Tds Deduction
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"Irrational": Petition In Supreme Court Seeks Scrapping Of Tax Deducted At Source (TDS)
A PIL filed in the Supreme Court on Thursday sought to scrap the TDS system calling it "arbitrary and irrational" and violative of various fundamental rights, including equality.
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Link PAN With Aadhaar By May 31 To Avoid Double Income Tax Deduction
The income tax department today asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.
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No Penalty For Short TDS Deduction If PAN Linked With Aadhaar By May 31
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate.
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KuCoin Completes Registration with India’s FIU, Will Deduct 1 Percent TDS on Transactions
KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.
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CoinDCX Lays Off 71 Employees, Blames India’s Crypto Tax Impact on Business in Bear Market
India’s CoinDCX crypto exchange has laid off 71 members of its work force, in order to balance its business and finances during this ongoing crypto slump. In its official statement, the company said that India’s TDS deductions on each crypto transaction has slowed down its business, especially during the ongoing bear market.
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Government Attempting To Link TCS With TDS: Chief Economic Advisor
The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted, according to a senior official.
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Employers To Ask Employees About Preferred Tax Regime For Deducting TDS
The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.
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All India Bar Association Welcomes Tax Survey Of BBC Offices
The All India Bar Association (AIBA) on Tuesday congratulated the Income Tax Department for conducting surveys of BBC's documents to check irregularities relating to international taxation and Tax Deducted at Source (TDS) transactions.
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Centre Exempts Non-Resident Taxpayers From Electronic Filing Of 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).
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Moonlighting Can Have Tax Implications, Warn Income Tax Authorities
According to Section 194C of the Income Tax Act, anyone who pays a fee to a residential individual for carrying out contract work must deduct TDS.
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New TDS (Tax Deductions) Provisions' Clarification For Banks Soon: Centre
The CBDT will soon come out with a circular for various stakeholders, especially banks, to "clarify" the procedures on the applicability of new TDS provisions regarding benefits or prerequisites received in a business or profession.
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Burdened By Excess TDS Deduction? Here's How You Can Claim A Refund
Here's how to claim your excess TDS deductions refund
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India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
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Social Media Influencers, Doctors To Pay TDS On These benefits
There are some exemptions announced by the Central Board of Direct Taxes, which include discounts being offered by sellers.
-
"Irrational": Petition In Supreme Court Seeks Scrapping Of Tax Deducted At Source (TDS)
A PIL filed in the Supreme Court on Thursday sought to scrap the TDS system calling it "arbitrary and irrational" and violative of various fundamental rights, including equality.
-
Link PAN With Aadhaar By May 31 To Avoid Double Income Tax Deduction
The income tax department today asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.
-
No Penalty For Short TDS Deduction If PAN Linked With Aadhaar By May 31
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate.
-
KuCoin Completes Registration with India’s FIU, Will Deduct 1 Percent TDS on Transactions
KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.
-
CoinDCX Lays Off 71 Employees, Blames India’s Crypto Tax Impact on Business in Bear Market
India’s CoinDCX crypto exchange has laid off 71 members of its work force, in order to balance its business and finances during this ongoing crypto slump. In its official statement, the company said that India’s TDS deductions on each crypto transaction has slowed down its business, especially during the ongoing bear market.
-
Government Attempting To Link TCS With TDS: Chief Economic Advisor
The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted, according to a senior official.
-
Employers To Ask Employees About Preferred Tax Regime For Deducting TDS
The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.
-
All India Bar Association Welcomes Tax Survey Of BBC Offices
The All India Bar Association (AIBA) on Tuesday congratulated the Income Tax Department for conducting surveys of BBC's documents to check irregularities relating to international taxation and Tax Deducted at Source (TDS) transactions.
-
Centre Exempts Non-Resident Taxpayers From Electronic Filing Of 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).
-
Moonlighting Can Have Tax Implications, Warn Income Tax Authorities
According to Section 194C of the Income Tax Act, anyone who pays a fee to a residential individual for carrying out contract work must deduct TDS.
-
New TDS (Tax Deductions) Provisions' Clarification For Banks Soon: Centre
The CBDT will soon come out with a circular for various stakeholders, especially banks, to "clarify" the procedures on the applicability of new TDS provisions regarding benefits or prerequisites received in a business or profession.
-
Burdened By Excess TDS Deduction? Here's How You Can Claim A Refund
Here's how to claim your excess TDS deductions refund
-
India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
Social Media Influencers, Doctors To Pay TDS On These benefits
There are some exemptions announced by the Central Board of Direct Taxes, which include discounts being offered by sellers.
