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What is TDS
Latest Updates on TDS
Review panel may submit report before FY26 Budget
A top court bench led by outgoing Chief Justice DY Chandrachud ruled that salaries paid from government grants are taxable
Proposal seeks to lessen compliance burden on taxpayers and avoid litigation
Tax Deducted at Source (TDS) is a tax collection method where tax is deducted directly from the income source before it reaches the recipient
From new Aadhaar card rules to updates in tax deductions, here's what you need to know about the key financial changes happening this month
The problem is reportedly believed to have stemmed from a software error that resulted in TDS claims not being properly updated on the income-tax portal
To ensure accurate TDS deduction it is important to submit your PAN when applying for provident fund withdrawal
HUL has said that it has an 'indemnification right' to recover the demand raised by the Income Tax department
Budget has proposed to provide a standard operating procedure for TDS defaults and simplify the compounding guidelines for defaults
TDS will be reduced from current rate of 5% to 2% from October 1
In the Union Budget for the previous financial year 2023-24, it was announced that a 10 per cent TDS on interest payments would be applied to listed bonds (debentures) starting April 1, 2023
Starting April 1, 2025, the TDS rate for commissions will drop from 5% to 2%
The Budget has proposed to cut the rate of TDS to 2% from 5% earlier for rents paid in excess of Rs 50,000 by an individual or an HUF, for a month or part thereof
'Rationalisation of TDS from 5% to 2% for payment of insurance commission to individual agents will ensure additional income in the hands of such individuals for payments made by the insurers'
The crypto body has further asked for an increase in the threshold limit for TDS deduction under Section 194S of the Income Tax Act from Rs 10,000 to Rs 5,00,000
According to the Income-Tax (I-T) Act, it is not mandatory for individuals earning less than the basic exemption limit to file an ITR.
Such refund is issued by the Income Tax department when tax deducted or advance taxes paid exceed actual tax liability
The income earned through moonlighting can be received as a salary, or as professional fees/business income
Also ensure that Form 16 and Form 26AS contain identical TDS details
Individuals with income below basic exemption limit should opt for the former, those exceeding this limit may go for the latter