Tag: TDS

Only 28% of NRIs regularly filing tax returns in India: Survey

More than 85% of non-resident Indians (NRIs) are not aware of their income tax login details, while 75% of them have not updated their income...

It is important to check pre-filled tax forms

If you are filing your income tax returns (ITR) online this year, you are likely to get certain information pre-filled in the tax forms. The...

Claiming TDS credit will be difficult if bank doesn’t have PAN data

Have you submitted your permanent account number (PAN) to your bank? If not, the bank can deduct TDS (tax deducted at source) at a higher...

Banks can deduct higher TDS for these customers

From 1 July, new rules for tax deduction at source (TDS) under Section 206AB have come in effect. Under this new section of the Income...

10 big tax reliefs announced by the government for taxpayers

The government has announced several measures to ease income tax compliance and additional relief measures for taxpayers during the coronavirus pandemic. From further extension of...

New income tax e-filing portal to be launched from June 7, payment services from June 18

The income tax department will launch a new e-filing portal on June 7, which will be integrated to immediately process returns and issue refunds. The...

Payments made to NRIs are subject to TDS

I bought a house in July 2017 by taking a home loan of ₹30 lakh from Axis Bank. In November 2020, I got the loan...

Pre-filled returns of income could prove to be a headache for taxpayers

In her budget speech, the finance minister announced that pre-filled income tax returns, which so far came filled in with details of salary, tax payments...

FD full maturity amount: How to get full maturity amount of fixed deposit despite TDS

When there is TDS from the interest accrued annually on cumulative bank fixed deposits it not only leads to loss of interest deducted as tax...

Things to know while making investment declaration for FY22

If you are a salaried person, your employer might have asked you to make the investment declaration for the financial year 2021-22. Employers are required...

Know how you should show bank FD interest in your ITR to avoid income tax notice

Interest earned on bank fixed deposits (FDs) is fully taxable. On several occasions, taxpayers make a mistake in the way they report the interest income...

TDS on cumulative FDs: Your money loss is more than the tax deducted

Are you among those depositors who think that the deduction of TDS (Tax Deduction at Source) on your fixed deposit is not a big deal?...

5 tasks you need to perform with the start of the new financial year

There are certain tasks you need to perform at the beginning of the new financial year to manage your finances better. As the new fiscal...

5 new income tax rules that will come into effect from 1 April

Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. These changes are set to...

Senior citizens may end up paying higher TDS under the new rules

The new proposed TDS (tax deducted at source) rules which will be applicable from 1 July may result in banks deducting TDS at higher rates...

Limited number of senior citizens could avail ITR filing exemption: Experts

To provide relief to senior citizens aged above 75 years, the government, in its Budget 2021, has proposed an exemption for them from filing income...

Haven’t got income tax refund as yet? You may need to confirm it to the tax dept

Your income tax refund may be held up pending your confirmation about its accuracy if there was a significant difference in incomes or deductions that...

Income Tax survey to be conducted only after nod from high-ranked officers, says CBDT

NEW DELHI: Income tax surveys to collect information for scrutiny assessment will be undertaken by the tax deducted at source (TDS) directorate only after approval...

President gives assent to Taxation and Other Laws bill

The President of India gave his assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which will extend compliance-related...

PMC Bank depositors may not get all the money, but need to pay TDS

Depositors of Punjab & Maharashtra Co-operative (PMC) Bank are in for a double whammy. On the one hand, they are unsure if they would get...

Some taxpayers are getting SMS or email from tax department. Know why

Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. This is in...

Treaties can help non-residents avoid paying tax twice on the same income

I used to live in Saudi Arabia and was applying for the Double Tax Avoidance Agreement (DTAA) certificate from the Saudi government to produce to...

The pitfall to avoid while availing extra time to file tax returns

New Delhi: A rider that the government inserted in June while giving extra time for filing income tax returns for FY20 could cost high net...

What to do if you get a scrutiny notice from the tax department

Although the tax department didn’t disclose the absolute number of cases, the tax experts believe that better data collection and mining may have helped in...

GST, I-T mop up in Q1 very encouraging, indicates economic recovery: Finance Secretary

Tax mop up in first quarter of the current fiscal is “very encouraging” and indicates that the economy is recovering sooner than what was anticipated...