from ITR-1 to ITR-7). Provide all the details in the return such as total income, deductions (if any), interest (if any), taxes paid / collected (if any), etc. No documents are to be attached along with ITR-1. 6. e-filing of returns 6 / 7 e-File the return of income on or before the due date. The consequences of delay in filing returns include late filing fees, losses not getting carried forward, deductions and exemptions not being available. 7. e-verification of returns 7 / 7 After e-Filing the return, e-Verify it. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by speed post) within appropriate timelines of filing the return to Centralized Processing Center, Income Tax Department, Bengaluru 560500 (Karnataka).
India Today
4 days ago
- Business
- India Today
Received Form 16? Don't file your ITR without checking these points
Filing your Income Tax Return (ITR) can feel confusing, especially if you're doing it on your own. If you're a salaried person, one document that plays a major role in your ITR filing is Form 16. If you've received it from your employer and are wondering what to do next, this guide is for IS FORM 16?Form 16 is a certificate your employer gives you every year. It shows how much salary you earned in the financial year and how much tax was deducted from it. This tax is called TDS (Tax Deducted at Source).advertisementIt is usually given after the financial year ends, and are generally issued by June 15. If you're a senior citizen above 75, and receive income from pension and interest through the same bank, the bank may also issue a similar DOES FORM 16 CONTAIN? Form 16 has two parts: Part A and Part B. Part A includes details such as your name and PAN, your employer's name and PAN, the employer's TAN (Tax Deduction and Collection Account Number), the period for which the certificate is issued, and a summary of the salary paid along with the tax B contains a detailed breakup of your income, including salary or pension, other income like interest or house rent, exemptions such as HRA and LTA, standard deduction, and deductions claimed under Chapter VI-A, like 80C for investments and 80D for health employer may also give a Form 12BA with Form 16. This contains details of perks given to you, like rent-free accommodation, gifts, or FORM 16 BEFORE FILING YOUR ITROnce you receive your Form 16, it's very important to go through it carefully before you start filing your ITR. First, make sure your personal information like name and PAN is correct. Then check your employer's details, salary figures, exemptions, deductions, and the total tax deducted. Also, verify that the numbers in Part A and Part B match. If something doesn't look right, reach out to your employer to get it the usual deadline for filing ITR is July 31, this year the Income Tax Department has extended it to September 15, 2025. Still, it's always better to file early and avoid the last-minute rush. Understanding Form 16 properly can make your ITR filing process smoother and help you avoid mistakes. So, take a little time to review it well, you'll thank yourself later.- EndsMust Watch
Mint
4 days ago
- Business
- Mint
Instant personal loan up to ₹5 lakh: Documents you must have for quick approval
If you are a borrower seeking an instant personal loan of up to ₹ 5 lakh then due to the technological advancements you can now enjoy faster and seamless approvals. Still, these approvals are subject to you providing the essential documents and meeting the basic eligibility criteria as laid down by the lending institution. Several banks and NBFCs are now streamlining this process with minimal paperwork and quick digital disbursal. Personal loans are unsecured credit provided by banks and other financial institutions to meet urgent needs such as medical bills, education, travel, or debt consolidation. No collateral is required for personal loans and the disbursal of funds is quick if the required documents are provided. Furthermore, the decision of meeting eligibility is based on factors such as income, credit score, past payment history and documentation. Lending institutions utilise documents to verify identity, income stability, authenticity of the loan applicant and the submitted application along with the repayment capacity of the borrower. Organised paperwork ensures compliance and helps in quicker approvals with improved loan terms. 1. Salary slips & bank statements: Lenders typically ask for the last 3–6 months of salary slips and bank statements. Axis Bank requires 3 months' salary slips, statements, and Form 16. Kotak Mahindra and Bajaj Finserv follow similar norms. 2. KYC proof: Most banks accept PAN and Aadhaar as standard ID and address proof. Alternatives like passport, voter ID, or driving licence are also valid, as per lenders like Bajaj Finserv. 3. Employment & address proof: Salaried applicants must submit employee ID or appointment letter. Address proof includes utility bills (last 3 months), lease agreement, or passport, as per Axis Bank. 4. Digital KYC:A filled loan form, passport-size photo, and digital/video KYC are mandatory. Axis Bank and IndusInd Bank enable paperless onboarding with instant verification. 5. Submit ITRs: Self-employed borrowers must provide 1–2 years' ITRs or audited financials, plus bank statements to prove business stability (Bajaj Finserv, Kotak). Once all documents are ready, lending institutions such as Bajaj Finserv provide approval of a loan in less than five minutes along with disbursal of the loan amount on the same day. On similar lines banks such as HDFC Bank, Axis Bank, ICICI Bank among others also disburse funds within hours of the online application. Last 3 to 6 months' bank statements. Salary slips (3 months) + Form 16. PAN + Aadhaar/passport/voter ID. Employment proof. Address proof (utility bill/lease/passport). Application form, photo & digital KYC Accurate documentation speeds up the processing of loan applications. Those with high credit scores i.e., scores of over 730+ along with steady income benefit from lower interest rates and faster processing of personal loans. That is why it is important to keep your credit profile clean, credit score high and all your documents properly arranged so that loans can be availed within a short period of time when needed. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
