Page 4 - Latest Updates on TDS
Avoid higher TDS with timely, accurate submission of investment proof
For investments made after proof has been submitted to the employer, claim refund in ITR
 "Avoid higher TDS with timely, accurate submission of investment proof")
Crypto industry wants 0.1% TDS, Sebi-like regulator in Budget 2023
Some industry experts also suggested that gains in the crypto industry should be allowed to be offset against losses
 "Crypto industry wants 0.1% TDS, Sebi-like regulator in Budget 2023")
Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist
Tax is to be debited from the account of the customer and cannot be adjusted against the cash withdrawn
 "Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist")
No TDS on remunerations, salaries or commission paid to partners: ITAT
The ITAT ruled that there is no requirement under the IT Act for the deduction of tax at source by the partnership firm on remuneration to partners
 "No TDS on remunerations, salaries or commission paid to partners: ITAT")
Indian crypto exchange trade down by Rs 32k cr since 30% tax kicked in
The current tax architecture may lead to a loss of approximately Rs 99.3 trillion of local exchange trade volume in the next four years, says the study by The Esya Centre
 "Indian crypto exchange trade down by Rs 32k cr since 30% tax kicked in")
Cryptocurrency in 2022: What it was, what it is, and what to expect in 2023
Cryptocurrency: Business Standard talked to various crypto firms in India about how 2023 will be for the industry. Here's what they said
 "Cryptocurrency in 2022: What it was, what it is, and what to expect in 2023")
CBDT to hold high-level meeting to review revenue collection of FY23
Move seen as part of department's revenue maximisation exercise
 "CBDT to hold high-level meeting to review revenue collection of FY23")
TDS benefits: Govt allows non-resident taxpayers to file Form 10F till Mar
Income-tax dept allows non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023
Govt receives Rs 60.46 crore tax from TDS on virtual digital assets
The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin
 "Govt receives Rs 60.46 crore tax from TDS on virtual digital assets")
Indian crypto industry group writes to govt for 'strong regulations'
Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'
 "Indian crypto industry group writes to govt for 'strong regulations'")
NRIs can repatriate funds from sale of two houses, say experts
For property bought as resident or inherited, up to $1 mn can be sent each year
 "NRIs can repatriate funds from sale of two houses, say experts")
CBDT extends last date for filing TDS for non-salaried individuals
Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter
Deadline for filing TDS for non-salary transactions extended till Nov 30
The Central Board of Direct Taxes on Thursday extended the deadline for filing quarterly TDS statement in Form 26Q for the June quarter by a month till November 30
 "Deadline for filing TDS for non-salary transactions extended till Nov 30")
SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight
Airline says significant portion of PF contributions of all employees is also being credited and the remaining amount will be released shortly
 "SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight")
Clear brings solutions to pre-validate data before tax returns are filed
Clear TDS, a SaaS platform, can generate three million FVU files in 30 minutes, and has automated bulk PAN and aadhaar linking verification, challan verifications among other features
 "Clear brings solutions to pre-validate data before tax returns are filed")
Six months on, crypto tax leading to siphoning of India's wealth: Experts
The crypto industry is largely unregulated in India, and the central government, along with the Reserve Bank of India (RBI), have repeatedly refused to make cryptocurrencies legal
 "Six months on, crypto tax leading to siphoning of India's wealth: Experts")
Govt working on GST on crypto transactions, defining legal framework
The government is working on a comprehensive indirect tax regime for crypto assets which will check revenue loss to the exchequer
Overseas firms see compliance burden increasing to get tax treaty benefits
Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically
 "Overseas firms see compliance burden increasing to get tax treaty benefits")
Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT
Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget
 "Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT")
Loan waiver not a benefit, banks exempt from 10% TDS on OTS: CBDT clarifies
The Central Board of Direct Tax has clarified in a circular that the banks are not required to deduct 10% TDS on one-time settlement (OTS) or loan waivers.
 "Loan waiver not a benefit, banks exempt from 10% TDS on OTS: CBDT clarifies")
