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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : TDS

Procedure to revise TDS Return
Posted Date : 03-Jan-2020 , 08:44:22 am | Posted By CASANSAAR

Procedure to revise TDS Return Step by Step Procedure to revise TDS Return explained by CA. Shivangi Mittal. Watch this video to know more https://youtu.be/91UI5hWiFKg ...

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Category : TDS | Comments : 0 | Hits : 1534

CBI court convicts CA and five others for TDS fraud
Posted Date : 26-Dec-2019 , 08:47:53 am | Posted By CASANSAAR

A special Central Bureau of Investigation (CBI) court recently convicted a chartered accountant, his assistant and four others in a TDS (tax deducted at source) fraud committed 20 years ago. The court, however, acquitted an officer of the tax department. According to CBI, key accused XXXXXXXXXXX ...

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Category : TDS | Comments : 0 | Hits : 1211

Farm bodies exempted from 2% TDS on payments above Rs.1 Cr
Posted Date : 17-Sep-2019 , 09:06:00 am | Posted By CASANSAAR

To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% tax deducted at source (TDS) on payments above Rs.1 crore, an anti-abuse provision in the Income Tax Act introduced this year. Finance minister Nirmala Sith...

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Category : TDS | Comments : 0 | Hits : 1190

Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts
Posted Date : 20-Jul-2019 , 08:34:01 am | Posted By CASANSAAR

The government will charge a two per cent tax if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore, according to an amendment made to a Budget proposal and announced Thursday. Finance Minister Nirmala Sitharaman, in her Budget on July 5, had proposed 2 per cent tax deduction ...

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Category : TDS | Comments : 0 | Hits : 499

Resident, NRI taxpayers allowed manual filing for nil TDS certificate
Posted Date : 26-Dec-2018 , 12:07:17 pm | Posted By CASANSAAR

The income tax department on Monday allowed manual filing of form by resident and NRI taxpayers wanting to apply for deduction of taxes at a lower or nil rate on total income. The Income Tax Act, 1961, provides that if a taxpayer considers that her total income warrants deduction of income tax at...

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Category : TDS | Comments : 0 | Hits : 644

Courts order jail time for directors for tax defaults, delay in TDS deposits
Posted Date : 08-Oct-2018 , 09:30:19 am | Posted By CASANSAAR

In recent cases of the law catching up with companies involved in tax defaults and delay in depositing the tax deducted at source (TDS) of employees with the government, directors of two companies - a construction firm and a hospitality entity - face six months' and one year's jail respectiv...

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Category : TDS | Comments : 0 | Hits : 1479

TDS/TCS provisions under GST to come into effect from Oct 1
Posted Date : 13-Sep-2018 , 11:10:58 pm | Posted By CASANSAAR

The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers...

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Category : TDS | Comments : 0 | Hits : 2853

Company director sent to 6 months jail for TDS default
Posted Date : 30-Aug-2018 , 12:35:14 pm | Posted By CASANSAAR

A court here has sentenced the director of a real estate firm to six months of rigorous imprisonment (RI) for allegedly failing to deposit over Rs 50 lakh TDS in time to the Income Tax Department. A senior official of the department said the director of the firm, engaged in building construction ...

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Category : TDS | Comments : 0 | Hits : 1415

Income Tax department unearths TDS scam worth Rs 3200 crore
Posted Date : 05-Mar-2018 , 10:36:08 am | Posted By CASANSAAR

The income tax department has revealed that 447 companies duped the government of Rs 3,200 crore as they didn’t deposit the sum with the government which they had deducted from their employees as TDS. A report said that the money was diverted to meet their other business obligations. The TDS w...

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Category : TDS | Comments : 0 | Hits : 1920

Salaried tax payers to get SMS alerts on TDS deductions
Posted Date : 24-Oct-2016 , 10:55:31 pm | Posted By CASANSAAR

As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley on Monday launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this f...

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Category : TDS | Comments : 0 | Hits : 445

Income Tax department to take steps to boost TDS collections
Posted Date : 23-Jun-2016 , 08:18:39 am | Posted By CASANSAAR

Buoyed by a steady growth in collections from tax deducted at source (TDS), the Income Tax department now plans to undertake multiple steps to "augment" revenue from this category and minimise tax avoidance.  The department plans to undertake meetings with various stakeholders like...

