Page 7 - Latest Updates on TDS
Businesses need not deduct TDS on share purchases via exchanges: CBDT
Businesses had said there are practical difficulties in implementing the provisions of Tax Deduction at Source (TDS) contained in a rule.
 "Businesses need not deduct TDS on share purchases via exchanges: CBDT")
File past year returns, avoid higher taxes as new tax provisions kick in
Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in
 "File past year returns, avoid higher taxes as new tax provisions kick in")
I-T dept tool to identify 'specified persons' who have to pay higher taxes
The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1
 "I-T dept tool to identify 'specified persons' who have to pay higher taxes")
Can't use ITR-1 if TDS paid on high cash withdrawal, say experts
Taxpayers now need to provide quarterly break-up of dividend income earned
 "Can't use ITR-1 if TDS paid on high cash withdrawal, say experts")
New TDS rules for PPF, other small savings schemes: Check details here
Rules apply only for cash withdrawals of non-ITR filers
 "New TDS rules for PPF, other small savings schemes: Check details here")
FPIs bat for common platform to avail Budget benefit on dividends
Tax consultants and custodians are also putting heads together to standardise the kind of documents needed to be furnished by FPIs, which can be acceptable to all companies
 "FPIs bat for common platform to avail Budget benefit on dividends")
21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman
In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance
 "21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman")
Banking on Budget: Hope and reforms amid pandemic and fiscal deficit
The government has taken laudable steps to support and propel the economy in these difficult times, but a lot more still needs to be done, writes Vikas Vasal
 "Banking on Budget: Hope and reforms amid pandemic and fiscal deficit")
CBDT clamps down on coercive assessment, tax recovery measures by officers
Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept
 "CBDT clamps down on coercive assessment, tax recovery measures by officers")
IT Dept issues guidelines for applicability of TCS provision from Oct 1
The CBDT said the new introduced TCS provisions would not apply to transactions in securities and commodities which are traded through recognized stock exchanges
 "IT Dept issues guidelines for applicability of TCS provision from Oct 1")
Taxes taking a bite out of your salary? Use Section 197 to manage cash flow
Only payments made after submission of this certificate are eligible for lower or nil tax rate
 "Taxes taking a bite out of your salary? Use Section 197 to manage cash flow")
I-T dept undergoes overhaul to implement faceless assessment scheme
3,500 posts of assessment officers diverted to other centres; officers flag transitional challenges in implementing scheme
 "I-T dept undergoes overhaul to implement faceless assessment scheme")
Only investigation wing, TDS directorate to conduct I-T surveys: CBDT
In an I-T survey, tax officers visit business premises of the taxpayer to gather information by way of examination of books of accounts, data stored electronically and also access email communication
 "Only investigation wing, TDS directorate to conduct I-T surveys: CBDT")
Banks, post offices can now find out TDS on large cash withdrawals
The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates
 "Banks, post offices can now find out TDS on large cash withdrawals")
Banks, Post Offices can now check TDS rate on high value withdrawals
Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash
 "Banks, Post Offices can now check TDS rate on high value withdrawals")
CBDT notifies revised Form 26AS, to include details of property, share deal
To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act
 "CBDT notifies revised Form 26AS, to include details of property, share deal")
Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds
Collections may come under pressure once the base effect wears off
 "Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds")
Salaried class excluded from TDS benefit to avoid tax burden: Govt
To boost short-term liquidity for businesses, the government on Wednesday reduced TDS and tax collected at source (TCS) rates for non-salaried payments by 25 per cent up to March 31, 2021
FM Nirmala Sitharaman's TDS, TCS move will not ease tax burden: Experts
The move will help release liquidity worth Rs 50,000 crore, according to government estimates. Experts, however, feel that its impact will be limited as tax incidence remained the same.
 "FM Nirmala Sitharaman's TDS, TCS move will not ease tax burden: Experts")
15 different measures FM Nirmala Sitharaman announced today
Among 15 measures announced - 6 are for MSMEs, 2 related to EPF and 2 related to MFIs, 1 to discoms, 1 to contractors, 1 to real estate, and 2 tax measures
 "15 different measures FM Nirmala Sitharaman announced today")
