Page 8 - Latest Updates on TDS
TDS rate cut by 25%; period for tax returns extended in Rs 20-trn stimulus
Sitharaman further said the income tax department will fast track processing of pending refunds to charitable trusts, LLPs, non-corporate businesses and proprietorship firms, among others
 "TDS rate cut by 25%; period for tax returns extended in Rs 20-trn stimulus")
Tax break to provident fund: What stimulus has for you and economy
Government support in the form of 12% employer and 12% employee contribution extended for another three months - June, July and August
 "Tax break to provident fund: What stimulus has for you and economy")
Covid-19 impact: TDS revenue collection in first 10 days of May down 22%
The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown
 "Covid-19 impact: TDS revenue collection in first 10 days of May down 22%")
Centre seeks India Inc's view on economic revival amid Covid-19 outbreak
Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny
 "Centre seeks India Inc's view on economic revival amid Covid-19 outbreak")
How to deduct TDS against salary under new rules from April? CBDT clarifies
The circular also addresses the confusion that there cannot be a change in option by the employee during the year, coming as a relief for employers
 "How to deduct TDS against salary under new rules from April? CBDT clarifies")
Coronavirus: Tax dept gives fresh relief to companies on lower TDS
CBDT had recently extended the validity of certificates issued for lower TDS or TCS for three months - till June 30 this year
 "Coronavirus: Tax dept gives fresh relief to companies on lower TDS")
I-T dept extends deadline for filing TDS exemption forms amid lockdown
Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income.
 "I-T dept extends deadline for filing TDS exemption forms amid lockdown")
Covid-19: Govt extends lower withholding tax orders validity by 3 months
Due to Covid-19 outbreak, there is severe disruption in the normal working of almost all sectors, including functioning of the Income Tax department
I-T unearths Rs 3,500-cr TDS default by oil, telecom firm in Delhi: CBDT
CBDT, which frames policy for the tax department, did not name the entities involved
 "I-T unearths Rs 3,500-cr TDS default by oil, telecom firm in Delhi: CBDT")
'Vivad se Vishwas': Cases in arbitration abroad eligible, says I-T dept
The income tax department said appeals and writs filed on or before January 31 this year will be allowed to be taken up under the scheme
 "'Vivad se Vishwas': Cases in arbitration abroad eligible, says I-T dept")
Double trouble: PMC Bank asked to deduct TDS on notional interest paid
CBDT asks lender to deduct tax at source on notional interest paid
 "Double trouble: PMC Bank asked to deduct TDS on notional interest paid")
TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal
Agarwal was talking about the Budget proposal to introduce a new section in the Income Tax Act
 "TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal")
TDS levy on e-comm transactions may impact working capital: Amit Agarwal
Agarwalwas speaking at 14th India Digital Summit organised by Internet and Mobile Association of India (IAMAI)
 "TDS levy on e-comm transactions may impact working capital: Amit Agarwal")
10% TDS only on dividend payment by mutual funds, clarifies CBDT
CBDT clarification removed uncertainty over treatment of capital gains
 "10% TDS only on dividend payment by mutual funds, clarifies CBDT")
I-T dept says 10% TDS only on dividend payment by mutual funds
It went on to state that necessary clarification, if required, shall be proposed in the relevant provision of the law
 "I-T dept says 10% TDS only on dividend payment by mutual funds")
Amfi seeks clarity from tax authorities on removal of DDT, TDS introduction
Currently, mutual funds deduct the DDT and then hand over dividend to the unit holders
 "Amfi seeks clarity from tax authorities on removal of DDT, TDS introduction")
Proposed 1% TDS on e-commerce transactions to impact firms, sellers
Experts further said that e-commerce companies already deduct 1 per cent TDS under the Goods and Services Act
 "Proposed 1% TDS on e-commerce transactions to impact firms, sellers")
Amazon, Flipkart may reach out to govt for clarification on 1% TDS levy
The government on Saturday proposed a new levy of 1 per cent TDS (tax deducted at source) on e-commerce transactions, a move that could increase burden on sellers on such platforms
 "Amazon, Flipkart may reach out to govt for clarification on 1% TDS levy")
Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works
Dept plans to include more complicated cases in second phase of scheme
 "Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works")
Ease of doing business for NRIs
There seems to be a fundamental flaw in the way some of the income tax provisions are administered that hurts non-resident Indians' (NRI) real estate investments in India
