TDS On Payments

Quoting false PAN can lead to a penalty of ₹10,000 per default; wilful concealment can even result in imprisonment

If you're planning large cash withdrawals, be mindful of the TDS rules under Section 194N - your bank could deduct tax once your total withdrawals cross key limits

This move spares taxpayers from harsh TDS penalties if PAN is fixed in time, says expert

'Your ad or software bill may be a tax event,' say chartered accountants.

A top court bench led by outgoing Chief Justice DY Chandrachud ruled that salaries paid from government grants are taxable

While homebuyers received some relief, others face potential tax burdens and confusion.

The government has exempted certain payments made to units of 14 services sectors in IFSC from TDS provisions effective April 1, a move which will reduce tax compliance burden. The Central Board of Direct Taxes (CBDT) in a notification said that no TDS will have to be deducted for payments to units in sectors like FinTech, banking, fund management entity, finance company, credit rating agency, insurance intermediary and investment banking. The TDS exemption will now be applicable on payments like professional/referral fee, brokerage income, interest on External Commercial Borrowings /Loans, insurance commission, dividend and credit rating fee. International Financial Services Centre (IFSC) in Gujarat is being developed as a tax-neutral enclave for the financial sector. Nangia & Co LLP Partner Amit Agarwal said the notification by the CBDT offers a significant relief by exempting specified payments made to the units in IFSC from TDS. Previously, exemptions from withholding tax were

The online tax filing company has integrated with over 100 crypto exchanges, including Coinbase, CoinDCX, Binance, and WazirX, to provide taxation services at one common platform 'CryptoTax'

The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount

The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS can not be a ground to initiate insolvency proceedings against any company. Setting aside an order of the Kolkata bench of NCLT, the appellate tribunal said "the process of Insolvency & Bankruptcy Code (IBC) cannot be utilised" for recovery of TDS dues by an operational creditor of the company. "The consequences of non-payment of TDS are provided under Income Tax Act, 1961, and income tax authorities have ample powers to take appropriate action," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan. The bench said the National Company Law Tribunal (NCLT) has committed a "serious error" while directing to initiate insolvency proceedings over a section 9 application filed by an operational creditor under the IBC after admitting that non-payment of the TDS (Tax Deducted at Source) amounts as default "Regarding non-payment of TDS, we are of the view that it is not for us

Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS

These companies had reported healthy advance tax payments

Tax dept plans to conduct over 500 survey operations to ensure compliance

Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN

Collections may come under pressure once the base effect wears off

CBDT had recently extended the validity of certificates issued for lower TDS or TCS for three months - till June 30 this year

Agarwalwas speaking at 14th India Digital Summit organised by Internet and Mobile Association of India (IAMAI)

The Commission warned the builder not the deduct tax at source on the interest as it was awarded as a form of compensation

Doordarshan, the government telecaster that pays commission to advertising agencies, is bound to deduct tax at source (TDS), the Supreme Court held last week