'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
TDS has been successfully used for direct taxes like the income tax.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
'Inflation is not good for industry. Nor for the economy as a whole.'
The extension has been given considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, it added.
rediffGURU Mahesh Padmanabhan answers readers' personal income tax queries.
Vijay Mallya-owned Kingfisher Airlines on Wednesday approached the Supreme Court challenging the Karnataka High Court's order directing it to deposit around Rs 185 crore (Rs 1.85 billion) with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
The removal of the angel tax is expected to be a boost for startups as it will help in promoting a more conducive environment for them.
A department committee, set up to look at ways to expand the TDS net, is scheduled to meet in Hyderabad to discuss the proposal. hile some services like contracts, construction and rentals are under the TDS net, a large number of services like beauty treatment, connectivity between mobile operators, event management, credit rating agencies, market research firms and authorised automobile service stations are not.
The finance ministry is instead thinking of expanding the list of services on which the tax would be levied under the reverse charge mechanism.
The judgment has serious tax implications for multinationals, which hitherto were taking the plea that no tax was deducted on home salary, with the apex court ruling that TDS provisions can be extended beyond the country's borders in the case of salaries.
Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
It is important to have the necessary documents on hand to verify the information in the form.
In case the company defaulted on depositing the TDS collected, it shall be liable to pay interest at the prescribed rate on the tax amount.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
The last date for e-filing of TDS (tax deducted at source) returns has been extended by six months to March 31 in view of certain administrative difficulties.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
There are in fact four easy ways to earn interest on fixed deposits and keep it too.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
Employers will have to quote the Permanent Account Number of their employees while submitting TDS (tax deducted at source) returns to the government as tax refund has become difficult without PAN after annexure-less forms were introduced. Income Tax department would not accept these returns if employers fail to quote PAN in at least 95 per cent cases of salaried employees and 85 per cent cases of non-salaried staff.
Byju's first came on board with the BCCI back in 2019 when mobile manufacturer Oppo transferred the sponsorship rights to the online tutorial firm.
Demat of TDS certificates is likely to be deferred by a year or at least six months.
Professional sportspeople may soon have to pay at least 10.3 per cent as tax on their match fees and money for endorsing corporate logos on their apparel and other gear.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
If you are filing income tax returns during 2007-2008 for the previous year, do collect the new Tax Deduction at Source certificate from your employer.
Under the current structure, TDS of 10 per cent is levied at every level of software distribution chain -- right from master distributor to retailer and then to the final consumer.
Penal provisions have already been introduced for late filing of returns.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
The Central Board of Direct Taxes (CBDT) is likely to increase the exemption limit for tax deducted at source on rental income to Rs 2,00,000 a year from Rs 1,20,000 at present.
The Income Tax department probing alleged financial irregularities in the IPL has collected TDS of nearly Rs 4 billion (Rs 400 crore) from the third edition of the T20 tournament.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
rediffGURU T S Khurana answers readers' personal income tax queries.
