Page 6 - Latest Updates on TDS
Govt clarifies rate of TDS on virtual digital assets continues to be 1%
The 1% TDS will be applicable from July 1, 2022
 "Govt clarifies rate of TDS on virtual digital assets continues to be 1%")
Non-payment of TDS not a ground for initiation of insolvency process: NCLAT
The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS can not be a ground to initiate insolvency proceedings against any company.
 "Non-payment of TDS not a ground for initiation of insolvency process: NCLAT")
File ITR to avoid TDS/TCS deduction at higher rate, say analysts
The CBDT has issued a circular pertaining to Sections 206AB and 206CCA of the I-T Act, which provide details regarding people to whom higher TDS/TCS rates should apply
 "File ITR to avoid TDS/TCS deduction at higher rate, say analysts")
CBDT to taxmen: Complete 30% faceless assessments by end-June
Faceless assessment units identify issues, seek information, and analyse material to conduct assessment
 "CBDT to taxmen: Complete 30% faceless assessments by end-June")
Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000
In the case of senior citizens, the aggregate of Rs 50,000 apply; rule came into force on April 21
 "Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000")
Seniors need to submit Forms 12BBA, 15G, 15H to save on TDS: Experts
As we enter FY23, remember April is a good time to look into your tax planning for the year ahead
 "Seniors need to submit Forms 12BBA, 15G, 15H to save on TDS: Experts")
How changes in EPF rules may affect you?
Parking money into the govt's retirement fund has become less attractive. After effecting interest rate cut, the EPFO is now levying TDS on interest earned on contributions above Rs 2.5 lakh
 "How changes in EPF rules may affect you?")
TDS will not apply to EPF balance till FY21: Here's what experts suggest
If EPF account is linked to PAN, 10% TDS rate will apply, else 20%
 "TDS will not apply to EPF balance till FY21: Here's what experts suggest")
Cryptocurrency exchanges feel pinch as India's new tax regime starts
Sharp fall in volumes and number of visitors on first three days of April
 "Cryptocurrency exchanges feel pinch as India's new tax regime starts")
It's time to deduct TDS if rent exceeds Rs 50,000, say analysts
Applicable rate is 30% for non-resident landlords, 5% for rest
 "It's time to deduct TDS if rent exceeds Rs 50,000, say analysts")
Prevent NRIs' PAN from being declared inactive
The I-T Department hasn't made provision for allowing those ineligible for Aadhaar to mark their PANs, so the latter can be kept active after March 31
Budget 2022: For property buyers, right TDS must to avoid interest, penalty
Budget impact may not be palpable, but steer clear of taxman
 "Budget 2022: For property buyers, right TDS must to avoid interest, penalty")
Govt proposes to tweak TDS norms on sale of immovable property
One per cent TDS will apply on a non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher
 "Govt proposes to tweak TDS norms on sale of immovable property")
Things to remember as you rush to file your return ahead of December 31
To avoid any last-minute errors, one must remember to use the correct ITR form, collate all relevant income and expense documents for quick referral
 "Things to remember as you rush to file your return ahead of December 31")
Tax mop-up likely to top target by Rs 2.5 trillion, say experts
Monthly GST collection likely to touch Rs 1.5 trillion next fiscal year
 "Tax mop-up likely to top target by Rs 2.5 trillion, say experts")
ITR filing extension: No relief to taxpayers on interest liability
ITR filing has increased to 320,000 daily in September 2021
 "ITR filing extension: No relief to taxpayers on interest liability")
Top headlines: Small firms on I-T radar, race for steel supremacy, and more
Business Standard brings you the top headlines at this hour
60-65 small- to mid-sized companies on I-T radar for TDS mismatch
These companies had reported healthy advance tax payments
 "60-65 small- to mid-sized companies on I-T radar for TDS mismatch")
Cracking the whip: TDS defaults by state PSUs, banks come under I-T lens
Tax dept plans to conduct over 500 survey operations to ensure compliance
New vs old tax regime: Compute liability before making the switch
Non-investors in tax-saving instruments may opt for the new regime
 "New vs old tax regime: Compute liability before making the switch")
