Tue, Jul 23, 2024
TDS of one per cent will apply on sale of an immovable property valued at Rs 50 lakh and more, even if there are multiple buyers and sellers involved in the transaction.
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Thu, Apr 11, 2024
However, if an individual's total interest income is below the taxable limit, then they can submit Form 15G and 15H to the bank and request them not to deduct any TDS.
Thu, Mar 28, 2024
NPS account holders must deposit at least Rs 1,000 in a Tier-1 account each fiscal year. However, the minimum deposit regulation does not apply to NPS Tier 2 accounts. NPS Tier 1 account holders can get an additional Rs 50,000 tax exemption under Section 80CCD(1B) of the Income Tax Act.
Tue, Dec 19, 2023
Professional tax is charged by a state's commercial tax department on persons earning a wage in that particular state. Employers have the right to deduct tax before paying their employees' salaries.
Tue, Oct 10, 2023
The government has collected more than Rs 700 crore in taxes till now this fiscal after a new TDS regime was brought in for online gaming and trade in cryptocurrency, CBDT Chairperson Nitin Gupta said.
Sat, Jul 15, 2023
The taxpayers who are eligible to claim exemptions and other deductions under Income Tax Act, 1961, will get a refund for the tax deducted at source (TDS) after filing the ITR. Once your ITR is filed, you can conveniently track the status of your refund through the Income Tax Department's e-filing portal. The deadline for filing ITR is July 31.
Mon, Jun 19, 2023
Under the Tax Deducted at Source (TDS), individuals who are unable to authenticate the origin of their income, may be served notices by the Income Tax department. These may further attract penalties if not resolved.
Tue, May 23, 2023
Online gaming: Online gaming companies paying any income for referral, promotion or any other item as long as it is used within the game and is not withdrawn will be outside the tax net, according to the CBDT.
Mon, Apr 24, 2023
TDS on EPF withdrawal, how to save TDS on pf withdrawal: Tax Deducted at Source (TDS) becomes applicable on retirement-oriented investment instrument--Employee provident fund (EPF) if an employee withdraws money from the respective EPF before five years of account opening.
Sat, Feb 25, 2023
Income Tax: The Indian Income Tax system is intricate as it covers important aspects of the economy.
Wed, Feb 01, 2023
The Budget 2023-24 proposed to introduce two new provisions for TDS on online gaming -- levy of 30 per cent on payment of net winnings in a financial year and removal of the current Rs 10,000 threshold for the levy of TDS.
Tue, Dec 13, 2022
The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin.
Mon, Dec 12, 2022
The circular said that the tax should be deducted at the average rate calculated on the estimated salary income of the recipient for that year.
Tue, Sep 20, 2022
Dividend distribution tax is no longer levied on dividend earnings, but TDS is deducted on it. If the dividend exceeds ₹ 5 thousand, the company will deduct 10% TDS. Senior citizens can avoid TDS deduction by submitting Form 15H. Income less than ₹ 2.5 lakh can avoid TDS deduction by submitting Form 15G. Selling mutual funds will attract 10% tax on long term. No tax on capital gains up to ₹1 lakh: Sunil Garg, Tax Expert
Mon, Sep 19, 2022
EPFO: TDS deductions for non-residents - If the EPF account is linked with valid PAN, rate of TDS will be 30 per cent or tax rate specified under the DTAA (Double Taxation Avoidance Agreement) whichever is beneficial to PF member
Wed, Aug 31, 2022
Zee Business Top Picks 31st Aug'22: India's GDP (Gross Domestic Product) growth for Q1FY23 stood at 13.5 per cent in April-June 2022-23 according to a government data. From India GDP news to July IIP to things that will change from 1 September 2022, here is a list of top stories that featured on zeebiz.com
TDS on EPF withdrawal: withdrawal is subjected to TDS if the period of service is less than 5 years and accumulated amount is more than Rs 50000
Fri, Aug 26, 2022
New TDS provisions for banks: CBDT Chairman Nitin Gupta said the board, which frames policies for the Income-Tax department, will issue an official explainer on the subject, including the "pressing" issue of one-time settlement (OTS) being faced by the banks.
Fri, Jul 01, 2022
From July 1, 2022, many rules are going to change which are going to have a direct impact on your pocket, from Aadhaar-PAN link to TDS on cryptocurrency transactions.
Tue, Jun 28, 2022
The Central Board of Direct Taxes (CBDT) issued a new circular for TDS on Virtual Digital Assets on June 28, 2022. According to the circular, now, the buyer will have to deduct TDS on the trade of virtual digital assets outside the exchange. Zee Business report.
Fri, Jun 24, 2022
The CBDT has introduced some new provisions in order to keep a check on tax revenue leakage. Section 194R, added to Finance Act 2022, states that TDS is applicable if an individual, doctor or a social media influencer takes any benefit from a company that is over Rs 20,000 in a financial year. Here is all you need to know.
Thu, Jun 23, 2022
The government has issued a notification regarding the rules for levying tax deduction of 1% TDS at source on payment of Virtual Digital Assets or cryptocurrencies of more than Rs 10,000 in a year from July 1. For this, the Finance Act 2022 has introduced section 194S in the IT Act.
Wed, May 11, 2022
If you are a taxpayer then there is very important news for you. Your one mistake can get you a notice from the tax department. Actually, the government keeps an eye on all your financial transactions. If you do cash transactions more than a limit, then you can get a notice from the Income Tax Department. If a person withdraws more than the prescribed limit in a financial year, then TDS i.e. Tax Deduction at Source (TDS) is deducted under section 194N of the Act. What is the limit for depositing cash in the bank? How much tax will have to be paid on cash withdrawal? What is the limit for accounts? How much is cash payment limit? What is the limit for cash deposit in the bank? Watch Money Guru and know the answer to all these questions from experts.
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