Tds

TDS section applied by payer doesn't decide a person's tax regime

Choose 44ADA if your occupation is mentioned in Section 44AA(1); explain choice of regime with supporting documents

Over ₹50k on rent? Here's the TDS rule that could cost you big if ignored

Missing TDS on rent over ₹50k? It's a costly slip. 'A small deduction today avoids a big problem tomorrow,' says a tax expert.

Digital payments for ads or software? Here's where TDS may surprise you

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

May 2025 tax filing & compliance deadlines: What's due, when, and by whom

From TDS/TCS filings to Form 61A/B submissions: know what's due, when, and who must act. Stay compliant to avoid penalties

EPFO eases PF transfer on job change, removes employer's approval

Retirement fund body EPFO has simplified the process of transferring PF accounts on job change by removing the requirement of approval from an employer in the majority of the cases, an official statement said on Friday. Till now, the transfer of Provident Fund (PF) accumulations involved two Employees' Provident Fund (EPF) offices-- the Source Office, from which the PF amount was transferred, and the Destination Office, where the amount is finally credited, the Ministry of Labour & Employment said. Now, with an aim to further simplify the process, EPFO has removed the requirement of approval of all transfer claims at the Destination Office by launching a revamped form 13 software functionality. Henceforth, once a transfer claim is approved at the transferor (Source) office, the previous account will automatically transferred to the member's present account at the transferee (Destination) office instantly, furthering the aim of ease of living for members of EPFO. This revamped ...

Paying rent above Rs 50,000? Deduct TDS or face income tax default notice

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

Finance ministry notifies form ITR-B to report undisclosed income

Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income

TDS to capital gains tax: What impact new tax Bill will have on NRIs

NRIs who earn Rs 15 lakh or more annually in India will be classified as residents for tax purposes

Senior citizens: How the Rs 1 lakh TDS threshold affects your FD earnings

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.

Budget proposals to garner up to Rs 45,000 cr bank deposit: DFS Secy

Budget proposals for income tax cuts and other tax changes will help banks to mobilise Rs 40,000-45,000 crore additional deposits, Financial Services Secretary M Nagaraju on Monday said. The Union Budget 2025 has proposed an increase in the tax deduction at source (TDS) threshold on interest earned from fixed deposits for general (non-senior) citizens from the current Rs 40,000 to Rs 50,000 per financial year. The 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, he said. "We see over Rs 20,000 crore coming back into the banking system due to the hike in tax rebate limit, over Rs 15,000 crore from the hike in TDS threshold on interest earned from savings deposits by senior citizens," he said in a post-Budget media briefing. Besides these two, Rs 7,000 crore is seen coming from the non-senior individuals tax savings due to the income tax slab changes, he added. Asked about MTNL debt resolution and haircu

Income Tax dept not an adversarial entity, but participative: CBDT chief

CBDT chairman Ravi Agrawal said the tax administration is committed to 'fostering stability and simplifying business operations' in India

Budget 2025-26: Is the new Income-Tax Bill a step towards 'Nyaya'?

The reduction in TDS rates and rationalisation of TCS provisions are welcome steps

Budget 2025: Tax-free income limit under new regime rises to Rs 12 lakh

Old tax system remains unchanged

How will Budget 2025 impact senior citizens?

Budget 2025 introduces tax relief measures for senior citizens, enhancing savings potential

US-India Tax Forum proposes simplifying TDS, customs tariff structure

To establish GIFT City as a global financial hub, the Forum has proposed tax exemptions on dividends and financial transactions

SC dismisses PIL seeking scrapping of 'tax deducted at source' framework

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

These rule changes will impact how you file Income Tax returns in 2025

July 2024 steps will shape tax deductions and exemptions that can be claimed when filing an Income Tax Return (ITR) in July 2025

Citing constitutional violations, PIL in SC seeks abolition of TDS system

A PIL filed in the Supreme Court on Thursday sought to scrap the TDS system calling it "arbitrary and irrational" and violative of various fundamental rights, including equality. 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 and its deposit with the income tax department. The deducted amount is adjusted against the payee's tax liability. The plea filed by lawyer Ashwini Upadhyay through advocate Ashwani Dubey, made the Centre, ministry of law and justice, law commission, and NITI Aayog as parties. It sought a direction to "declare the TDS system manifestly arbitrary, irrational and against Articles 14 (right to equality), 19 (right to practice profession) and 21 (right to life and personal liberty) of the Constitution, hence void and inoperative". The plea further sought directions to the NITI Ayog to consider contentions raised in the plea and suggest necessary change

FinMin unlikely to introduce new Income-Tax Bill in Budget session

Review panel may submit report before FY26 Budget

TDS applicable on salaries of nuns, priests in govt-aided schools: SC

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