Page 9 - Latest Updates on TDS
No TDS on interest paid as compensation
The Commission warned the builder not the deduct tax at source on the interest as it was awarded as a form of compensation
Even those not audited must deduct TDS if total payment exceeds Rs 50 lakh
The liability to deduct tax gets triggered when the amount paid to a resident, or even the aggregate of such amounts, exceeds Rs 50 lakh
 "Even those not audited must deduct TDS if total payment exceeds Rs 50 lakh")
Govt exempts cash payments above Rs 1 crore via APMC from 2% TDS
The government also gave 15 percentage points additional depreciation rate to commercial vehicles, taking it to 45 per cent
 "Govt exempts cash payments above Rs 1 crore via APMC from 2% TDS")
Reader's corner: How to check status of refund from income tax department
You will not be able to claim a credit of such TDS until the tenant completes the formalities
 "Reader's corner: How to check status of refund from income tax department")
Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts
The total TDS paid on cash withdrawal beyond Rs 1 crore will be adjusted against the total tax dues from the taxpayer.
 "Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts")
Budget 2019 proposals for TDS on life insurance confuse tax experts
But that there is no clarity on how the gains should be calculated on such life insurance policies
 "Budget 2019 proposals for TDS on life insurance confuse tax experts")
Imposed TDS levy after 448 entities withdrew Rs 100 cr each in a year: Govt
Over 1.03 lakh entities made cash withdrawals in the range of Rs 1-2 crore in 2017-18, totalling more than Rs 1.43 lakh crore
 "Imposed TDS levy after 448 entities withdrew Rs 100 cr each in a year: Govt")
TDS on Rs 1-crore cash withdrawal aimed at cracking down on black money
The ministry said that the 2% tax, announced in last week's budget and to start in September, was prompted by information showing misuse
Budget 2019 analysis: Here's what 5 key sectors expected and what they got
EY analyses Nirmala Sitharaman's Budget 2019 for Business Standard, comparing the expectations of five key sectors of the economy and what they actually got in Budgetary provisions
 "Budget 2019 analysis: Here's what 5 key sectors expected and what they got")
Senior citizens with income up to Rs 5 lakh can seek TDS relief on interest
Senior citizens, above 60 years of age, have to submit Form 15H to banks at the beginning of a financial year to ensure that no tax is deducted at source on interest income
 "Senior citizens with income up to Rs 5 lakh can seek TDS relief on interest")
NRIs should obtain TDS certificate in advance for lower deduction at source
It will lower the tax deducted at source and they won't have to wait a long time for refunds
 "NRIs should obtain TDS certificate in advance for lower deduction at source")
Buying property from non-resident Indians subject to TDS under I-T Act
I-T dept has decided to focus on property transactions involving NRIs; non-compliance would result in penalties
Scanner on firms with low TDS collections
CBDT boss asks officers to scrutinise entities with 10% lower numbers
 "Scanner on firms with low TDS collections")
Evasion of TDS by companies is set to become more difficult
TDS evaders likely to face stiffer provisions
 "Evasion of TDS by companies is set to become more difficult")
Salaried tax payers will now get SMS alerts on TDS deductions
Finance Minister Arun Jaitley on Monday launched the service. Central Board of Direct Taxes or CBDT will soon offer this facility on a monthly basis.
 "Salaried tax payers will now get SMS alerts on TDS deductions")
Govt expects Rs 46,739-crore TDS from Delhi region in 2016-17
A top tax official noted that TDS collection has risen very fast over the last few years and it is one of the main sources of tax collection
 "Govt expects Rs 46,739-crore TDS from Delhi region in 2016-17")
CBDT relaxes rules for TDS claims by non-resident companies
They can now claim benefits of tax treaty by just providing personal details such as name, address and tax residency certificate, even without providing PAN
 "CBDT relaxes rules for TDS claims by non-resident companies")
How to avoid TDS on your investments
Use Forms 15G or 15H, depending on age, to avoid tax deduction at source if you don't have taxable income
 "How to avoid TDS on your investments")
I-T dept to pay interest on TDS refund
It will also not litigate with the deductor on this issue in the future
 "I-T dept to pay interest on TDS refund")
