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Posted Date : 15-Feb-2024 , 07:42:18 am | Posted By CASANSAAR
The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaura...
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Posted Date : 29-Jun-2023 , 08:40:55 am | Posted By CASANSAAR
The finance ministry on June 28 said that the higher Tax Collected at Source (TCS) on overseas spending will now be implemented three months after the original deadline of July 1. At the same time, the finance ministry also said that transactions conducted via international credit cards while abr...
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Posted Date : 01-Oct-2020 , 10:47:36 am | Posted By CASANSAAR
There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applic...
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Posted Date : 29-Sep-2020 , 09:54:16 am | Posted By CASANSAAR
More than 82 per cent of individual taxpayers faced TDS mismatch problems during the last three years resulting in disallowance of refund and the creation of avoidable harassment of taxpayers, the latest CAG report on the Department of Revenue has pointed out. The apex audit body in its report ta...
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Posted Date : 21-Apr-2020 , 11:09:58 am | Posted By CASANSAAR
Amendments in TDS Provisions by Finance Act 2020 discussed by CA.Saloni Varshney. Watch the Video,,,, https://youtu.be/LUcxlQUSc4I...
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Posted Date : 17-Apr-2020 , 09:20:28 am | Posted By CASANSAAR
TDS Circular on Employee's Salary | Old or New Tax Regime under Income Tax Act, 1961 Declaration to be taken from employees by employer discussed by CA.Shivangi Mittal. https://youtu.be/hCKd-GNSaXo...
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Posted Date : 05-Apr-2020 , 09:52:46 am | Posted By CASANSAAR
The government directed tax officials to dispose off applications filed by taxpayers or buyers or licence holders for lower or nil deduction of tax deducted at source (TDS) / tax collected at source (TCS) for FY20, by April 27, 2020. “Due to outbreak of the Covid-19 pandemic, there is sever...
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Posted Date : 03-Jan-2020 , 08:44:22 am | Posted By CASANSAAR
Procedure to revise TDS Return Step by Step Procedure to revise TDS Return explained by CA. Shivangi Mittal. Watch this video to know more https://youtu.be/91UI5hWiFKg...
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Posted Date : 26-Dec-2019 , 08:47:53 am | Posted By CASANSAAR
A special Central Bureau of Investigation (CBI) court recently convicted a chartered accountant, his assistant and four others in a TDS (tax deducted at source) fraud committed 20 years ago. The court, however, acquitted an officer of the tax department. According to CBI, key accused XXXXXXXXXXX ...
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Posted Date : 17-Sep-2019 , 09:06:00 am | Posted By CASANSAAR
To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% tax deducted at source (TDS) on payments above Rs.1 crore, an anti-abuse provision in the Income Tax Act introduced this year. Finance minister Nirmala Sith...
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Posted Date : 20-Jul-2019 , 08:34:01 am | Posted By CASANSAAR
The government will charge a two per cent tax if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore, according to an amendment made to a Budget proposal and announced Thursday. Finance Minister Nirmala Sitharaman, in her Budget on July 5, had proposed 2 per cent tax deduction ...
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Posted Date : 26-Dec-2018 , 12:07:17 pm | Posted By CASANSAAR
The income tax department on Monday allowed manual filing of form by resident and NRI taxpayers wanting to apply for deduction of taxes at a lower or nil rate on total income. The Income Tax Act, 1961, provides that if a taxpayer considers that her total income warrants deduction of income tax at...
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Posted Date : 08-Oct-2018 , 09:30:19 am | Posted By CASANSAAR
In recent cases of the law catching up with companies involved in tax defaults and delay in depositing the tax deducted at source (TDS) of employees with the government, directors of two companies - a construction firm and a hospitality entity - face six months' and one year's jail respectiv...
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Posted Date : 13-Sep-2018 , 11:10:58 pm | Posted By CASANSAAR
The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers...
