Page 3 - Latest Updates on TDS
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")
TMS Ep478: UPI goes global, Chandrayaan-3, MFs and small-caps, TCS vs TDS
How can UPI replicate its success abroad? How will Chandrayaan 3 mission help space start-ups? Why are MFs finding the going tough for small-cap schemes? How is TCS different from TDS? Answers here
 "TMS Ep478: UPI goes global, Chandrayaan-3, MFs and small-caps, TCS vs TDS")
Seniors citizens must disclose all forms of income in ITR to avoid charge
Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS
 "Seniors citizens must disclose all forms of income in ITR to avoid charge")
Cleartax forays into crypto tax segment, expects 1 mn filings this year
The online tax filing company has integrated with over 100 crypto exchanges, including Coinbase, CoinDCX, Binance, and WazirX, to provide taxation services at one common platform 'CryptoTax'
 "Cleartax forays into crypto tax segment, expects 1 mn filings this year")
When and how can I claim a TCS refund on foreign remittance?
TCS credit is available to be adjusted against actual tax liability to be payable at the end of the year. In case of no such tax liability, one can claim a refund at the end of the year.
 "When and how can I claim a TCS refund on foreign remittance?")
Interest earned from Mahila Samman Certificate to be taxed, no TDS
Interest earned from Mahila Samman Certificate scheme will not attract TDS and the interest income will be taxed in the hands of the recipient as per the eligible tax slab, as per a CBDT notification
 "Interest earned from Mahila Samman Certificate to be taxed, no TDS")
Examine top 30 cases of TDS falling short: CBDT to tax department
Apex body releases interim action plan for the first half of FY24
No penalty under 271C for belated remittance of TDS after deduction: SC
The Supreme Court held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source after deduction by the assessee concerned
 "No penalty under 271C for belated remittance of TDS after deduction: SC")
Delay in TDS remit shall not attract penalty, rules Supreme Court
Decides on applicability of Section 271C under Income-Tax Act
 "Delay in TDS remit shall not attract penalty, rules Supreme Court")
Not liable to pay tax? Submit Form 15G/15H right away to avoid TDS
If your income exceeds 15G/15H limit but you qualify for tax deduction at a lower rate, use Form 13
 "Not liable to pay tax? Submit Form 15G/15H right away to avoid TDS")
Employers must seek employees preferred tax regime for deducting TDS: CBDT
The Central Board of Direct Taxes (CBDT) on Wednesday issued a clarification about Tax Deducted at Source (TDS) deduction by employers in the current fiscal
Rs 158 cr direct tax collected in current fiscal via TDS on crypto assets
Direct tax collected by way of tax deducted at source on payments made upon transfer of virtual digital assets aggregated to Rs 157.9 crore upto March 20, 2023, the Parliament was told on Tuesday
March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B
Here are some of the key ones you need to accomplish
I-T dept launches app for taxpayers to view interest, dividend income info
The mobile app will facilitate taxpayers to view their information as available in the Annual Information Statement (AIS)/ Taxpayer Information Summary
 "I-T dept launches app for taxpayers to view interest, dividend income info")
CBDT asks Mumbai, West Bengal to step up efforts to raise revenue
The net tax growth rate in some of these regions was below expectations, said two people privy to the development
 "CBDT asks Mumbai, West Bengal to step up efforts to raise revenue")
Will bring scheme for disposal of small appeals: CBDT chairperson
The Central Board of Direct Taxes (CBDT) will soon come out with a scheme on the Budget announcement of reducing pendency of appeals related to TDS default issues, board chairperson Nitin Gupta said
 "Will bring scheme for disposal of small appeals: CBDT chairperson")
No extension to lower withholding tax triggers concern among FPIs: Report
Currently, FPIs investing in government securities and corporate bonds avail concessional 5 per cent withholding tax rate
 "No extension to lower withholding tax triggers concern among FPIs: Report")
Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST
Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future
 "Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST")
Budget 2023-24: Net winnings from online games to attract 30% TDS
Proposes 30% tax on net winnings, removes threshold of Rs 10,000
 "Budget 2023-24: Net winnings from online games to attract 30% TDS")
