Air India sale: Centre exempts TDS on transfer of assets to SPV
The government in 2019 had set up a special purpose vehicle 'Air India Assets Holding Ltd (AIAHL)' for transfer of debt and non-core assets of the Air India group.
Sep 12, 2021, 16:47 PM IST
Filed Income Tax Return? TDS rules to change from THIS month
In order to identify the non-filers of ITR, the tax department has made a list of these people at the start of the financial year 2021-22, which includes previous years 2018-19 and 2019-20. This particular list includes the names of taxpayers who did not file returns of income for both assessment years 2019-20 and 2020-21 and have an aggregate TDS of Rs 50,000 or more in each of these two previous years.
Jul 06, 2021, 11:40 AM IST
TDS alert! New rules to take effect from tomorrow: Everything you need to know
Taxpayers who haven’t filed their income tax returns for the last two financial years will have to pay higher TDS and TCS if such deductions were Rs 50,000 or more in each of the two financial years.
Jun 30, 2021, 11:29 AM IST
From Income Tax rules to LPG cylinder price: THESE key things impacting common man to change from July 1
For starters, the State Bank of India (SBI) has updated charges and rules for Automated Teller Machines (ATMs) transactions while a few taxpayers may have to face Tax Deduction at Source (TDS) at higher rates starting next month.
Jun 30, 2021, 08:05 AM IST
Who will have to pay higher TDS from July 1? Tax dept has these conditions for people
From July 1 onwards, a person will be required to pay extra TDS at a higher rate if he/she fails to file their Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.
Jun 25, 2021, 10:44 AM IST
Get ready to pay higher TDS if you fail to do THIS by June 30
TDS will deduct at a higher rate of 20% if you fail to link your Aadhaar Card with your PAN card by June 30, 2021.
Jun 18, 2021, 17:30 PM IST
Filed Income Tax Return yet? You will have to pay double TDS from July 1-Here’s why
Come July 1, a person will be forced to pay extra TDS and that too at a higher rate if he/she fails to file their Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.
Jun 07, 2021, 15:31 PM IST
Big news for FD investment! THESE forms will have to be submitted before June 30
Those who invest in FD will have to submit 15G and 15H on or before June 30. According to the new notification of CBDT, there has been no change in its deadline. This form has to be filled and submitted to the bank, otherwise, the bank deducts the money.
May 22, 2021, 18:23 PM IST
Good news for taxpayers! Last date extended for filing TDS, belated tax returns
Taxpayers can submit the filings that were due on April 1 or later till the end of May or until the last date specified in the notice.
May 01, 2021, 18:58 PM IST
Planning to pay Income Tax? Here are the rules that will impact your pocket
The deadline for filing Income Tax Return is reduced by 3 months along with a maximum penalty of up to Rs 10,000, with a deadline for filing belated and revised ITR for FY 2020-21 to December 31, 2021. According to the new rules, the deposits in the EPF account should not be more than Rs 2.5 lakh.
Apr 04, 2021, 15:22 PM IST
5% TDS to be deducted on PPF withdrawals: Here’s what the new rules say
A 2 % TDS will be deducted from the account after the cash withdrawal is more than 20 lakh but less than Rs 1 crore. Also, 5% TDS will be deducted if the amount exceeds Rs 1 crore. Also if the cash withdrawal is more than Rs 1 crore, the income tax that will be given stands at 2% of the amount above Rs 1 crore
Mar 28, 2021, 15:23 PM IST
Senior citizens may be saddled with bigger TDS burden from July 1
Since the new proposed TDS rules doesn’t provide any exception to cases where the person is not eligible to file ITR (case in point super senior citizen), it may be possible that banks may deduct higher TDS from the interest income from them.
Feb 19, 2021, 13:36 PM IST
COVID-19 relief to taxpayers: TDS, TCS rates reduced by 25% rate for non-salary payments till March 2021
To provide more funds at the disposal of the taxpayers in these difficult times, the TDS & TCS rates have been reduced by 25 percent of the specified rates in the period from 14th May, 2020 to 31st March, 2021.
Dec 14, 2020, 18:32 PM IST
CBDT allows banks, post offices to ascertain TDS applicability rates on cash withdrawals
CBDT said that now the Bank or Post Office has to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS.
Jul 13, 2020, 13:49 PM IST
COVID-19 relief: CBDT extends time for filing of original, revised income-tax returns
The Central Board of Direct Taxes (CBDT) on Wednesday (June 24) issued a notification to provide further relief to taxpayers by extending the time limit. A finance ministry statement said that extension has been done in reference to the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 brought by the government on March 31.
Jun 24, 2020, 22:28 PM IST
Union Budget 2019: 2% TDS imposed on cash withdrawal exceeding Rs 1 crore to encourage digital transactions
Centre on Friday introduced a two per cent TDS (Tax Deducted at Source) on cash withdrawal exceeding Rs 1 crore in a year from a bank account. The Union Budget 2019 proposed this to encourage digital payments and cashless economy and to promote digital payments.
Jul 05, 2019, 15:16 PM IST
CBDT extends due date for filing of TDS statement in Form 24Q
It has also extended the due date for issue of TDS certificate in Form 16 for financial year 2018-19 from June 15 to July 10
Jun 05, 2019, 16:01 PM IST
CBDT extends due dates of TDS compliance to deductors in Odisha
CBDT has done so to redress genuine hardship faced by the deductors due to the severe disruption of normal life and breakdown of communication systems caused by cyclone Fani in Odisha.
May 25, 2019, 10:06 AM IST
Senior citizens with taxable income up to Rs 5 lakh can seek TDS exemption on bank interest
Earlier, the limit for seeking Tax Deducted at Source (TDS) exemption was Rs 2.5 lakh.
May 24, 2019, 13:03 PM IST
CBDT allows manual filing by resident, NRI taxpayers for nil or lower TDS certificate
The CBDT has also allowed resident applicants to file manual application in Form No. 13 before the TDS officer or in ASK Centers till December 31.
Dec 26, 2018, 13:56 PM IST