Tds Default
Over 30,000 TCS workers affected by TDS errors; Tax dept sends notices
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
 "Over 30,000 TCS workers affected by TDS errors; Tax dept sends notices")
Govt exempts certain payments to units in IFSC from TDS starting April 1
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
 "Govt exempts certain payments to units in IFSC from TDS starting April 1")
TDS, explaining the rise and rise of a safe-bet tax collection method
The I-T department's cost of collection has been reduced as a share of the total direct taxes collected
 "TDS, explaining the rise and rise of a safe-bet tax collection method")
Bigg Boss fame actor Kriti Verma named in ED chargesheet in fraud case
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
 "Bigg Boss fame actor Kriti Verma named in ED chargesheet in fraud case")
60-65 small- to mid-sized companies on I-T radar for TDS mismatch
These companies had reported healthy advance tax payments
 "60-65 small- to mid-sized companies on I-T radar for TDS mismatch")
Cracking the whip: TDS defaults by state PSUs, banks come under I-T lens
Tax dept plans to conduct over 500 survey operations to ensure compliance
 "Cracking the whip: TDS defaults by state PSUs, banks come under I-T lens")
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")
TDS default: I-T dept issues over 850 prosecution notices
Notices have been sent on charges of delay in remitting TDS funds to the exchequer
 "TDS default: I-T dept issues over 850 prosecution notices")
