This is part of a strategy to mop up as much revenue as possible in the current financial year.
It has decided not to levy the 2 per cent tax deducted at source (TDS) on cash payments above Rs 1 crore made through Agricultural Produce Market Committees.
The move comes barely a week after fellow crypto unicorn CoinDCX laid off 12 per cent of its workforce - an estimated 80 employees - amid challenging macroeconomic conditions and regulatory uncertainty in the sector. CoinSwitch has 519 employees, according to its LinkedIn profile. This means around 8 per cent of its workforce were shown the door.
New TDS-related law comes into force from April 1.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
Have you wondered how many days of work -- depending on your net monthly income -- you would have to put in to buy the top-end iPhone 16 Pro?
Yes, if you are planning to apply for a loan or want to claim refund
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
The list of negatives on Kingfisher Airlines is getting longer.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
Many direct taxation rules lack clarity and the rulings on these also differ from case to case.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
Crypto exchanges have been asked to furnish details this month itself.
The government had introduced the proposal to deduct TDS on PF withdrawals in order to discourage pre-mature withdrawal and to promote long term savings.
Tax Guru Anil Rego answers your personal income tax queries.
Tax Guru Anil Rego answers your personal income tax queries.
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.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
This follows a series of tax notices to broadcasters to pay TDS on the 15% agency commission reflected in their invoices
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
There are reports that the government will soon cut income taxes by about Rs 50,000 crore to boost consumption.
Prime Minister Modi, I suggest that, instead, you distribute about one lakh crore rupees per year to the 80 crore poor, which will boost both consumption and economic growth, suggests Kalyan Singhal, McCurdy Professor of Business at the University of Baltimore.
