to certain conditions. Otherwise, there is a risk of additional interest outflow.
Form 26AS can be of help
Form 26AS is a tax statement as per the tax authority’s records, which provides details of taxes paid against a Permanent Account Number in a financial year. A person should download Form 26AS from the income tax authority’s website regularly and check whether proper taxes have been deducted again the PAN. A person can accordingly calculate the balance tax liability and deposit the same. It’s always good to have multiple sources of income. Keeping the above simple things in mind, one can avoid any additional tax and interest outflow at a later stage.
* The writer is a director at KPMG.
Views expressed are personal