Tax Season Is Here! Know Difference Between Income Tax (ITR) Return And TDS
Learning about the concepts of TDs vs ITR can help taxpayers understand what they need to do and make sure they follow the rules correctly.
Feb 17, 2024, 09:59 AM IST
New TDS rule from 1 July 2022: How will it impact doctors, social media influencers? Top 5 things to know
The Budget brought in a new section, 194R, in the I-T Act which requires deduction of tax at source at the rate of 10 per cent by any person, providing any benefit or perquisite exceeding Rs 20,000 in a year to a resident, arising from the business or profession of such resident.
Jun 28, 2022, 15:43 PM IST
Net direct tax collections jump 45% till June 16 in 2022-23
Net collection from direct taxes jumped to Rs 3,39,225 crore in the current financial year till June 16 as compared to Rs 2,33,651 crore recorded in the corresponding period of the last year, registering a year-on-year growth of 45 per cent.
Jun 17, 2022, 18:13 PM IST
Filed Income Tax Return? TDS rules to change from THIS month
In order to identify the non-filers of ITR, the tax department has made a list of these people at the start of the financial year 2021-22, which includes previous years 2018-19 and 2019-20. This particular list includes the names of taxpayers who did not file returns of income for both assessment years 2019-20 and 2020-21 and have an aggregate TDS of Rs 50,000 or more in each of these two previous years.
Jul 06, 2021, 11:40 AM IST
Filed Income Tax Return yet? You will have to pay double TDS from July 1-Here’s why
Come July 1, a person will be forced to pay extra TDS and that too at a higher rate if he/she fails to file their Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.
Jun 07, 2021, 15:31 PM IST
5% TDS to be deducted on PPF withdrawals: Here’s what the new rules say
A 2 % TDS will be deducted from the account after the cash withdrawal is more than 20 lakh but less than Rs 1 crore. Also, 5% TDS will be deducted if the amount exceeds Rs 1 crore. Also if the cash withdrawal is more than Rs 1 crore, the income tax that will be given stands at 2% of the amount above Rs 1 crore
Mar 28, 2021, 15:23 PM IST
Senior citizens may be saddled with bigger TDS burden from July 1
Since the new proposed TDS rules doesn’t provide any exception to cases where the person is not eligible to file ITR (case in point super senior citizen), it may be possible that banks may deduct higher TDS from the interest income from them.
Feb 19, 2021, 13:36 PM IST
Senior citizens with taxable income up to Rs 5 lakh can seek TDS exemption on bank interest
Earlier, the limit for seeking Tax Deducted at Source (TDS) exemption was Rs 2.5 lakh.
May 24, 2019, 13:03 PM IST
Submit these documents to avoid paying excess TDS
Generally, an employer deducts tax from your salary and pay it to the government known as Tax Deducted at Source (TDS).
Jan 25, 2018, 10:43 AM IST
Software testing complete, ready for smooth GST rollout: GSTN
The GSTN portal has also started accepting registrations from new taxpayers from June 25 even as the process of migration of existing taxpayers is already on.
Jun 27, 2017, 20:30 PM IST
I-T emphasis on creating awareness on TDS
Income Tax department is emphasising on creating greater awareness on tax deducted at source (TDS) compliance.
Jan 31, 2016, 19:27 PM IST
Easwar panel on I-T for raising threshold for TDS deduction
A high level panel on simplification of income tax laws on Monday recommended raising the threshold limits for deduction of tax at source (TDS) as also slashing the rate of withholding tax.
Jan 18, 2016, 15:20 PM IST
TDS threshold to be increased; Know what are the benefits
TDS rates for interest income and commission need to be rationalized, the committee suggested that these should be halved to 5 percent.
Jan 18, 2016, 10:44 AM IST
I-T Dept simplifies online rectification of TDS in ITR
Aimed at making life easier for tax payers, the I-T department on Thursday said it simplified the process of online rectification of incorrect details of tax deducted at source (TDS) filed in the income tax return (ITR).
Dec 10, 2015, 17:59 PM IST
Unions question TDS on PF withdrawals, want order on hold
Opposing the government's decision to deduct tax at source on pre-mature PF withdrawals, trade unions on Friday said they will ask the Labour Ministry to put the EPFO order in this regard on hold.
May 22, 2015, 17:23 PM IST
Direct Tax collections marginally short of target in 2014-15
Direct tax collections touched Rs 6,96,200 crore during 2014-15 despite difficulties on the economic front, marginally falling short of the target.
May 05, 2015, 16:26 PM IST
I-T dept collects Rs 6.96 lakh cr revenue during 2014-15
The achieved collections are about Rs 9,000 crore or 14 percent short of the projected target of Rs 7,05,000 crore.
May 03, 2015, 15:59 PM IST
Date for TDS deposit extended to Oct 10
The Central Board of Direct Taxes (CBDT) has extended the due date of deposit of Tax Deducted at Source/Tax Collected at Source during the Month of September, by three days to October 10 from October 7.
Oct 01, 2014, 14:44 PM IST
CII on Budget: Help restore higher domestic savings rate
The first Budget of the Narendra Modi government would do well to initiate steps that would restore domestic savings rate level to at least 35 percent of GDP through tax incentives, says industry body CII.
Jul 06, 2014, 18:00 PM IST
