TDS Default

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

The government has exempted certain payments made to units of 14 services sectors in IFSC from TDS provisions effective April 1, a move which will reduce tax compliance burden. The Central Board of Direct Taxes (CBDT) in a notification said that no TDS will have to be deducted for payments to units in sectors like FinTech, banking, fund management entity, finance company, credit rating agency, insurance intermediary and investment banking. The TDS exemption will now be applicable on payments like professional/referral fee, brokerage income, interest on External Commercial Borrowings /Loans, insurance commission, dividend and credit rating fee. International Financial Services Centre (IFSC) in Gujarat is being developed as a tax-neutral enclave for the financial sector. Nangia & Co LLP Partner Amit Agarwal said the notification by the CBDT offers a significant relief by exempting specified payments made to the units in IFSC from TDS. Previously, exemptions from withholding tax were

The I-T department's cost of collection has been reduced as a share of the total direct taxes collected

During the investigation, it was discovered that Kriti Verma had sold a property in Gurugram, which was acquired with Rs 1.02 crore of proceeds from the crime

These companies had reported healthy advance tax payments

Tax dept plans to conduct over 500 survey operations to ensure compliance

CBDT, which frames policy for the tax department, did not name the entities involved

Notices have been sent on charges of delay in remitting TDS funds to the exchequer