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Tax Deducted at Source News

Income tax return

17 Feb 2024

Tax Season Is Here! Know Difference Between Income Tax Return And TDS

Learning about the concepts of TDs vs ITR can help taxpayers understand what they need to do and make sure they follow the rules correctly.

Tax Deducted at Source

28 Jun 2022

New TDS rule from Jul 1: How will it impact doctors, social media influencers?

The Budget brought in a new section, 194R, in the I-T Act which requires deduction of tax at source at the rate of 10 per cent by any person, providing any benefit or perquisite exceeding Rs 20,000 in a year to a resident, arising from the business or profession of such resident.

Tax Collections

17 Jun 2022

Net direct tax collections jump 45% till June 16 in 2022-23

The advance tax collections for the first quarter of 2022-23 stand at Rs 1,01,017 crore. The tax comprises corporation tax at Rs 78,842 crore and personal income tax at Rs 22,175 crore. The TDS collections for FY 2022-23 (as on June 16, 2022) stand at Rs 2,29,676 crore.

06 Jul 2021

Filed Income Tax Return? TDS rules to change from THIS month

The new TDS rate will be either twice the rate mentioned under the relevant section or provision or five percent, whichever is higher, the Central Board of Direct Taxes (CBDT) said. The tax department will also let the deductors download the result in PDF format. This particular list includes the names of taxpayers who did not file returns of income for both assessment years 2019-20 and 2020-21 and have an aggregate TDS of Rs 50,000 or more in each of these two previous years.

Income Tax returns

07 Jun 2021

Filed Income Tax Return yet? You will have to pay double TDS from July 1

The Finance Act has revamped the scope of tax collection from the very source so that correct income reporting is ensured by every assessee. Come July 1, a person will be forced to pay extra TDS and that too at a higher rate.

28 Mar 2021

5% TDS to be deducted on PPF withdrawals: Here’s what the new rules say

A 2 % TDS will be deducted from the account after the cash withdrawal is more than 20 lakh but less than Rs 1 crore. Also, 5% TDS will be deducted if the amount exceeds Rs 1 crore. Also if the cash withdrawal is more than Rs 1 crore, the income tax that will be given stands at 2% of the amount above Rs 1 crore. CEPT is supposed to give all the details regarding the depositors to the concerned Circle/CBS CPCs.

19 Feb 2021

Senior citizens may be saddled with bigger TDS burden from July 1

Since the new proposed TDS rules doesn’t provide any exception to cases where the person is not eligible to file ITR (case in point super senior citizen), it may be possible that banks may deduct higher TDS from the interest income from them.

senior citizens

24 May 2019

Senior citizens can seek TDS exemption on bank interest under this tax bracket

Earlier, the limit for seeking Tax Deducted at Source (TDS) exemption was Rs 2.5 lakh.

25 Jan 2018

Submit these documents to avoid paying excess TDS

Generally, an employer deducts tax from your salary and pay it to the government known as Tax Deducted at Source (TDS).

27 Jun 2017

Software testing complete, ready for smooth GST rollout: GSTN

The GSTN portal has also started accepting registrations from new taxpayers from June 25 even as the process of migration of existing taxpayers is already on.

31 Jan 2016

I-T emphasis on creating awareness on TDS

Income Tax department is emphasising on creating greater awareness on tax deducted at source (TDS) compliance.

18 Jan 2016

Easwar panel on I-T for raising threshold for TDS deduction

A high level panel on simplification of income tax laws on Monday recommended raising the threshold limits for deduction of tax at source (TDS) as also slashing the rate of withholding tax.

18 Jan 2016

TDS threshold to be increased; Know what are the benefits

TDS rates for interest income and commission need to be rationalized, the committee suggested that these should be halved to 5 percent.

10 Dec 2015

I-T Dept simplifies online rectification of TDS in ITR

Aimed at making life easier for tax payers, the I-T department on Thursday said it simplified the process of online rectification of incorrect details of tax deducted at source (TDS) filed in the income tax return (ITR).

22 May 2015

Unions question TDS on PF withdrawals, want order on hold

Opposing the government's decision to deduct tax at source on pre-mature PF withdrawals, trade unions on Friday said they will ask the Labour Ministry to put the EPFO order in this regard on hold.

Direct Tax Collections

05 May 2015

Direct Tax collections marginally short of target in 2014-15

Direct tax collections touched Rs 6,96,200 crore during 2014-15 despite difficulties on the economic front, marginally falling short of the target.

Income Tax department

03 May 2015

I-T dept collects Rs 6.96 lakh cr revenue during 2014-15

The achieved collections are about Rs 9,000 crore or 14 percent short of the projected target of Rs 7,05,000 crore.

01 Oct 2014

Date for TDS deposit extended to Oct 10

The Central Board of Direct Taxes (CBDT) has extended the due date of deposit of Tax Deducted at Source/Tax Collected at Source during the Month of September, by three days to October 10 from October 7.

06 Jul 2014

CII on Budget: Help restore higher domestic savings rate

The first Budget of the Narendra Modi government would do well to initiate steps that would restore domestic savings rate level to at least 35 percent of GDP through tax incentives, says industry body CII.

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