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Posted Date : 30-Aug-2018 , 12:35:14 pm | Posted By CASANSAAR
A court here has sentenced the director of a real estate firm to six months of rigorous imprisonment (RI) for allegedly failing to deposit over Rs 50 lakh TDS in time to the Income Tax Department. A senior official of the department said the director of the firm, engaged in building construction ...
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Posted Date : 05-Mar-2018 , 10:36:08 am | Posted By CASANSAAR
The income tax department has revealed that 447 companies duped the government of Rs 3,200 crore as they didn’t deposit the sum with the government which they had deducted from their employees as TDS. A report said that the money was diverted to meet their other business obligations. The TDS w...
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Posted Date : 24-Oct-2016 , 10:55:31 pm | Posted By CASANSAAR
As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley on Monday launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this f...
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Posted Date : 23-Jun-2016 , 08:18:39 am | Posted By CASANSAAR
Buoyed by a steady growth in collections from tax deducted at source (TDS), the Income Tax department now plans to undertake multiple steps to "augment" revenue from this category and minimise tax avoidance. The department plans to undertake meetings with various stakeholders like...
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Posted Date : 31-May-2016 , 08:09:47 am | Posted By CASANSAAR
No tax would be deducted at source for provident fund (PF) withdrawals of up to Rs 50,000 from June 1. The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS) from existing Rs 30,000 to Rs 50,000, a senior official told PTI. "The Finance Act, 20...
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Posted Date : 09-Mar-2016 , 08:39:49 am | Posted By CASANSAAR
With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on payments made by television channels, broadcasters and newspapers, Central Board of Direct Taxes has issued two Circulars. Circular No.4/2016 dated 29.02.2016 ...
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Posted Date : 11-Dec-2015 , 08:12:59 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill-in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the Income-tax...
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Posted Date : 04-Jul-2015 , 09:38:58 am | Posted By CASANSAAR
As India Inc slowly inches towards a relaxed dress code, a 'tax free' uniform allowance paid to employees will be relegated to history. Employees who are prescribed a uniform, say nurses in hospitals, or front-desk staff in hotels, can claim the uniform allowance paid to them as par...
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Posted Date : 26-Apr-2015 , 08:55:20 am | Posted By CASANSAAR
The Tax Deducted at Source (TDS) reconciliation analysis and correction enabling system (TRACES) portal of the Income Tax (I-T) department is preventing deductors to obtain TDS certificate unless past demands are paid and online correction submitted. This is turning out to be a nightmare for those, ...
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Posted Date : 24-Apr-2015 , 10:12:57 pm | Posted By CASANSAAR
TDS on Recurring Deposits The Government proposes to promote the recurring deposits scheme. It takes various measures on continuous basis to promote and popularize all small savings scheme including Post Office Recurring Deposit Scheme through electronic and print media as well as h...
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Posted Date : 29-Mar-2015 , 06:46:56 pm | Posted By CASANSAAR
Worried over the shortfall in the overall direct tax collection kitty, the government has asked banks, both public and private, to not delay remitting of TDS funds of the current month into state coffers and do the same within the current financial year ending in March. The Income ...
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Posted Date : 13-Mar-2015 , 07:42:56 am | Posted By CASANSAAR
Income Tax authorities have slapped a prosecution notice on the Naresh Goyal-promoted Jet Airways for alleged default in payments of tax deduction at source (TDS), official sources said on Thursday. The notice was served to the Mumbai-headquartered airline after tax personnel said ...
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Posted Date : 12-Mar-2015 , 08:39:34 am | Posted By CASANSAAR
Co-operative banks will be required to deduct TDS if the interest they pay to a depositor, who is also a member (shareholder) of these banks, exceeds ₹10,000 in a financial year. In this regard, the Finance Bill 2015-16 has proposed an amendment to Section 194A of the Income Tax Act (rela...
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Posted Date : 11-Mar-2015 , 08:26:56 am | Posted By CASANSAAR
The tax office is exploring all avenues to mop up revenue collection before March 31. In an unusual development, hundreds of companies have received letters from the income-tax department, "requesting" them to deposit the amount from tax deductions before the financial year closes — ...
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