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Crypto industry wants 0.1% TDS, Sebi-like regulator in Budget 2023

Some industry experts also suggested that gains in the crypto industry should be allowed to be offset against losses

Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist

Tax is to be debited from the account of the customer and cannot be adjusted against the cash withdrawn

No TDS on remunerations, salaries or commission paid to partners: ITAT

The ITAT ruled that there is no requirement under the IT Act for the deduction of tax at source by the partnership firm on remuneration to partners

Indian crypto exchange trade down by Rs 32k cr since 30% tax kicked in

The current tax architecture may lead to a loss of approximately Rs 99.3 trillion of local exchange trade volume in the next four years, says the study by The Esya Centre

Cryptocurrency in 2022: What it was, what it is, and what to expect in 2023

Cryptocurrency: Business Standard talked to various crypto firms in India about how 2023 will be for the industry. Here's what they said

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

TDS benefits: Govt allows non-resident taxpayers to file Form 10F till Mar

The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F. In a notification, the CBDT said to mitigate genuine hardship to such taxpayers, it has been decided that such category of non-resident taxpayers who are not having PAN and not required to have PAN as per relevant provisions of the I-T Act would be exempted from mandatory electronic filing of Form 10F till March 31, 2023. "It is reiterated that such category of taxpayers may make statutory compliance of filin

Govt receives Rs 60.46 crore tax from TDS on virtual digital assets

The government on Tuesday said an amount of Rs 60.46 crore has been received in tax from entities for transactions in virtual digital assets (VDAs), including cryptocurrencies, since the introduction of TDS provisions in July. The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin. Also, to keep a tab on the money trail, a 1 per cent Tax Deducted at Source (TDS) under section 194S of I-T Act has been brought in on payments over Rs 10,000 towards virtual digital currencies from July 1. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said CBDT conducts outreach/ awareness programmes for deductors/taxpayers and also takes appropriate action, including search & seizure operations, surveys, enquiries etc, as required. "Post insertion of Section 194S in the Income-tax Act, 1961 through Finance Act, 2022, a total of 318 ...

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

NRIs can repatriate funds from sale of two houses, say experts

For property bought as resident or inherited, up to $1 mn can be sent each year

CBDT extends last date for filing TDS for non-salaried individuals

Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter

Deadline for filing TDS for non-salary transactions extended till Nov 30

The Central Board of Direct Taxes on Thursday extended the deadline for filing quarterly TDS statement in Form 26Q for the June quarter by a month till November 30. Form 26Q is used for quarterly filing of TDS returns on payments other than salary. "Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st October, 2022 to 30th November, 2022," CBDT said in a statement. The form captures details of total amount paid and tax deducted on such payments during the quarter. It would include payments on account of interest on securities, dividend, winnings from lotteries and crossword puzzles, rent, interest other than interest on securities, fees for professional or technical services. AMRG & Associates Director (Corporate & International Tax) Om Rajpurohit said taxpayers have been experiencing a ...

SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight

Airline says significant portion of PF contributions of all employees is also being credited and the remaining amount will be released shortly

Clear brings solutions to pre-validate data before tax returns are filed

Clear TDS, a SaaS platform, can generate three million FVU files in 30 minutes, and has automated bulk PAN and aadhaar linking verification, challan verifications among other features

Six months on, crypto tax leading to siphoning of India's wealth: Experts

The crypto industry is largely unregulated in India, and the central government, along with the Reserve Bank of India (RBI), have repeatedly refused to make cryptocurrencies legal

Overseas firms see compliance burden increasing to get tax treaty benefits

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

Govt working on GST on crypto transactions, defining legal framework

The government is working on a comprehensive indirect tax regime for crypto assets which will check revenue loss to the exchequer

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT

Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget

Loan waiver not a benefit, banks exempt from 10% TDS on OTS: CBDT clarifies

The Central Board of Direct Tax has clarified in a circular that the banks are not required to deduct 10% TDS on one-time settlement (OTS) or loan waivers.

Experts raise several red flags around section 194R of the Income Tax Act

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges