WHAT IS TDS
TDS
Tax Deducted at Source or TDS was introduced to collect tax from the source of income. According to the Income Tax Act, anyone making a payment is required to deduct tax if the payment is crossing certain limits. The limits or the rates are prescribed by the Income Tax department. TDS is managed by the Central Board of Direct Taxes (CBDT), which comes under the Department of Revenue.
The company or the person deducting the tax is called a deductor and the company or the person receiving the deducted payment if the deductee. The deductor is required to remit the tax into the account of the Union government and the deductee would be entitled to get credit of the amount taxed on the basis of Form 26AS.
TDS NEWS
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Tax mop-up likely to top target by Rs 2.5 trillion, say experts
Monthly GST collection likely to touch Rs 1.5 trillion next fiscal year| October 18, 2021, Monday -
ITR filing extension: No relief to taxpayers on interest liability
ITR filing has increased to 320,000 daily in September 2021| September 13, 2021, Monday -
Top headlines: Small firms on I-T radar, race for steel supremacy, and more
Business Standard brings you the top headlines at this hour| August 31, 2021, Tuesday -
60-65 small- to mid-sized companies on I-T radar for TDS mismatch
These companies had reported healthy advance tax payments| August 30, 2021, Monday -
Cracking the whip: TDS defaults by state PSUs, banks come under I-T lens
Tax dept plans to conduct over 500 survey operations to ensure compliance| August 10, 2021, Tuesday -
New vs old tax regime: Compute liability before making the switch
Non-investors in tax-saving instruments may opt for the new regime| August 04, 2021, Wednesday -
Businesses need not deduct TDS on share purchases via exchanges: CBDT
Businesses had said there are practical difficulties in implementing the provisions of Tax Deduction at Source (TDS) contained in ...| July 04, 2021, Sunday -
File past year returns, avoid higher taxes as new tax provisions kick in
Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in| June 24, 2021, Thursday -
I-T dept tool to identify 'specified persons' who have to pay higher taxes
The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' ...| June 22, 2021, Tuesday -
Can't use ITR-1 if TDS paid on high cash withdrawal, say experts
Taxpayers now need to provide quarterly break-up of dividend income earned| April 06, 2021, Tuesday
