Page 7 - Tds

I-T dept tool to identify 'specified persons' who have to pay higher taxes

The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The Central Board of Direct Taxes (CBDT) issued a circular on Monday on implementation of Sections 206AB and 206CCA with respect to higher tax deduction/collection for certain non-filers. "New functionality issued for compliance checks for sec 206AB & 206CCA to ease compliance burden of tax deductors/collectors," the I-T department had tweeted. The CBDT said that since the TDS deductor or the TCS collector would be required to do a due diligence on whether the deductee or collectee is a 'specified person', this ...

Can't use ITR-1 if TDS paid on high cash withdrawal, say experts

Taxpayers now need to provide quarterly break-up of dividend income earned

New TDS rules for PPF, other small savings schemes: Check details here

Rules apply only for cash withdrawals of non-ITR filers

FPIs bat for common platform to avail Budget benefit on dividends

Tax consultants and custodians are also putting heads together to standardise the kind of documents needed to be furnished by FPIs, which can be acceptable to all companies

21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman

In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance

CBDT clamps down on coercive assessment, tax recovery measures by officers

Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept

IT Dept issues guidelines for applicability of TCS provision from Oct 1

The CBDT said the new introduced TCS provisions would not apply to transactions in securities and commodities which are traded through recognized stock exchanges

Taxes taking a bite out of your salary? Use Section 197 to manage cash flow

Only payments made after submission of this certificate are eligible for lower or nil tax rate

I-T dept undergoes overhaul to implement faceless assessment scheme

3,500 posts of assessment officers diverted to other centres; officers flag transitional challenges in implementing scheme

Only investigation wing, TDS directorate to conduct I-T surveys: CBDT

In an I-T survey, tax officers visit business premises of the taxpayer to gather information by way of examination of books of accounts, data stored electronically and also access email communication

Banks, post offices can now find out TDS on large cash withdrawals

The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates

Banks, Post Offices can now check TDS rate on high value withdrawals

Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash

Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds

Collections may come under pressure once the base effect wears off

CBDT notifies revised Form 26AS, to include details of property, share deal

To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act

Salaried class excluded from TDS benefit to avoid tax burden: Govt

To boost short-term liquidity for businesses, the government on Wednesday reduced TDS and tax collected at source (TCS) rates for non-salaried payments by 25 per cent up to March 31, 2021

FM Nirmala Sitharaman's TDS, TCS move will not ease tax burden: Experts

The move will help release liquidity worth Rs 50,000 crore, according to government estimates. Experts, however, feel that its impact will be limited as tax incidence remained the same.

15 different measures FM Nirmala Sitharaman announced today

Among 15 measures announced - 6 are for MSMEs, 2 related to EPF and 2 related to MFIs, 1 to discoms, 1 to contractors, 1 to real estate, and 2 tax measures

TDS rate cut by 25%; period for tax returns extended in Rs 20-trn stimulus

Sitharaman further said the income tax department will fast track processing of pending refunds to charitable trusts, LLPs, non-corporate businesses and proprietorship firms, among others

Tax break to provident fund: What stimulus has for you and economy

Government support in the form of 12% employer and 12% employee contribution extended for another three months - June, July and August

Covid-19 impact: TDS revenue collection in first 10 days of May down 22%

The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown