Tax Deducted At Source Archives

Budget 2025: Simplification of TDS on house deals, 182-Day Rule – key expectations of NRIs

18 January 2025 by Admin

As Finance Minister Nirmala Sitharaman prepares for the Budget 2025 announcements, many taxpayers, including Non-Resident Indians (NRIs), are anticipating long-awaited relief. NRIs are hoping for some changes to the 182-day residency criteria and simplification of Tax Deducted at Source (TDS) requirements for selling properties in India. These initiatives could help address ongoing challenges faced by … Read more

Budget 2025-26 could look at further simplification of TDS rates

15 January 2025 by Admin

The finance ministry could take forward further simplification and rationalisation of the tax deducted at source regime in the Union Budget 2025-26 while a more comprehensive revamp of the Income Tax Act, 1961, could take longer. According to sources, the Budget is likely to announce further streamlining of TDS rates with a more simplified slab … Read more

ITR 2024: Can you flip your tax regime at this time of the financial year? Here are top points to note

17 August 2024 by Admin

Income Tax returns: With the two tax regimes — New Tax Regime and Old Tax Regime — in play, the taxpayers now have the power to choose the suitable tax regime every year to control the tax outgo. Union Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime … Read more

ITR filing 2024: What is NIL return and who all should file it? Check details here

19 June 2024 by Admin

Income Tax return: Tax season is upon us, and many people wonder if they must file returns if their income is below the taxable limit. Filing an Income Tax return (ITR) is a compulsory requirement if your total income surpasses the basic exemption threshold. In cases where the income falls below this limit, specific types … Read more

Income Tax Return: How to access and review your Annual Information Statement before filing ITR

11 June 2024 by Admin

ITR filing 2024: The deadline for individuals to submit their Income Tax Returns (ITR) is July 31, 2024, which is just a little over a month. It is essential to compile and organise pertinent documents such as salary or income records, bank statements, and previous tax returns in preparation for filing. When filing taxes, it … Read more

CBDT exempts RBI from special norms on TDS, tax collected at source. Check details

28 May 2024 by Admin

The Union Finance Minister has noted that the Central Board of Direct Taxes (CBDT) has exempted the Reserve Bank of India from the special provisions of the Income Tax Act, 1961, regarding the tax deducted at source, and the tax collected at source for non-filers of an income-tax return. In a notification, the Finance Ministry … Read more

SMS on TDS: Income Tax department sends message on TDS, should you be worried?

16 April 2024 by Admin

The Income Tax Department has reportedly sent SMSes regarding total tax deducted at source to many salaried taxpayers across the nation. The message mentions details of TDS deducted by the employer for the quarter ending December 31 and the cumulative TDS for the financial year 2023-24. The message says: “Total TDS by employer of PAN … Read more

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

5 January 2024 by Admin

Income Tax Calendar 2024: The new year has started and the Income Tax department has already shared the tax calendar for this year. It is crucial to note the income tax-related deadlines to avoid paying fines and penalties. Usually, the last date to file the Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without … Read more

Government to issue clarifications on virtual digital assets soon

20 June 2022 by Admin

Employers will have to pay 30% tax on virtual digital assets (VDAs) such as cryptocurrencies they offer to their employees as compensation or otherwise. This is among detailed clarifications the government is expected to issue this week on the tax on VDAs announced in the budget, officials told ET. The tax will be levied on … Read more