Page 2 - Latest Updates on TDS
Salaried but have sizeable other incomes? You have to pay advance tax
NRIs with income in India above Rs 10,000, post-TDS and tax treaty adjustments, must pay too
 "Salaried but have sizeable other incomes? You have to pay advance tax")
SC rules companies need not deduct tax for discounted SIM cards sales
This means that telecom companies need not deduct TDS for selling pre-paid SIM cards to their distributors at a rate below the market price
 "SC rules companies need not deduct tax for discounted SIM cards sales")
No TDS on minimum guarantee paid by OYO Rooms to hotels: ITAT
OYO Rooms assures minimum benchmarks, occupancy of hotels and in case such benchmark is exceeded, the service fee is payable by the hotel and in case of shortfall
 "No TDS on minimum guarantee paid by OYO Rooms to hotels: ITAT")
Over Rs 15 trillion in direct tax mop-up comes in 'automatically'
Proportion of TDS, advance taxes in total collections inching closer to 80%
 "Over Rs 15 trillion in direct tax mop-up comes in 'automatically'")
TDS, explaining the rise and rise of a safe-bet tax collection method
The I-T department's cost of collection has been reduced as a share of the total direct taxes collected
 "TDS, explaining the rise and rise of a safe-bet tax collection method")
SpiceJet deposits Rs 100 cr TDS for FY23, employees to get Form-16s soon
The airline has used various avenues to raise cash. In the financial year 2022-23, the airline raised Rs 449.8 crore under the central government's Emergency Credit Line Guarantee Scheme
 "SpiceJet deposits Rs 100 cr TDS for FY23, employees to get Form-16s soon")
Interim Budget 2024-25: Mobile tower companies seek input tax credit
The largest players in the industry, including American Towers, Indus Towers, and Summit Digitel, are members of DIPA
 "Interim Budget 2024-25: Mobile tower companies seek input tax credit")
SpiceJet gets shareholder nod to raise Rs 2.2K cr by issuing equity
Mahapatra family now owns 21.94 per cent shares in SpiceJet; Ajay Singh's shareholding reduces from 56.48 per cent to 38.55 per cent
 "SpiceJet gets shareholder nod to raise Rs 2.2K cr by issuing equity")
Budget 2024-25 wishlist: Indian crypto players seek tax cuts to spur trade
Companies have urged the government to treat income gained from virtual digital assets (VDAs) at par with that derived from capital assets
 "Budget 2024-25 wishlist: Indian crypto players seek tax cuts to spur trade")
India Inc seeks tax reforms, R&D incentives in upcoming interim Budget: EY
EY said that no major tax amendments or reforms are expected in the upcoming Budget as evidenced from the previous Interim Budgets of 2009, 2014 and 2019
 "India Inc seeks tax reforms, R&D incentives in upcoming interim Budget: EY")
CBDT clarifies applicability of TDS liability for e-retailers on ONDC
The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative
 "CBDT clarifies applicability of TDS liability for e-retailers on ONDC")
TDS on fixed deposit interest: A guide on how to avail exemption
As per the Income Tax Act, the exemption limit for TDS deduction on FD is Rs 40,000 for individuals (excluding senior citizens) and Rs. 50,000 for senior citizens
 "TDS on fixed deposit interest: A guide on how to avail exemption")
Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta
Rs 600 cr TDS comes from online gaming firms, Rs 105 cr from crypto assets
 "Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta")
I-T dept collects over Rs 700 crore in TDS from online gaming, crypto trade
About Rs 600 crore in taxes (under the tax deduction at source head) has been collected during the current financial year after the new online gaming regime kicked in
 "I-T dept collects over Rs 700 crore in TDS from online gaming, crypto trade")
India likely to keep door shut on crypto for two years, says WazirX
India has called for a globally coordinated approach to crypto rules with the help of institutions such as the International Monetary Fund
 "India likely to keep door shut on crypto for two years, says WazirX")
Bigg Boss fame actor Kriti Verma named in ED chargesheet in fraud case
During the investigation, it was discovered that Kriti Verma had sold a property in Gurugram, which was acquired with Rs 1.02 crore of proceeds from the crime
 "Bigg Boss fame actor Kriti Verma named in ED chargesheet in fraud case")
Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept
The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company
28% GST on online gaming: How will new tax work for players and companies
GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase
 "28% GST on online gaming: How will new tax work for players and companies")
CBDT exempts aircraft leasing biz at Gift City from tax deducted at source
The move is in line with the amendment in the Finance Act, 2023, that allows exemption in respect of dividend income earned by an aircraft leasing business in an IFSC
 "CBDT exempts aircraft leasing biz at Gift City from tax deducted at source")
Filing ITR? Don't forget to declare your income from other sources
Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.
 "Filing ITR? Don't forget to declare your income from other sources")
