Page 2 - Tds

Salaried but have sizeable other incomes? You have to pay advance tax

NRIs with income in India above Rs 10,000, post-TDS and tax treaty adjustments, must pay too

SC rules companies need not deduct tax for discounted SIM cards sales

This means that telecom companies need not deduct TDS for selling pre-paid SIM cards to their distributors at a rate below the market price

No TDS on minimum guarantee paid by OYO Rooms to hotels: ITAT

OYO Rooms assures minimum benchmarks, occupancy of hotels and in case such benchmark is exceeded, the service fee is payable by the hotel and in case of shortfall

Over Rs 15 trillion in direct tax mop-up comes in 'automatically'

Proportion of TDS, advance taxes in total collections inching closer to 80%

SpiceJet deposits Rs 100 cr TDS for FY23, employees to get Form-16s soon

The airline has used various avenues to raise cash. In the financial year 2022-23, the airline raised Rs 449.8 crore under the central government's Emergency Credit Line Guarantee Scheme

Interim Budget 2024-25: Mobile tower companies seek input tax credit

The largest players in the industry, including American Towers, Indus Towers, and Summit Digitel, are members of DIPA

SpiceJet gets shareholder nod to raise Rs 2.2K cr by issuing equity

Mahapatra family now owns 21.94 per cent shares in SpiceJet; Ajay Singh's shareholding reduces from 56.48 per cent to 38.55 per cent

Budget 2024-25 wishlist: Indian crypto players seek tax cuts to spur trade

Companies have urged the government to treat income gained from virtual digital assets (VDAs) at par with that derived from capital assets

India Inc seeks tax reforms, R&D incentives in upcoming interim Budget: EY

EY said that no major tax amendments or reforms are expected in the upcoming Budget as evidenced from the previous Interim Budgets of 2009, 2014 and 2019

CBDT clarifies applicability of TDS liability for e-retailers on ONDC

The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative. As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1 per cent TDS will have to be deducted from the gross sale amount after including convenience/ packaging/shipping fees as charged by e-commerce trading platforms for the order placed on ONDC. As ONDC or Open Network for Digital Commerce is a new initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), the CBDT had received representations seeking clarity on who should be liable for Tax Deducted at Source (TDS) compliance under I-T laws. Under the law, every e-commerce operator is required to deduct TDS at the rate of 1 per cent of the sales amount of goods/services sold through its platform. The CBDT has clarified that in a situation where multiple e-commerce operators (ECOs) are involved in a single transaction through the ECO platform, the

TDS on fixed deposit interest: A guide on how to avail exemption

As per the Income Tax Act, the exemption limit for TDS deduction on FD is Rs 40,000 for individuals (excluding senior citizens) and Rs. 50,000 for senior citizens

Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta

Collects Rs 600 cr as TDS from online gaming firms, Rs 105 cr from crypto assets

I-T dept collects over Rs 700 crore in TDS from online gaming, crypto trade

The government has collected more than Rs 700 crore in taxes till now this fiscal after a new TDS regime was brought in for online gaming and trade in cryptocurrency, CBDT Chairperson Nitin Gupta said on Friday. About Rs 600 crore in taxes (under the tax deduction at source head) has been collected during the current financial year after the new online gaming regime kicked in, while around Rs 105 crore through TDS has been mopped up during 2023-24 fiscal after the taxation of crypto currency regime kicked in April 1 last year, he told reporters here. The Finance Act 2023 inserted a new section 194BA in the Income-Tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax (TDS) on the net winnings in the person's user account. Tax is required to be deducted at the time of withdrawal as well as at the end of the financial year. Similarly, from April 1, 2022, income from transfer of virtual digital assets or cryptocurrencies is taxable a

India likely to keep door shut on crypto for two years, says WazirX

India has called for a globally coordinated approach to crypto rules with the help of institutions such as the International Monetary Fund

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

Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept

Tata Communications has moved the Income Tax Appellate Tribunal against an income tax commissioner court order rejecting the company's appeal against a tax demand of Rs 228.49 crore, according to an exchange filing. The company in a late-night filing on Friday stated that the company had filed appeals before the Commissioner of Income-tax (Appeals), Mumbai, in respect of TDS orders alleging short deduction of tax at source for assessment years 2013-14 to 2018-19. The potential financial implications are Rs 228.49 crore on the company, it said. The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company. "The company has on September 08, 2023, filed an appeal against these orders before the Income Tax Appellate Tribunal," Tata Communications said.

28% GST on online gaming: How will new tax work for players and companies

GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase

CBDT exempts aircraft leasing biz at Gift City from tax deducted at source

The move is in line with the amendment in the Finance Act, 2023, that allows exemption in respect of dividend income earned by an aircraft leasing business in an IFSC

Filing ITR? Don't forget to declare your income from other sources

Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.

TMS Ep478: UPI goes global, Chandrayaan-3, MFs and small-caps, TCS vs TDS

How can UPI replicate its success abroad? How will Chandrayaan 3 mission help space start-ups? Why are MFs finding the going tough for small-cap schemes? How is TCS different from TDS? Answers here