Missing TDS on rent over ₹50k? It's a costly slip. 'A small deduction today avoids a big problem tomorrow,' says a tax expert.
'Your ad or software bill may be a tax event,' say chartered accountants.
From TDS/TCS filings to Form 61A/B submissions: know what's due, when, and who must act. Stay compliant to avoid penalties
This revamped functionality also provides the bifurcation of taxable and non-taxable components of PF accumulations to facilitate accurate calculation of TDS on taxable PF interest
The tenant must deduct 5 per cent TDS on the rent amount and deposit it with the government using Form 26QC within 30 days from the end of the month in which the rent is paid
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income
NRIs who earn Rs 15 lakh or more annually in India will be classified as residents for tax purposes
Rs 1 lakh TDS threshold for senior citizens on fixed deposit interest reduces procedural hassles but doesn't exempt them from tax liability. Senior citizens must ensure accurate reporting in returns.
TDS threshold for fixed deposit interest income earned by senior citizens will go up from Rs 50,000 to Rs 1 lakh from FY2025-26, Financial Services Secretary M Nagaraju said
CBDT chairman Ravi Agrawal said the tax administration is committed to 'fostering stability and simplifying business operations' in India
The reduction in TDS rates and rationalisation of TCS provisions are welcome steps
Old tax system remains unchanged
Budget 2025 introduces tax relief measures for senior citizens, enhancing savings potential
To establish GIFT City as a global financial hub, the Forum has proposed tax exemptions on dividends and financial transactions
A two-judge bench of the Supreme Court remarked that the petition was poorly drafted and unsuitable for consideration, advising the petitioner to move the PIL to the Delhi High Court
July 2024 steps will shape tax deductions and exemptions that can be claimed when filing an Income Tax Return (ITR) in July 2025
The PIL challenged the tax deducted at source or TDS framework under the Income Tax Act, which mandates the deduction of tax at the time of payment by the payer
Review panel may submit report before FY26 Budget
A top court bench led by outgoing Chief Justice DY Chandrachud ruled that salaries paid from government grants are taxable
Proposal seeks to lessen compliance burden on taxpayers and avoid litigation