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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CBDT clamps down on coercive assessment, tax recovery measures by officers
Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in ...| October 16, 2020, Friday -
IT Dept issues guidelines for applicability of TCS provision from Oct 1
The CBDT said the new introduced TCS provisions would not apply to transactions in securities and commodities which are traded ...| September 29, 2020, Tuesday -
Taxes taking a bite out of your salary? Use Section 197 to manage cash flow
Only payments made after submission of this certificate are eligible for lower or nil tax rate| September 15, 2020, Tuesday -
I-T dept undergoes overhaul to implement faceless assessment scheme
3,500 posts of assessment officers diverted to other centres; officers flag transitional challenges in implementing scheme| August 15, 2020, Saturday -
Only investigation wing, TDS directorate to conduct I-T surveys: CBDT
In an I-T survey, tax officers visit business premises of the taxpayer to gather information by way of examination of books of ...| August 13, 2020, Thursday -
Banks, post offices can now find out TDS on large cash withdrawals
The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS ...| July 13, 2020, Monday -
Banks, Post Offices can now check TDS rate on high value withdrawals
Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only ...| July 12, 2020, Sunday -
CBDT notifies revised Form 26AS, to include details of property, share deal
To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act| May 28, 2020, Thursday -
Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds
Collections may come under pressure once the base effect wears off| May 26, 2020, Tuesday -
Salaried class excluded from TDS benefit to avoid tax burden: Govt
To boost short-term liquidity for businesses, the government on Wednesday reduced TDS and tax collected at source (TCS) rates for ...| May 14, 2020, Thursday
