Tax Deducted At Source (TDS) is one of the method of collecting the tax from the source of the income. Therefore, an individual or business entity liable to make payments such as salary, interests etc., will collect the applicable tax before making the payment. It is defined based on a certain percentage of the full …
All about to Know About TDS Challan – 280, 281 & 282 Read More »
TDS stands for Tax Deducted at Source. Tax deduction at source (TDS) means collecting tax on income in the form of salary, rent, asset sales, dividends, etc., by requiring the payer to collect income tax due on such income while crediting/paying to the payee and deposit the same to the government on payee’s behalf. Below …
TDS Rate Chart For Financial Year 2023-2024 Assessment Year 2024-2025 Read More »
Tax Deducted at Source (TDS) is a crucial taxation mechanism that ensures that taxes are collected from the source of income. It acts as an advance tax that is deducted by the payer while making payments such as salaries, rent, or professional fees. TDS helps in the efficient and timely collection of taxes, which in …
Important is it to file TDS on crypto transactions? Read More »
Many rules will change in the new financial year 2023-24 starting from April 1. Many rules related to income tax are also going to change in the new financial year. These changes were proposed in the Union General Budget presented on February 1. If the income is less than seven lakhs, then no TDS Salaried …
Union Budget 2023 proposed several changes in Tax Deducted at Source (TDS) rules that will come into effect from the new financial year starting April 1, 2023. In its “Highlights of Finance Bill, 2023”, the Income Tax Department recently shared the list of such TDS rules that were proposed to change in Budget 2023. 1. …
Online gaming: Union Budget of 2023 has introduced several provisions related to tax deduction at source (TDS), aiming to strengthen the country’s tax collection mechanism. However, these provisions have raised ambiguities, particularly in relation to the online gaming industry. The industry has welcomed the government’s move to recognise the sector and provide clarity. The government’s …
Recent Amendments In TDS And Tax Regime And Its Ambiguities Read More »
As per the ITA or Income Tax Act, any individual earning above a certain threshold is required to deduct tax at source as TDS (Tax Deducted at Source) . The Income Tax Department has prescribed certain rates as per which TDS is deducted for differently salaried individuals. The person or company that makes a payment after deducting …
Budget Highlights: Key Direct Tax proposals in Budget2023. In Budget2023 several amendments have been proposed for rationalising the provisions relating to Charitable Trusts and Institutions to provide clarity on tax treatment. Key Direct Tax proposals in Budget2023.Budget2023 proposes to enable prescription of a uniform method for computation of the value of perquisite with respect to …
Income-tax: Key Direct Tax proposals in Budget2023; provide clarity on tax treatment Read More »
It is important to have the original copy of Form 16, and employers have to issue this before the due date of filling the return. Technically, Form 16 is a certificate issued by an employer to an employee that lists the total salary paid to the employee during a financial year, as well as the …
Important To Check Form 26AS before Filing Income Tax Returns Read More »
Today 31/01/2023 Due Date to file the TDS Statement for Quarter-3 of FY 2022-23 From tomorrow late filing fee u/s 234E Rs.200 per day is applicable (Late fee shall not exceed the amount of TDS) Usually, if the income earned by you exceeds a specified limit, then tax is deducted by the payer of the …
Income Tax Alert: Filing TDS return for FY 2022-23? Read More »
An Enforcement Directorate investigation has found that a mid-level income tax employee was able to access the computers of his superiors and create phoney tax deducted at source (TDS) refunds totaling millions of dollars. In the money laundering investigation, the CBI has attached more than 30 properties in Maharashtra and Karnataka, totaling almost Rs 70 crore. It …
Government is expected provide a more rationalised TDS framework to reduce the compliance burden for taxpayers, besides a revamped new concessional tax regime by providing additional benefits like standard deduction, EY said on Sunday. The Budget wishlist of EY also highlights that the government should provide some respite to low- and mid-income taxpayers with annual income up …
Rationalised TDS framework, revamped IT regime expected in Budget from Centre Read More »
Fixed Deposits have been considered the safest type of investment for long. It comes at a fixed interest rate that ensures assured returns and power of compounding. Additionally, this investment option also features a flexible tenure, which adds to the benefits of investors. Interest earned on an FD shall attract TDS (Tax Deducted at Source) …
How Can Senior Citizens Avoid TDS on Fixed Deposit? Read More »
The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in India. Any person paying income is responsible to deduct tax at source and deposit TDS within the stipulated due date. TDS Rate Charts for the FY 2022-23 Section Deductee* Nature …
Taxpayer is entitled to make tax-saving investments till 31st March of a financial year to claim the benefits under the Old Income Tax Regime. However, the accounts department of your office won’t wait till March 31 to adjust your tax payable and cut higher tax as TDS (tax deducted at source) from your salary if …
