Categories
Economy

Sitharaman announces 25% reduction in TDS, relief to real estate, MSME, NBFC

Detailing a Rs 3 lakh crore part of the total package promised by the prime minister, the finance minister announced a bevvy of easy loans for MSMEs

Categories
Economy

TDS of 2% on cash withdrawals of over Rs 1 crore from 1 Sept

The revenue department on Friday said the 2% TDS on cash withdrawals of over Rs 1 crore will come into effect from 1 September

Categories
Economy

Accident compensation taxed: HC asks Centre why

Insurance firms deduct TDS on the interest accrued on compensation awarded by the Motor Accident Claims Tribunal as per the Income Tax Act

Categories
Economy

Form 16 for TDS: What lies in revised format

Form 16 is a certificate issued by employers, giving details of employees’ TDS usually by mid June and is used in filing I-T returns

Categories
Business

Anomaly between ITR, service tax returns of businesses to be probed

Net service tax collections during 2016-17 stood at Rs 2.54 lakh crore as compared with Rs 2.11 lakh crore in 2015-16

Categories
Economy

TDS defaulter arrested, packed off to jail

New Delhi: The Tis Hazari Court has ordered judicial custody of the director of a Delhi-based real estate and information technology solutions company for defaulting on the tax deductible at source (TDS). It was found during the investigations that the company had deducted TDS, but had not deposited the amount in the government account despite it […]

Categories
Interactive Tax

Filing your I-T return

[dropcap]T[/dropcap]he due date for filing personal tax returns for the financial year 2015-16 is 31 July (except for tax audit and transfer pricing cases). Taxpayers need to beware of various points while filing their returns. Filing incorrect details may result in interest, penalty or delay in refunds. Following points can help you file your return […]

Categories
India

Deadline for TDS deposit extended

New Delhi — Chennai and a large part of Tamil Nadu have received unprecedented rainfall leading to flooding of large areas and disruption of normal life, including business and commerce. Given the extent of disruption, it is considered expedient in public interest to extend the due date for deposit of tax deducted at source and […]

Categories
Economy

Paying tax made easy

New Delhi — With a view to minimising the cost of compliance of taxpayers, the Central Board of Direct Taxes (CBDT) has taken several measures to make tax payment and statutory filings simple and convenient for the taxpayer, including Online application for allotment of Permanent Account Number (PAN) and Tax-Deduction Account Number (TAN) Single page challan […]