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  • COVID relief: 6 tax deadline extensions you must know about Jul 03, 2020 10:20 AM IST

    COVID relief: 6 tax deadline extensions you must know about

    Use this ready reckoner and you won’s miss a date

  • Taxpayers with short deduction of TDS post surcharge hike in FY20 to pay up before filing ITR: CBDT Apr 14, 2020 07:59 PM IST

    Taxpayers with short deduction of TDS post surcharge hike in FY20 to pay up before filing ITR: CBDT

    In a clarification, the Central Board of Direct Taxes (CBDT) said several cases have come to its notice wherein deductors/collectors were held to be an assessee in default for short deduction of TDS/short collection of TCS for transaction which happened between April 1 and July 4.

  • Finance Bill 2020 changes rules on TDS, NRIs and dividends Mar 25, 2020 08:48 AM IST

    Finance Bill 2020 changes rules on TDS, NRIs and dividends

    TDS for withdrawal from banks has been made stringent

  • Taxes | Will the CBDT fill the gaps in a timely manner? Mar 19, 2020 02:09 PM IST

    Taxes | Will the CBDT fill the gaps in a timely manner?

    While officials have assured that any refund (sans interest) arising pursuant to the Vivad Se Vishwas Act would be granted within 'reasonable time', it would be good if the CBDT can provide clarity on the timing issue of such refund and adjustment against any tax payable under the Act.

  • TDS adds undue compliance burden for e-commerce platforms: IAMAI Feb 17, 2020 07:46 PM IST

    TDS adds undue compliance burden for e-commerce platforms: IAMAI

    The government, in the Budget, announced a new levy of 1 per cent TDS (tax deducted at source) on e-commerce transactions, which is to be collected from the sellers by the e-commerce companies.

  • Amfi seeks clarification from tax authorities on removal of DDT, TDS introduction Feb 05, 2020 01:35 PM IST

    Amfi seeks clarification from tax authorities on removal of DDT, TDS introduction

    Industry experts believe that the government's plan to tax dividend at the hands of investors could make dividend plans in equity and balanced schemes unattractive and investors may move towards growth plans.

  • DDT abolished - Here's how it will affect HNIs choosing dividend option in MFs Feb 03, 2020 04:21 PM IST

    DDT abolished - Here's how it will affect HNIs choosing dividend option in MFs

    The Finance Bill 2020 contains a provision that the mutual funds need to deduct tax at source (TDS) at 10 percent if the dividend payout is more than Rs 5,000

  • Income tax benefits on medical treatment and health insurance Dec 11, 2019 09:10 AM IST

    Income tax benefits on medical treatment and health insurance

    Premiums paid/reimbursed by the employer are tax-free perquisites for the employee

  • Centre may not apply new TDS rules to some sectors Sep 11, 2019 12:58 PM IST

    Centre may not apply new TDS rules to some sectors

    Officials said the government is considering providing relief to some sectors which mostly deal in cash

  • Be aware of the taxes to pay while buying, selling or letting out a house Sep 11, 2019 09:38 AM IST

    Be aware of the taxes to pay while buying, selling or letting out a house

    Carefully preserve the records of your financial transactions relating to the house property, proof of payments, sources of investment etc.

  • 2% TDS on cash withdrawals of over Rs 1 cr from September 1: Tax dept Aug 30, 2019 09:25 PM IST

    2% TDS on cash withdrawals of over Rs 1 cr from September 1: Tax dept

    The government had made the provision of levying 2 per cent TDS on cash withdrawals exceeding Rs 1 crore in the Union Budget with an aim to discourage cash transactions and move towards less cash economy.

  • Friendlier I-T interactions in the works as dept eyes image makeover: Report Aug 19, 2019 01:48 PM IST

    Friendlier I-T interactions in the works as dept eyes image makeover: Report

    In the new approach, text messages similar to those used for TDS updates will be sent to taxpayers, rather than jargon-heavy, intimidating notices

  • Budget 2019 tweaks taxes on insurance maturity proceeds Jul 31, 2019 09:22 AM IST

    Budget 2019 tweaks taxes on insurance maturity proceeds

    The rate of TDS shall be 5 per cent and it shall be deducted on the ‘income’ portion and not on the entire amount. 

  • Cash withdrawal from multiple accounts to be aggregated for levying 2% TDS Jul 18, 2019 09:30 PM IST

    Cash withdrawal from multiple accounts to be aggregated for levying 2% TDS

    The amendment, along with 28 others, were approved by a voice vote by the Lok Sabha, which passed the Finance Bill 2019.

  • Changed jobs? Report all salaries and pay taxes Jul 10, 2019 09:15 AM IST

    Changed jobs? Report all salaries and pay taxes

    Any discrepancy in taxes deducted should be notified to the respective employer for making the necessary rectification

  • Budget 2019: TDS to now be paid on parking charges, maintenance fees while purchasing property Jul 09, 2019 10:11 AM IST

    Budget 2019: TDS to now be paid on parking charges, maintenance fees while purchasing property

    The confusion earlier was whether TDS was to be deducted on the basic selling price of the property or whether it was to be paid on the total amount inclusive of miscellaneous charges such as parking, maintenance. This has now be clarified in the Budget

  • Budget 2019:  Aadhaar card can be substitute for PAN; tax levied on large cash withdrawal Jul 05, 2019 01:43 PM IST

    Budget 2019: Aadhaar card can be substitute for PAN; tax levied on large cash withdrawal

    Aadhaar number would suffice to file income tax. Withdrawal in excess of Rs 1 crore to attract 2 per cent TDS.

  • Govt extends deadline for filing TDS returns for October-December to January 2019 Nov 30, 2018 04:16 PM IST

    Govt extends deadline for filing TDS returns for October-December to January 2019

    According to the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 percent on payments to goods or services suppliers in excess of Rs 2.5 lakh. Also, states levy 1 percent TDS under state laws.

  • Are you often confused between the Income Tax and TDS? Here’s how they differ Apr 13, 2018 12:12 PM IST

    Are you often confused between the Income Tax and TDS? Here’s how they differ

    TDS represents part of Income-tax that is already paid by the assessee, which can be set off against Income tax and balance tax liability to be paid.

  • TDS, TCS deductors can apply for GST registration from September 18 Sep 10, 2017 01:50 PM IST

    TDS, TCS deductors can apply for GST registration from September 18

    However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) will be done will be notified later.

  • These are the property transactions for which PAN card is a must Apr 21, 2017 08:00 AM IST

    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

  • TDS provisions on rent paid, under the income tax laws Mar 28, 2017 08:00 AM IST

    TDS provisions on rent paid, under the income tax laws

    Existing TDS provisions on rent paid Tax deduction at source (TDS), is a process in which the payer of the income, pays you the income after deducting tax at the prescribed rates. The existing &#82

  • New income tax provisions you need to be aware of Mar 27, 2017 10:03 AM IST

    New income tax provisions you need to be aware of

    Budget 2017 provisions will be applicable from April 1. It is time to realign your money matters accordingly.

  • Should you invest in current tranche of sovereign gold bonds? Feb 28, 2017 02:10 PM IST

    Should you invest in current tranche of sovereign gold bonds?

    Investment advisors say the bonds offer a good portfolio diversification option. They also offer the twin benefit of capital appreciation and regular returns, besides not having the risk of handling like physical gold.

  • How merging PF accounts helps avoid tax on withdrawals Feb 28, 2017 11:18 AM IST

    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.

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