WHAT IS TDS
TDS
Tax Deducted at Source or TDS was introduced to collect tax from the source of income. According to the Income Tax Act, anyone making a payment is required to deduct tax if the payment is crossing certain limits. The limits or the rates are prescribed by the Income Tax department. TDS is managed by the Central Board of Direct Taxes (CBDT), which comes under the Department of Revenue.
The company or the person deducting the tax is called a deductor and the company or the person receiving the deducted payment if the deductee. The deductor is required to remit the tax into the account of the Union government and the deductee would be entitled to get credit of the amount taxed on the basis of Form 26AS.
TDS NEWS
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India should consider reducing 1% TDS rate on cryptocurrency trade: Report
India should consider lowering the 1 per cent TDS on crytocurrency trade as a high rate is causing a flight of capital and users ...| January 25, 2023, Wednesday -
Taxing times: Businesses face tax heat over deductions claimed for cess
CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr| January 24, 2023, Tuesday -
Avoid higher TDS with timely, accurate submission of investment proof
For investments made after proof has been submitted to the employer, claim refund in ITR| January 23, 2023, Monday -
Crypto industry wants 0.1% TDS, Sebi-like regulator in Budget 2023
Some industry experts also suggested that gains in the crypto industry should be allowed to be offset against losses| January 17, 2023, Tuesday -
Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist
Tax is to be debited from the account of the customer and cannot be adjusted against the cash withdrawn| January 16, 2023, Monday -
No TDS on remunerations, salaries or commission paid to partners: ITAT
The ITAT ruled that there is no requirement under the IT Act for the deduction of tax at source by the partnership firm on ...| January 12, 2023, Thursday -
Indian crypto exchange trade down by Rs 32k cr since 30% tax kicked in
The current tax architecture may lead to a loss of approximately Rs 99.3 trillion of local exchange trade volume in the next four ...| January 04, 2023, Wednesday -
Cryptocurrency in 2022: What it was, what it is, and what to expect in 2023
Cryptocurrency: Business Standard talked to various crypto firms in India about how 2023 will be for the industry. Here's what ...| December 26, 2022, Monday -
CBDT to hold high-level meeting to review revenue collection of FY23
Move seen as part of department's revenue maximisation exercise| December 19, 2022, Monday -
TDS benefits: Govt allows non-resident taxpayers to file Form 10F till Mar
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move ...| December 14, 2022, Wednesday