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Category : TDS | Comments : 0 | Hits : 720

No TDS for provident fund withdrawals of up to Rs 50,000 from june 1
Posted Date : 31-May-2016 , 08:09:47 am | Posted By CASANSAAR

No tax would be deducted at source for provident fund (PF) withdrawals of up to Rs 50,000 from June 1. The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS) from existing Rs 30,000 to Rs 50,000, a senior official told PTI. "The Finance Act, 20...

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Category : TDS | Comments : 0 | Hits : 742

Media Cos' advertisement payment not liable for TDS - CBDT
Posted Date : 09-Mar-2016 , 08:39:49 am | Posted By CASANSAAR

With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on payments made by television channels, broadcasters and newspapers, Central Board of Direct Taxes has issued two Circulars.   Circular No.4/2016 dated 29.02.2016 ...

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Category : TDS | Comments : 0 | Hits : 993

New facility of pre-filling TDS data while submitting online rectification
Posted Date : 11-Dec-2015 , 08:12:59 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill-in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the Income-tax...

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Category : TDS | Comments : 0 | Hits : 1069

Uniform Allowances - Employer company liable for TDS, if No dress code
Posted Date : 04-Jul-2015 , 09:38:58 am | Posted By CASANSAAR

As India Inc slowly inches towards a relaxed dress code, a 'tax free' uniform allowance paid to employees will be relegated to history.  Employees who are prescribed a uniform, say nurses in hospitals, or front-desk staff in hotels, can claim the uniform allowance paid to them as par...

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Category : TDS | Comments : 0 | Hits : 26006

No TDS certificate unless short payment defaults are paid
Posted Date : 26-Apr-2015 , 08:55:20 am | Posted By CASANSAAR

The Tax Deducted at Source (TDS) reconciliation analysis and correction enabling system (TRACES) portal of the Income Tax (I-T) department is preventing deductors to obtain TDS certificate unless past demands are paid and online correction submitted. This is turning out to be a nightmare for those, ...

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Category : TDS | Comments : 0 | Hits : 1148

TDS - No ​TDS on Recurring Deposits
Posted Date : 24-Apr-2015 , 10:12:57 pm | Posted By CASANSAAR

TDS on Recurring Deposits    The Government proposes to promote the recurring deposits scheme. It takes various measures on continuous basis to promote and popularize all small savings scheme including Post Office Recurring Deposit Scheme through electronic and print media as well as h...

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Category : TDS | Comments : 0 | Hits : 1132

Tax shortfall: Finmin asks banks to deposit March TDS by month
Posted Date : 29-Mar-2015 , 06:46:56 pm | Posted By CASANSAAR

Worried over the shortfall in the overall direct tax collection kitty, the government has asked banks, both public and private, to not delay remitting of TDS funds of the current month into state coffers and do the same within the current financial year ending in March. The Income ...

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Category : TDS | Comments : 0 | Hits : 422

Jet Airways faces IT dept scrutiny over TDS defaults
Posted Date : 13-Mar-2015 , 07:42:56 am | Posted By CASANSAAR

Income Tax authorities have slapped a prosecution notice on the Naresh Goyal-promoted Jet Airways for alleged default in payments of tax deduction at source (TDS), official sources said on Thursday. The notice was served to the Mumbai-headquartered airline after tax personnel said ...

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Category : TDS | Comments : 0 | Hits : 509

TDS by co-operative banks will HASSLE small depositors
Posted Date : 12-Mar-2015 , 08:39:34 am | Posted By CASANSAAR

Co-operative banks will be required to deduct TDS if the interest they pay to a depositor, who is also a member (shareholder) of these banks, exceeds ₹10,000 in a financial year. In this regard, the Finance Bill 2015-16 has proposed an amendment to Section 194A of the Income Tax Act (rela...

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Category : TDS | Comments : 0 | Hits : 536

Pay TDS by March 31, Income Tax department requests companies
Posted Date : 11-Mar-2015 , 08:26:56 am | Posted By CASANSAAR

The tax office is exploring all avenues to mop up revenue collection before March 31. In an unusual development, hundreds of companies have received letters from the income-tax department, "requesting" them to deposit the amount from tax deductions before the financial year closes — ...

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Category : TDS | Comments : 0 | Hits : 1259

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