Page 3 - Tds

Seniors citizens must disclose all forms of income in ITR to avoid charge

Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS

Cleartax forays into crypto tax segment, expects 1 mn filings this year

The online tax filing company has integrated with over 100 crypto exchanges, including Coinbase, CoinDCX, Binance, and WazirX, to provide taxation services at one common platform 'CryptoTax'

When and how can I claim a TCS refund on foreign remittance?

TCS credit is available to be adjusted against actual tax liability to be payable at the end of the year. In case of no such tax liability, one can claim a refund at the end of the year.

Interest earned from Mahila Samman Certificate to be taxed, no TDS

Interest earned from Mahila Samman Certificate scheme will not attract TDS and the interest income will be taxed in the hands of the recipient as per the eligible tax slab, as per a CBDT notification. The Central Board of Direct Taxes (CBDT) on May 16 notified the Tax Deducted at Source (TDS) provision for the post office savings scheme, under which an account can be opened in the name of a girl or woman. The scheme which was launched in the current fiscal, provides an annual interest of 7.5 per cent interest and maximum limit for deposit is Rs 2 lakh. The deposit shall mature on completion of two years. Nangia Andersen India, Partner, Neeraj Agarwala said the CBDT notification clarifies that TDS on interest earned on the Mahila Samman Saving Certificate (MSSC) is not applicable if such interest does not exceed Rs 40,000 in a financial year. "At 7.5 per cent interest, the MSSC scheme will give a return of Rs 15,000 in one year and Rs 32,000 in two years. It can be said that no TDS

Examine top 30 cases of TDS falling short: CBDT to tax department

Apex body releases interim action plan for the first half of FY24

No penalty under 271C for belated remittance of TDS after deduction: SC

The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source (TDS) after its deduction by the assessee concerned. The top court noted that section 271C of the Act deals with penalty for failure to deduct TDS. It said as per settled position of law, the penal provisions are required to be construed strictly and literally and as per the cardinal principle of interpretation of statute and more particularly, the penal provision, "the penal provisions are required to be read as they are." "Nothing is to be added or nothing is to be taken out of the penal provision. Therefore, on plain reading of section 271C of the Act, 1961, there shall not be penalty leviable on belated remittance of the TDS after the same is deducted by the assessee," a bench of Justices MR Shah and CT Ravikumar said. It said section 271C of the Income Tax Act is quite categoric and its scope and extent of applicat

Delay in TDS remit shall not attract penalty, rules Supreme Court

Decides on applicability of Section 271C under Income-Tax Act

Not liable to pay tax? Submit Form 15G/15H right away to avoid TDS

If your income exceeds 15G/15H limit but you qualify for tax deduction at a lower rate, use Form 13

Employers must seek employees preferred tax regime for deducting TDS: CBDT

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income as per the new revamped tax regime announced in Budget 2023-24. Individual taxpayers have the option to select whether they want to be in the old tax regime, which provides for exemptions and deductions or switch to the new tax regime which offers low tax rates but no exemptions. The Budget 2023-24 unveiled on February 1 tweaked the optional exemption-free tax regime, which is available under section 115BAC of the I-T Act to push salaried-class taxpayers to switch to the new tax regime. The revamped concessional tax regime was made the default regime for an individual taxpayer. The Central Board of Direct Taxes (CBDT) on Wednesday issued a ...

Rs 158 cr direct tax collected in current fiscal via TDS on crypto assets

Direct tax collected by way of tax deducted at source on payments made upon transfer of virtual digital assets aggregated to Rs 157.9 crore upto March 20, 2023, the Parliament was told on Tuesday

March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

I-T dept launches app for taxpayers to view interest, dividend income info

The Income Tax department on Wednesday said it has launched the 'AIS for Taxpayer' mobile app which will give taxpayers a comprehensive view of their information related to TDS/TCS, interest, dividends and share transactions, and an option to provide feedback. The mobile app will facilitate taxpayers to view their information as available in the Annual Information Statement (AIS)/ Taxpayer Information Summary (TIS). 'AIS for Taxpayer' is a mobile application provided free of cost by the Income Tax Department, and is available on Google Play and App Store. "The app is aimed to provide a comprehensive view of the AIS/TIS to the taxpayer which displays the information collected from various sources pertaining to the taxpayer," the Central Board of Direct Taxes (CBDT) said in a statement. Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, other information (GST Data, Foreign ...

CBDT asks Mumbai, West Bengal to step up efforts to raise revenue

CBDT asks officials to step up collection

Will bring scheme for disposal of small appeals: CBDT chairperson

The Central Board of Direct Taxes (CBDT) will soon come out with a scheme on the Budget announcement of reducing pendency of appeals related to TDS default issues, board chairperson Nitin Gupta said. In her Budget speech on Wednesday, Union Finance Minister Nirmala Sitharaman said she proposes to deploy about 100 joint commissioners of the Income Tax department for disposal of small appeals and to reduce the pendency of appeals at the commissioner level. "We will come up with a scheme, the appeals dealt here will be mainly relating to TDS (tax deducted at source) default, the orders on TDS default, the orders on the processing of return of income where we feel that it requires adjustment and the taxpayer feels otherwise...there could be cases of small income (under dispute)," Gupta told PTI during a post-Budget interview. The scheme will aim to expedite the process of disposal of appeals by the first appellate authority, which is the Joint Commissioner for Appeals, he said. Under t

No extension to lower withholding tax triggers concern among FPIs: Report

Currently, FPIs investing in government securities and corporate bonds avail concessional 5 per cent withholding tax rate

Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST

Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future

Budget 2023-24: Net winnings from online games to attract 30% TDS

Proposes 30% tax on net winnings, removes threshold of Rs 10,000

India should consider reducing 1% TDS rate on cryptocurrency trade: Report

India should consider lowering the 1 per cent TDS on crytocurrency trade as a high rate is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market, a report said on Tuesday. The 'Impact Assessment of 1 per cent TDS on VDAs' report by Chase India and Indus Law said the crypto platforms/exchanges must also perform customer due diligence which can help uncover any potential future risk. "The existing 1 per cent TDS on crypto trade, combined with the absence of comprehensive regulations, is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market," it said. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Tether and Dogecoin. Also, to keep a tab on the money trail, a 1 per cent TDS has been brought in on payments over Rs 10,000 towards virtual digital ...

Taxing times: Businesses face tax heat over deductions claimed for cess

CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr

Avoid higher TDS with timely, accurate submission of investment proof

For investments made after proof has been submitted to the employer, claim refund in ITR