Income can be from many means. At the same time, income tax also has to be paid after a certain amount in India. Income tax is collected through the government. All Indian citizens who earn more than a certain amount are required to pay tax at the current tax slab rates under Indian tax regulations. …
The TDS collection process is managed and controlled by the Indian Revenue Service under the Department of Revenue. The Indian Revenue Service is a part of the Central Board of Direct Taxes (CBDT). This department is extremely important for the government or legal boards in conducting audits. In this case, the source can be employers, …
TDS Details filed using form 26Q TDS Return Filing, Due Dates & Penalties Read More »
Tax Deducted at Source (TDS) provisions on buying a house property in the Budget 2022. Archit Gupta, founder and CEO of Clear (formerly Cleartax), stated that there are some TDS-related compliances that a buyer and seller need to follow. The buyer of a property which is worth more than Rs 50 lakh, must deduct 1 …
Buying or selling House/Property? Check TDS compliances Read More »
CIRCULAR NO: 24/2022 F. No. 275/15/2022-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block, New Delhi Dated the 7th Dec, 2022 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2022-23 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. ***** Reference is invited to Circular No. …
CBDT issued circular on TDS from Salaries u/s 192 during the FY 2022-23 (AY 2023-24) Read More »
TDS Rules Changed: Now TDS may have to be paid for withdrawing more cash. According to the official website of Income Tax, if a person has not filed all or any income tax return in the last three assessment years, and he withdraws cash aggregating to more than Rs 1 crore in a financial year, …
Soon, banks are likely to get relief from a new tax rule that effectively mandates them to deduct a 10% tax at source on the amount of debt waived by them through one-time-settlement (OTS) or some other schemes, especially involving large accounts. “The departments of revenue and financial services are in talks and a positive …
Banks are likely to get relief from a new tax rule Read More »
The last date to file the tax deducted at source (TDS) return for the first quarter of FY23 is July 31, 2022. Any delay would attract a fine of Rs 200 for each day till the return is filed. TDS is basically aimed at collecting tax from the very source of income. A taxpayer or …
This Time Important things to note before filing TDS returns Read More »
Any delay in filing of tax deducted at source (TDS) return on or before the due date, will welcome a late filing fee of ₹200 for every day till the failure continues. Also, there are possibilities a taxpayer may end up losing all the claiming amount in the TDS due to late filing fees. And, …
Delay in TDS return filing may cost ₹10k penalty, ₹200 late fee per day Read More »
TDS on cash withdrawal: The era of online payment is over now. But still many people deal in cash. Obviously you have to pay cash. For this, you can withdraw cash from the bank. But did you know that you may have to pay TDS on cash withdrawals after a certain limit. TDS on cash …
No. PAN should never be quoted in the field where TAN is required to be quoted. The purposes for which PAN and TAN are allotted are different. TAN is a unique identification number which is allotted to persons who are required to deduct tax at source or collect tax at source. PAN is a unique …
Every person liable to deduct tax at source or collect tax at source is required to obtain TAN. However, a person required to deduct tax under section 194IA orsection 194-IB or section 194M can use PAN in place of TAN as such person is not required to obtain TAN. (1) Section 194IA provides for deduction of tax at source from payment on …
Who Must Apply For Tax Deduction And Collection Account Number? Read More »
As per section 206AA, if you do not furnish your Permanent Account Number to the payer (i.e., deductor), then the deductor shall deduct tax at the higher of the following rates: At the rate specified in the relevant provision of the Act. At the rate or rates in force, i.e., the rate prescribed in the …
At What Rate The Payer Will Deduct Tax If I Do Not Furnish My PAN To Him? Read More »
As per section 206AB, the tax shall be deductible at the higher rates prescribed under this provision if the following conditions are satisfied: (a) Deductee has not filed the return of income for 2 assessment years relevant to the previous year immediately prior to the previous year in which tax is required to be deducted; …
Under What Condition The Payer Will Deduct TDS At Higher Rates? Read More »
Following are the basic duties of the person who is liable to deduct tax at source. He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. He shall deduct the tax at source at the applicable rate. He shall pay the tax deducted by him at source …
What Are Duties Of Person Deducting TDS Under Income Tax? Read More »
It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, then the payee will not have to face any adverse consequences. However, in such a case, the payee will have to discharge his tax liability. Thus, failure of the payer to deduct …
Will Payee Face Adverse Circumstances If Payer Not Deducted TDS? Read More »