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Time of India
20 hours ago
- Business
- Time of India
Firms tighten checks as moonlighting rises
Bengaluru: Amid lower single-digit salary hikes and growing job market unpredictability, the industry is witnessing a sharp rise in moonlighting-related verifications. Companies now scan for overlapping employment—clear indicators of concurrent roles or undisclosed prior engagements. Such discrepancies are automatically flagged and escalated for client review. The final determination of risk or policy breach rests with the client, guided by their internal policies, risk tolerance, and candidate discussions. Background verification firm OnGrid reported a surge in screening activity. In the first six months of the current year, it processed 23,000 employment verifications—already 87% of the total 26,000 conducted last year. A key driver is employment history checks, often used to detect moonlighting. These checks flagged 2,900 cases in the first half of this year, up from 2,201 in all of last year. OnGrid tracks Universal Account Numbers (UANs), employment timelines, and personal records to spot overlapping jobs and undisclosed roles. Manav Jain, chief business officer at OnGrid, said that post-pandemic, with the rise of remote, hybrid, and freelance models, moonlighting cases increased. The flexibility of these arrangements made it easier for some to take on secondary jobs. Economic factors also push professionals to seek backup income or job security. During the pandemic, many employees were not fully engaged during typical work hours, and without robust monitoring tools, some used the extra time to take on additional work, which over time became habitual for some. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Rahul Maheshwari, former Google employee and founder of edtech platform Linux Socials, said many professionals are turning to teaching as a side gig to cope with job uncertainty. "Several work as freelancers, taking teaching assignments without going through the PF route. I currently have around 20 professionals from top MNCs who double up as instructors on the platform—many are here to cope with the current instability," he said. Maheshwari himself was asked to stop sharing tutorials on YouTube and LinkedIn after HR classified it as moonlighting. Though he insisted teaching wasn't moonlighting, he resigned to avoid friction—even though it didn't interfere with his day job. Background verification firm AuthBridge reports that 5 out of every 100 candidates engage in dual employment. Nearly 90% of these cases come from the IT services sector, mainly in Telangana, Karnataka, and Tamil Nadu. In one case, a developer was simultaneously employed at five companies, including two direct competitors. AuthBridge uncovered this overlap through PF records and Form 26AS. The shift to remote work during Covid also sparked a surge in multi-employment cases. OnGrid found one candidate joined 50 companies in a single year, worked seven years with 141 employers on record. In 2021, she added 21 more employers and was simultaneously on payroll at 10 companies. This included full-time roles at big names, startups, and established MNCs—not just freelance or contract work. In 2022, Wipro chairman Rishad Premji said that the company fired 300 employees in the past few months for working for direct competitors while being on the rolls of Wipro. Traditional background checks—focused solely on verifying previous employment—can no longer catch these complex cases. That's why companies are moving toward comprehensive employment history checks (EHCs), which reveal undisclosed concurrent employment and other hidden risks. "In today's hybrid and remote environments, the risk of dual employment is too high to ignore. We strongly advise all clients to adopt EHCs as an essential tool for thorough risk mitigation—not just a checkbox in the hiring process," Jain added.
Mint
21 hours ago
- Business
- Mint
How to file ITR online without a CA? A step-by-step guide for FY 2024-25
Filing your Income Tax Return (ITR) digitally i.e., online is easier than ever. This has been made possible due to the artificial intelligence driven user friendly portals and step by step guidance provided by the Income Tax Department. It is important to keep in mind that you do not need to hire a Charted Accountant (CA) especially if your income sources are simple like salary, interest from savings or freelance income. Here is a quick guide on how you can do it yourself. You should start by collecting key documents such as your Form 16 (for salary based individuals), annual statements of bank, interest certificates along with Form 26AS and Annual Information Statement (AIS) to match the same with your income with what the income tax department has recorded. Once you have collected all the relevant documents and information, then you should visit the official website of Income Tax: and post the same log in to your account using your PAN, Aadhaar Card and password. In case you are a new user, then you should register using your PAN card, mobile number, working email id and Aadhaar details. For all salaried individuals who have no business income, the ITR-1 (Sahaj) form is generally the correct form. Whereas freelancers or those taxpayers who have multiple income sources they may need ITR-2 or ITR-3. That is why before selecting any particular form you must clearly understand your income sources and write them down on a separate sheet. To help taxpayers in filing tax returns efficiently, the portal permits pre filled data from your PAN card, AIS and Form 26AS. Review and verify the pre-filled details carefully to ensure that the submitted data is both accurate and updated. Upon the successful completion of entering income details you can then focus on claiming deductions under Sections 80C, 80D etc., as applicable in your individual case. These deductions are directly dependent on your annual income and will require you to understand the income tax provisions applicable in your case. Once you have completed the entire process of form filling, then you should again check everything to ensure that there are no errors. For this you can match your calculated tax with the details you are about to submit. The preview the entire form for any missed details. Once everything looks correct, submit the form and e-verify the submission using Aadhaar OTP, net banking or other available options. Therefore, filing your own income tax not only helps in saving money but also gives you better control over your finances, with a bit of care and preparation it is completely manageable. For all personal finance updates, visit here Disclaimer: This article is for informational purposes only and should not be construed as professional tax advice. Readers are advised to consult a qualified Chartered Accountant or tax expert for guidance specific to their financial situation.
