Latest news with #Mohanka
Mint
03-06-2025
- Business
- Mint
Here's all you need to know about Form 16 before filing your income tax return
Salaried employees across India are awaiting a key document — Form 16 — from their employer to file their income tax return (ITR). In this article we lay out why Form 16 is an important document for employees to file their taxes, by when you can expect to get your Form 16, and the important details it contains. TDS certificate Form 16 is important for employees as it contains details of the tax deducted at source (TDS) by the employer. According to the income tax rules, employers must issue Form 16 by 15 June read | For some NRIs, capital gains from Indian mutual funds are tax-free It also contains other details such as deductions claimed under various sections of the Income Tax Act, including 80C and 80D, house rent allowance (HRA), and others. Simplifying the process Form 16 streamlines the process of filing income tax returns, particularly when using pre-filled forms on the income tax portal. However, in case of a delay from the employer, individuals can still file their returns by using documents such as salary slips, Form 26AS, and the Annual Information Statement (AIS). 'For FY25, the last date to issue Form 16 is 15 June. In case of any delay in issuing Form 16, there is penalty of ₹500 per day on the employer," said Mayank Mohanka, founder of TaxAaram India. Also read | Who can avail the indexation benefit on property sale and is it even worth it?Even after receiving Form 16, it is advisable to verify the details across platforms to avoid any discrepancies that could lead to enquiry from the Income Tax Department. Does everyone get a Form 16? Employers are not required to provide Form 16 to employees whose salaries were not subjected to TDS. For example, taxable income up to ₹5 lakh is tax-free under the old tax regime, and up to ₹7 lakh under the new tax regime.'For example, in the old tax regime income up to ₹5 lakh is tax-free after availing a rebate under Section 87A. In the new tax regime, income up to ₹7 lakh is tax-free for FY25. Note that from FY26, the nil tax threshold has been raised to ₹12 lakh under Section 87A", said Mohanka of TaxAaram India. Parts A and B Form 16 is segregated into two parts — Part A and Part B. Part A contains details such as the name of the employer and employee, the employer's Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN), the employee's PAN, period of employment, TDS deducted and deposited. Part B contains details such as salary paid, other income, deductions claimed, and tax payable, among other things. Switched jobs? You'll need two Form 16s A salaried employee can have two Form 16s in a single financial year if he or she has changed jobs during the financial year. In this case, the individual will need to obtain a Form 16 from both the previous employer and the present employer. Remember, the last date for filing IT returns has now been extended to 15 September 2025 from the usual deadline of 31 July read | Category III alternative investment funds were created 15 years ago. They still lack clear tax rules
Yahoo
18-03-2025
- Business
- Yahoo
Mass. environmental group seek swifter action on high energy bills
Do more and do it faster. That's the message from some Massachusetts environmental groups to state officials on energy bills On Tuesday they sent a letter to Governor Maura Healey and Secretary Rebecca Tepper with the Executive Office of Energy and Environmental Affairs. The letter included the steps they believe will save people more money now. 'It's not fast enough to help with energy burden,' said Vick Mohanka with the Sierra Club Massachusetts. As soaring bills have busted many budgets this winter, the Sierra Club MA and other environmental justice groups sent a letter to the state Tuesday with 7 seven action items to reduce those costs and reliance on fossil fuels. Item one, reduce spending on infrastructure under the gas safety enhancement plan. 'It's 100% on our bills and we're paying more profits on this than other states,' said Mohanka Mohanka says while the Massachusetts grid is old and some safety enhancements are necessary, consumers today shouldn't fund decades of future service. The letter also asks for an end to ratepayer-funded gas line extensions. The groups claim, 'Massachusetts gas customers were charged $160 million to hook up additional buildings to the gas system, an average cost of nearly $10,000 per new customer for infrastructure that only serves those customers.' And it says in hidden in distribution charges. '…gas companies are charging ratepayers for their lobbying, advertising, and other expenses…' 'Almost 6 billion dollars we're gonna save, money back to you,' said Governor Maura Healey on March 10th in Lowell during an event to unveil her administration's energy affordability agenda. It includes a $50 credit on April energy bills, automatic enrollment in discount plans based on income, and a $500 million dollar cut to the Mass Save program which rebates drive energy efficiency. 'I did a few weeks ago ask that we take a look at that, in this moment that we're in the high prices and volatility and that's why we saw some savings come off of Mass Save,' Healey said during the event. 'The Mass Save rate goes toward reducing our energy consumption and reliance on gas the distribution rate is where the profits are for the utility companies,' says Mohanka. The Governor's team is drafting an energy affordability bill for this session. Her office provided the following statement to Boston 25 News: 'Energy costs are too high in Massachusetts and Governor Healey is focused on bringing them down. Governor Healey has already taken action to lower people's bills by $220 million in March and April, and her plan would save nearly $6 billion for electric and gas customers over the next five years. She also agrees that more needs to be done. Governor Healey will be filing legislation in the coming weeks to lower costs further, and she appreciates everyone's ideas and advocacy on this important issue.' spokesperson for Governor Healey's office This is a developing story. Check back for updates as more information becomes available. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
Yahoo
18-03-2025
- Business
- Yahoo
Mass. environmental group seek swifter action on high energy bills
Do more and do it faster. That's the message from some Massachusetts environmental groups to state officials on energy bills On Tuesday they sent a letter to Governor Maura Healey and Secretary Rebecca Tepper with the Executive Office of Energy and Environmental Affairs. The letter included the steps they believe will save people more money now. 'It's not fast enough to help with energy burden,' said Vick Mohanka with the Sierra Club Massachusetts. As soaring bills have busted many budgets this winter, the Sierra Club MA and other environmental justice groups sent a letter to the state Tuesday with 7 seven action items to reduce those costs and reliance on fossil fuels. Item one, reduce spending on infrastructure under the gas safety enhancement plan. 'It's 100% on our bills and we're paying more profits on this than other states,' said Mohanka Mohanka says while the Massachusetts grid is old and some safety enhancements are necessary, consumers today shouldn't fund decades of future service. The letter also asks for an end to ratepayer-funded gas line extensions. The groups claim, 'Massachusetts gas customers were charged $160 million to hook up additional buildings to the gas system, an average cost of nearly $10,000 per new customer for infrastructure that only serves those customers.' And it says in hidden in distribution charges. '…gas companies are charging ratepayers for their lobbying, advertising, and other expenses…' 'Almost 6 billion dollars we're gonna save, money back to you,' said Governor Maura Healey on March 10th in Lowell during an event to unveil her administration's energy affordability agenda. It includes a $50 credit on April energy bills, automatic enrollment in discount plans based on income, and a $500 million dollar cut to the Mass Save program which rebates drive energy efficiency. 'I did a few weeks ago ask that we take a look at that, in this moment that we're in the high prices and volatility and that's why we saw some savings come off of Mass Save,' Healey said during the event. 'The Mass Save rate goes toward reducing our energy consumption and reliance on gas the distribution rate is where the profits are for the utility companies,' says Mohanka. The Governor's team is drafting an energy affordability bill for this session. Her office provided the following statement to Boston 25 News: 'Energy costs are too high in Massachusetts and Governor Healey is focused on bringing them down. Governor Healey has already taken action to lower people's bills by $220 million in March and April, and her plan would save nearly $6 billion for electric and gas customers over the next five years. She also agrees that more needs to be done. Governor Healey will be filing legislation in the coming weeks to lower costs further, and she appreciates everyone's ideas and advocacy on this important issue.' spokesperson for Governor Healey's office This is a developing story. Check back for updates as more information becomes available. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
