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TDS News

26 Oct 2024

Govt Should Prioritise Review Of Income Tax Act: SBI Research

The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.

01 Oct 2024

Revised Transaction Fee On Stock Exchanges, TDS Rates Come Into Effect

In the Union Budget, the government had announced to increase the securities transaction tax (STT) on Futures and Options of securities to 0.02 per cent and 0.1 per cent, respectively.

08 Aug 2024

CBDT Eases TDS Rule In Cases Of Death Of Deductees

In view of the genuine difficulties being faced by the taxpayers, the CBDT issued the Circular dated 05.08.2024, and vide the same, the government has relaxed the provisions of TDS/TCS as per the Income-tax Act, 1961, in the event of death of deductee/collectee before linking of PAN and Aadhaar, it added.

07 Aug 2024

Provisions Of TDS/TCS In Case Of Death Of Deductee Or Collectee Relaxed

On April 23, 2024, CBDT extended date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into upto March 2024) to avoid higher TDS/ TCS as per the income tax act.

02 Aug 2024

TDS On Income From G-Sec: Expert Says Investors May Shift To Gilt Funds

FM Sitharaman said TDS is proposed on interest exceeding Rs 10,000 on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 or any other notified security of the Central or State Governments.

31 Jul 2024

10 Common Mistakes To Avoid While Filing Tax Returns At Last Minute In India

Users should avoid 10 common mistakes when filing last-minute tax returns in India: incorrect details, missing documents, ignoring deductions, wrong bank account, skipping verification, late filing, incorrect form, ignoring changes, wrong income declaration, and missed deadlines.

24 Jul 2024

Budget 2024: Finance Minister Announces TDS Framework Changes

Section 192 of the Act deals with tax deduction at source (TDS) on salary earnings.

17 Jun 2024

BJP Aims to Retain LS Speaker Post, Offers Deputy Role to NDA Allies - Reports

The BJP seeks to retain the Speaker post for the 18th Lok Sabha after securing 240 seats, while offering the Deputy Speaker position to NDA allies, with Rajnath Singh leading negotiations.

04 Apr 2024

Received Message From IT Department Regarding TDS? Here's All You Need To Know

According to officials, the message serves as an acknowledgment of the total TDS deposited during the final quarter and the previous financial year.

Income tax deadline

23 Mar 2024

5 Must-Do Financial Tasks Before March 31

Here are the 5 tasks you must complete before March 31, 2024, to avoid penalty.

Income tax return

17 Feb 2024

Tax Season Is Here! Know Difference Between Income Tax Return And TDS

Learning about the concepts of TDs vs ITR can help taxpayers understand what they need to do and make sure they follow the rules correctly.

Interim Budget 2024

28 Jan 2024

Decoding The Budget: Take A Look At 10 Key Budget Terms Crucial For Taxpayers

Let's break down some key terms to make sense of the upcoming budget and understand what lay taxpayers can expect.

22 Mar 2023

Good News For Taxpayers: I-T Dept Launches App To View TDS, Interest, More

Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, other information (GST Data, Foreign Remittances, etc.) as available in AIS/TIS.

03 Mar 2023

New TDS provisions for Online Gaming likely to pose compliance challenges

A report by Lakshmikumaran & Sridharan provides a detailed overview of the new taxation regime announced during Financial Bill 2023

16 Dec 2022

Income tax alert: Govt allows non-resident taxpayers to manually file Form 10F

The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS).

13 Dec 2022

TDS on salary: CBDT issues IMPORTANT circular on salary income, check details

The circular basically explains the obligation of employers with regard to the deduction of tax at source from salaries under section 192 of the Income-tax Act, 1961 for Financial Year 2022-23.

28 Oct 2022

CBDT extends deadline for filing TDS for non-salary transactions till Nov 30

Form 26Q is used for quarterly filing of TDS returns on payments other than salary.

01 Jul 2022

5 big changes in July that will impact your finances directly

Check here 5 key financial changes that would impact your everyday life from 1 July, 2022.

Tax Deducted at Source

28 Jun 2022

New TDS rule from Jul 1: How will it impact doctors, social media influencers?

The Budget brought in a new section, 194R, in the I-T Act which requires deduction of tax at source at the rate of 10 per cent by any person, providing any benefit or perquisite exceeding Rs 20,000 in a year to a resident, arising from the business or profession of such resident.

23 Jun 2022

TDS on virtual digital assets from July 1: Read CBDT guidelines on crypto tax

The Central Board of Direct Taxes (CBDT) issued an FAQ on the TDS provisions on virtual digital assets (VDA) or cyptocurrencies, which was introduced in 2022-23 Budget and will be effective from July 1.

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