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Business Standard
2 days ago
- Business
- Business Standard
Up to 200% penalty for tax misreporting: What every filer should know
Taxpayers who conceal income, omit sources, or inaccurately claim deductions may find themselves facing serious financial and legal consequences. Whether it's an inadvertent error or a deliberate act, the Income Tax Department has a robust mechanism to detect mismatches and a legal framework that allows it to levy stiff penalties or initiate prosecution. Two tax experts, Suresh Surana, a chartered accountant, and Shefali Mundra, a chartered accountant and tax expert at ClearTax, explain what the law says and what taxpayers need to watch out for. What penalties apply for underreporting, misreporting or concealment? According to Surana, penalties under different sections of the Income Tax Act depend on the nature of the discrepancy: Underreporting (Section 270A): This attracts a penalty of 50 per cent of the tax payable on the underreported income. Misreporting (Section 270A): If income is deliberately misrepresented, the penalty increases to 200 per cent of the tax on such income. This includes use of false invoices or fictitious claims. Concealment (Section 271(1)(c)): Applicable to older assessment years (prior to FY 2016–17), where penalties can range from 100 per cent to 300 per cent of the tax evaded. Unexplained investments (Section 271AAC): A 10 per cent penalty applies in addition to a 60 per cent tax plus surcharge and cess. Wilful tax evasion (Section 276C): May invite prosecution with imprisonment from three months up to seven years, especially if the tax evaded exceeds ~25,00000. Mundra adds that apart from these, interest penalties under Sections 234A, 234B, and 234C are also applicable for late filing, short payment, or deferment of advance tax. How is underreporting typically detected? Detection is no longer reliant on traditional audits. Surana explains that the department uses data from the Annual Information Statement (AIS), Form 26AS, TDS filings, GST returns, and third-party reports such as those from banks, mutual funds, or property registrars. Any inconsistency between disclosed and reported transactions can trigger scrutiny. Additionally, the system receives inputs under global information-sharing agreements, enabling detection of unreported foreign assets. Technology plays a key role here. Mundra adds that AI-based risk models now analyse patterns across data points to flag returns with inconsistencies, unusual behaviour or repeated underreporting. Can penalties be avoided if the error is corrected? Yes, in certain situations. Surana explains that if a taxpayer files a revised return under Section 139(5) or an updated return under Section 139(8A) before detection by the tax authorities, penalties may not apply, provided full tax and interest are paid. Further, Section 270AA allows for immunity from penalties and prosecution where tax is paid and no appeal is filed. Courts have also accepted bona fide error or reasonable cause in some cases under Section 273B. According to Mundra, voluntary correction and cooperation during assessment can play a significant role in avoiding penalty, especially if the non-compliance was unintentional. The role of faceless and AI-driven assessments Under the Faceless Assessment Scheme (Section 144B), cases are handled digitally with no physical interaction. Surana points out that the system enhances objectivity and transparency while allowing the department to pull in data from multiple digital sources to ensure consistency. Mundra notes that AI and machine learning models are already in place to flag returns based on spending, reporting history, and third-party disclosures. The process may seem invisible, but it is highly automated and rigorous.
India Today
3 days ago
- Business
- India Today
Filing ITR without a CA? 5 common mistakes that you must avoid
Today, filing your ITR is much simpler than it used to be. With online portals and digital forms, many people now file their returns on their own, without hiring a Chartered Accountant (CA). It saves time and money even with these conveniences, there are some costly errors that taxpayers commonly make. Avoiding these can save time and prevent issues like delayed refunds or notices from the Income Tax look at some common mistakes which taxpayers tend to commit while filing WRONG ITR FORMOne frequent mistake is selecting the wrong ITR form. Each taxpayer's situation dictates which form should be used, based on their specific income sources. For instance, ITR-1 (Sahaj) is suited for individuals with income up to Rs 50 lakh from salary or pension. ITR-2 is meant for those with capital gains, while ITR-3 and ITR-4 apply to freelancers or business the wrong form can result in a rejected return, so it's crucial to consult the form guide on the Income Tax Department's ASSESSMENT YEARMany people mix up the financial year and assessment year. For income earned in 2024-25, the assessment year will be 2025-26. Pick this carefully or your return will not be INTEREST INCOME OR TDSadvertisementMost people show salary income but forget to add interest earned from FDs or savings accounts. The tax department already has this data in your AIS and Form 26AS. So, check both before filing and declare all sources of DEDUCTIONSPeople often claim deductions like Section 80C (for PPF, LIC, ELSS) or 80D (for health insurance) without having proper proof. Remember, under the new tax regime, most deductions do not apply. So, choose the old regime if you want to claim DOING E-VERIFICATIONMany think filing is done once you click submit. But you must e-verify your ITR within 30 days. If you skip this, your return is not valid and you may have to redo it. You can e-verify using Aadhaar OTP, net banking or an EVC NEW THIS TIME?This year, the AIS and Form 26AS have become more detailed, providing a comprehensive view of your income. The AIS app is now available, allowing you to access your complete income report on mobile. Also, the new tax regime is the default option, but if the old regime is more beneficial, don't forget to select AIS and 26AS with Form 16 is to avoid put, filing ITR without a CA is not rocket science anymore. But a small mistake can bring a big headache. Be careful, stay updated and file your return on time. It saves you money and helps you understand your own finances better. And who knows? Next year, you might even help someone else file theirs!- EndsTrending Reel
India.com
6 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).
