New Delhi, March 18 -- Imagine realizing in March that you owe additional taxes-plus interest-because you missed your advance tax payments. For many salaried individuals earning extra income from fixed deposits, stocks, or rental properties, this is a costly oversight.

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While employers deduct tax at source (TDS) on salaries, they don't account for other sources of income unless explicitly informed. The good news? A simple declaration to your employer before the financial year ends can help you avoid unnecessary penalties under Section 234C of the Income Tax Act. Here's how it works and why timing matters.

Under Indian tax laws, if your ...