Use this ready reckoner and you won’s miss a date
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.
TDS for withdrawal from banks has been made stringent
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.
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.
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.
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
Premiums paid/reimbursed by the employer are tax-free perquisites for the employee
Officials said the government is considering providing relief to some sectors which mostly deal in cash
Carefully preserve the records of your financial transactions relating to the house property, proof of payments, sources of investment etc.
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.
In the new approach, text messages similar to those used for TDS updates will be sent to taxpayers, rather than jargon-heavy, intimidating notices
The rate of TDS shall be 5 per cent and it shall be deducted on the ‘income’ portion and not on the entire amount.
The amendment, along with 28 others, were approved by a voice vote by the Lok Sabha, which passed the Finance Bill 2019.
Any discrepancy in taxes deducted should be notified to the respective employer for making the necessary rectification
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
Aadhaar number would suffice to file income tax. Withdrawal in excess of Rs 1 crore to attract 2 per cent TDS.
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.
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.
However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) will be done will be notified later.
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. R
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 R
Budget 2017 provisions will be applicable from April 1. It is time to realign your money matters accordingly.
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.
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.