Latest news with #KarimLakhani
Time of India
5 hours ago
- Business
- Time of India
Details must to claim exemptions, deductions in new ITR
Ahmedabad: Taxpayers, especially those under the old regime, will need to provide comprehensive information while claiming exemptions and deductions in their income tax return (ITR) for the assessment year 2025-26. The ITR utility is now available, and tax experts have stated that submitting detailed information has become compulsory. This includes insurance company names, policy numbers, housing loan particulars, actual house rent allowance (HRA), and rent payments. Additional requirements include information on landlords for HRA claims, registration numbers of political parties for donation deductions, and other relevant details. For medical treatment deductions, specific ailment details are now required. Tax experts indicate that this unprecedented requirement for detailed information aims to prevent fraudulent deduction claims. International tax expert Mukesh Patel said, "This year, the income tax department made it mandatory to disclose various details for all the exemptions and deductions, especially under the old regime. The department aims to stop fake deduction claims. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Banheiro escorregadio? Barra de apoio vira febre no Brasil Evite quedas e escorregões Saiba Mais Undo Based on the details submitted in the ITR by the taxpayers, the department will cross-check such deductions." With the ITR filing deadline extended to Sep 15, taxpayers must collect all necessary documentation. Chartered accountant Karim Lakhani said, "For claiming HRA exemption, the taxpayers will have to give details of the place of work, actual HRA received, actual rent paid, apart from landlord details. For claiming a deduction for insurance premiums under section 80C, the taxpayer is required to submit the policy number or receipt number. Similarly, for the deduction for PPF account, the taxpayer will have to mention the account number in the return. Also, for claiming a deduction for health insurance, the name of the insurance company and policy number must be submitted." Tax authorities have noticed numerous instances of false deduction claims due to minimal documentation requirements. According to experts, taxpayers should gather all the required information for filing ITR so they can claim various deductions and exemptions easily. Box: Additional details to be provided For HRA exemption: The taxpayer will be required to provide details about the actual HRA received and the house rent paid Under Section 80C: The taxpayer must provide the document or receipt number of the insurance policy and the PPF account number Under Section 80D: The name of the health insurance company and the policy number must be provided For home loan interest deduction: The taxpayer will need to give details of the lender, loan particulars, and the outstanding amount Treatment of diseases: To claim a deduction for the treatment of a specific disease, details of the disease will have to be provided
Independent Singapore
01-05-2025
- Business
- Independent Singapore
Rise of the robot colleague: Why workers are choosing AI over each other
Freepik/ (for illustration purposes only) INTERNATIONAL: Today's workplaces have significantly changed — more and more workers are turning to artificial intelligence (AI) for ideas and emotional support instead of their human officemates, and this trend has rewritten the rules of workplace culture. According to Microsoft's latest Work Trend Index report , published by HRD Asia , an increasing number of professionals see AI as a collaborative partner and not a mechanical tool, a 'different kind of team member.' AI becomes the ultimate brainstorm buddy Approximately half (46%) of employees now see AI as a dependable and consistent 'thought partner' — a source of productive ideas, a brainstorm buddy, that can spur creativity, challenge their cognitive abilities, and test their perceptions. Instead of only banking on human colleagues, countless workers have opted for AI for its exceptional gains. Employees said they turn to AI because it's at all times accessible (42%), provides rapid responses and superior results (30%), and delivers a continuous stream of novel concepts (28%). More than these advantages, AI doesn't get tired as it has unlimited capacity (23%). In short, AI is prepared and equipped to work at any time of the day. Dodging drama: Why some avoid human help For many workers, the move towards AI is not merely about acquiring competence or achieving productivity — it is also about dodging the uneasiness of working with colleagues, especially those who have attitude problems. Respondents to the survey mentioned anxiety over judgment (17%), personal tensions (16%), and highly demanding colleagues (15%) as motives why they chose AI. A minor group (8%) even said they try to sidestep alliances or teamwork tasks because co-workers tend to claim too much credit for things they didn't even exert effort on. 'It's a mindset shift,' said Conor Grennan, chief AI architect at NYU Stern School of Business. 'We've been trained to see technology as a tool, but AI is something different — it's like a new teammate.' From HR to IR: The next evolution in the workplace As AI becomes a vital player in everyday work, businesses are starting to reconsider how teams should work. The report proposes that all workers will have to build capabilities around communicating well with AI, such as creating improved prompts, filtering AI-produced replies, and detecting flawed reasoning. Specialists even forecast the development and rise of a completely new division to accomplish this trend. 'Just as HR and IT became foundational functions, we'll likely see the rise of Intelligence Resources departments,' said Harvard's Karim Lakhani. These divisions will aid in overseeing how humans and AI intermingle and collaborate, eventually becoming a key driver of competitive advantage in AI-first establishments.
