Tds On Payments

IT rules for online lower, nil TDS certificates to be notified soon: Govt

The Income Tax department is currently in the process of framing rules to implement the 2026-27 Budget provision that allows taxpayers to electronically apply for lower or nil TDS certificates electronically, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said Section 395(1) of the Income-tax Act, 2025 provides for the issuance of certificates for deduction of tax at source at Nil or lower rates. Vide Finance Act, 2026, to ease the compliance burden of small taxpayers, an option has been enabled for the payee, to file the application for issuance of certificates for lower or nil deduction of income-tax electronically and the certificate may be issued or rejected subject to fulfilment of conditions as may be prescribed. "... the enabling rule is currently under preparation and shall be notified in due course," Chaudhary said in a written reply in the Lok Sabha. A taxpayer typically applies for a lower or nil TDS certificate when their actual tax ...

Form 121: Aggregate of small incomes shouldn't breach exemption limit

The Income-tax Rules, 2026, mark a major clean-up of the compliance framework

Property deals: Mismatch in sale value, TDS, returns may invite scrutiny

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

Thinking of withdrawing large amount of cash? Here's when taxes can kick in

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

Got a tax notice for submitting less TDS? CBDT relief may offer respite

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

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

TDS on property is 20% if you have not linked PAN with Aadhaar by May 31

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

Govt exempts certain payments to units in IFSC from TDS starting April 1

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

Cleartax forays into crypto tax segment, expects 1 mn filings this year

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'

CBDT issues important circular on TDS on salaries for current fiscal

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

Non-payment of TDS not a ground for initiation of insolvency process: NCLAT

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

Senior citizens above 75 years can avoid filing ITR from next year

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

60-65 small- to mid-sized companies on I-T radar for TDS mismatch

These companies had reported healthy advance tax payments

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

A quick and simple guide on tax compliance ahead of the March 31 deadline

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

Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds

Collections may come under pressure once the base effect wears off

Coronavirus: Tax dept gives fresh relief to companies on lower TDS

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

TDS levy on e-comm transactions may impact working capital: Amit Agarwal

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

No TDS on interest paid as compensation

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