As the due date for filing Income Tax Return (ITR) approaches, one could end up making numerous tax filing mistakes. One must be careful while filing returns as any oversight can lead to a penalty or tax notice from the Income Tax Department. Here are some common mistakes to avoid while filing income tax returns by July 31, 2022
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30 per cent tax on income from crypto investments
Crypto exchanges were strapped for time in meeting the responsibility placed on them of managing the logistics of TDS.
TDS on cryptocurrency will be effective from today. The new tax rules of crypto created much confusion. Moneycontrol simplifies crypto taxation with these FAQs
TDS of 1 per cent on transfer of cryptocurrencies is set to come into force from July 1. The responsibility of withholding this tax will be on the buyer, crypto exchanges and brokers, depending on the type of transaction, CBDT has clarified.
The income tax administration has published comprehensive disclosure guidelines for TDS deductions for virtual digital assets, which stipulate that the date of transfer and the method of payment must be indicated.
The website earlier mentioned that the TDS rate for virtual digital assets has been dropped to 0.1% from 1% as announced earlier in the budget, according to the website Income Tax Department.
Changes introduced in the Income Tax Act require the deductor to withhold tax deducted at source (TDS) at a higher rates on payments made to certain “specified persons”
New Delhi, May 23 The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS can not be a ground to ini..
Joint Secretary in the finance ministry Kamlesh C Varshney said that such benefits and perquisites are income and were always taxable whether received in cash or kind.
CoinDCX CEO and Co-Founder Sumit Gupta said 30 per cent tax on income from cryptocurrencies is on the higher side and should be reduced.
The set of Frequently Asked Questions (FAQ), which is being drafted by the Department of Economic Affairs (DEA), RBI and Revenue Department, would also be vetted by the law ministry, the official added.
This move will be a major hurdle for the smaller investors and is anticipated to drive the retail investors to the grey market, that is the decentralised exchanges.
Shortening the window of tax filing status for higher TDS deduction poses issues galore
In addition to specifying a 30 percent tax rate, the Budget also mandated an additional 1 percent TDS to be levied on crypto transactions that exceed a certain limit, with the intention of establishing a record trail
Tax deduction for donation can be rejected; higher TDS levied if you don’t file tax returns
According to the ministry, the relaxation applies only if the payer satisfies itself that the receiver is a member of scheduled tribe residing in any specified area.
The I-T department has introduced a provision relating to Tax Deducted at Source (TDS) from July 1, 2021, which would be applicable to businesses with turnover of over Rs 10 crore.
If you have not filed your income tax returns for the last two years, and the total on your tax deductions exceeds Rs 50,000 or more in each of the preceding two years, you will be subject to a higher TDS.
If you have not filed income tax returns for financial years 2018-19 and 2019-20, you will have to face a sharper TDS cut
Budget 2021-22 a proposes steeper tax rate for those who have PAN, but don’t file income tax returns
Claiming TDS refund is a tedious process if you haven’t yet got your TDS certificate. COVID-19 has led to delays in companies filing information in Form 26AS
Form 15G and 15H are used to avoid tax deduction at source on mutual fund dividends if your tax liability is expected to be nil
Withdrawing more than Rs 20 lakh cash from bank would be impossible without a tax return