Tax Deducted At Source

ITR Filing: An employer is required to deduct TDS from an employee’s salary and deposit it with the department by the 7th of the following month. Failure to do so will attract penalties. But it can also create troubles for the employee.

Avoid fudged or incomplete documents when submitting tax deduction documents

Providing evidence of investments and expenses eligible for tax deductions is a crucial responsibility. However, it is of paramount importance to refrain from submitting false claims or incomplete documentation, as it could lead to potential complications and issues.

Income tax returns: How to claim TDS and TCS back

ITR filing: Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) aren’t money lost forever, you can adjust or claim it back. Low-income earners need to track tax collected and deducted to receive refunds. TDS is not final tax liability, total tax depends on your tax bracket.

Want a loan or credit card? File your income tax return first

Filing income tax return may not be mandatory if your income is below the basic exemption limit. But several benefits and the right to claim tax refunds are open to only those who file their income tax returns

Six important money matters that call for your attention this July

Cryptocurrency transfers, freebies to social media influencers, I-T returns, mutual fund investments… there’s a lot happening in July. Here are the operational and regulatory changes you need to watch out for.

Selling cryptocurrencies bypassing exchange? Here’s how to do 1% TDS deduction

TDS need to be withheld from July 1 on crypto transactions above Rs 10,000 annually and the same need to be deposited with the I-T department within the stipulated time frame.

These are the property transactions for which PAN card is a must

With rapid computerisation, an individual‘s PAN (Permanent Account Number) has become an important document, for many financial and non-financial transactions. It is equally important for buying or selling properties or leasing it out.   &#82

How merging PF accounts helps avoid tax on withdrawals

Total service in the present establishment as well as previous establishments is counted for deducting tax at source and therefore, it is advisable to merge all PF accounts, EPFO has pointed out.

Should you opt for 'consultant' status to lower tax outgo?

As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge.

Money Money Money: Impact of Budget on real estate

From a change in the definition of long-term with respect to immovable property to the introduction of tax deducted at source (TDS) if you are paying rent over a certain amount to measures which were aimed at boosting affordable housing, real estate was definitely a focus area for Finance Minister, Arun Jaitley.

TDS on purchase of property from a resident in India

In order to check the rampant use of black money in immovable property transactions, the government of India has introduced a law, wherein, the purchaser of a property has to deduct tax at source, &#82

IT dept to take steps to boost TDS collections

The department plans to undertake meetings with various stakeholders like company deductors and chartered accountants to ensure that due taxes under this category are deposited accurately and on time.

Media cos' advertisement payment not liable for TDS: CBDT

The Central Board of Direct Taxes (CBDT) has examined the issue of applicability of TDS provisions on payments made by TV channels or media houses publishing newspapers or magazines to advertising agencies for procuring and canvassing for advertisements.

After public outcry, FinMin to clarify on tax on EPF withdrawals

As per the Union Budget announced on Monday, the contributions made on or after April 1, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 percent of the accumulated balance attributable to such contributions on withdrawal shall be exempt from tax.

No TDS on Service Tax component of purchased property

As there have been certain confusions doing the rounds at the time of paying the TDS, CBDT has examined the matter afresh and clarified that no TDS is to be paid on Service Tax, if shown separately.

Link between TDS and actually saving tax on investments

The reason why trying to save oneself from TDS is pointless is due to the fact that this does not alter the actual nature of taxation on the individual.

IT industry raises service tax, TDS issues with Shome panel

Amidst its tax woes, the IT industry raised issue of service tax refunds and interpretation on tax deducted at source (TDS) on softwares with Finance Ministry's high-level committee.

Here's a list of dos and don'ts while filing I-T returns

Balwant Jain of Apnapaisa.com lists out dos and donts to be kept in mind while filing your income tax returns. He stresses on verifying documents related to Form 16, PAN details, TDS credit and so on.

TDS for immovable properties comes into effect

Financial advisor and writer Arnav Pandya talks about the new provision of tax deduction at source (TDS) for transfer of an immovable property. He discusses several conditions related to this provision.

TRPs must help reduce compliance cost for taxpayers: FinMin

Certified professionals who help people file tax returns should constantly update their knowledge and help taxpayers reduce the cost of compliance, Minister of State for Finance S S Palanimanickam today said.

Serious negotiations on with investors: Kingfisher tells SC

The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crore with the income tax department as tax deducted at source (TDS) from its employees' wages.

Giving the right effect to tax deducted at source

Showing the right amount of income earned in the tax return is essential, but often there is an element of confusion that arises due to some additional elements like tax deducted at source

What is TDS or Tax Deducted at Source?

Tax deducted at source (TDS), as the very name implies aims at collection of revenue at the very source of income.