The finance ministry on Wednesday provided relief to the Rs 18,000-crore (Rs 180-billion) software industry by replacing a multi-level structure of tax deducted at source (TDS) on distributors with a single TDS. This would be deducted by the first distributor -- one who directly purchases packaged software from a developer.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
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.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
TDS has been successfully used for direct taxes like the income tax.
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.
It is important to have the necessary documents on hand to verify the information in the form.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
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.
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.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
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.
'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.'
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.
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.
'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 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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
rediffGURU T S Khurana answers readers' personal income tax queries.
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.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
There are in fact four easy ways to earn interest on fixed deposits and keep it too.
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.
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.
Hospitality and travel sector players on Tuesday demanded infrastructure status for the hotel industry besides measures such as tax exemption on LTA annually to boost domestic tourism ahead of the Union Budget. They also recommended removal of the current TDS levied on automated bookings for internal or closed user groups such as business travel platforms and reducing the total number of licenses required to establish a hotel. "A full-blown infrastructure status for the hotel sector and further rationalisation of the Goods and Services Tax (GST) and a Central single window clearance for hotel projects are some of the major expectations from the Budget 2024," Roseate Hotels & Resorts CEO Kush Kapoor said in a statement.
Missing the deadline for filing Income Tax returns can lead to consequences.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
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.
Wenger, who is now the chief of FIFA's global football development programme, will be in India till November 23 and will meet ISL, I-League clubs besides entities involved with youth development in Indian football.
Granting partial relief to foreign companies operating in the country, the Supreme Court on Thursday reversed the judgment of the Karnataka high court that there was an obligation in each and every case of remittance made to foreign payees to deduct tax at source and only the issue of proportionality of the tax could be decided by the revenue department under Section 195 (2) of the Income Tax Act.
