Nirmala Sitharaman's first COVID-19 stimulus sheds moral baggage for morale booster, but fiscal puzzles remain
There is plenty to celebrate for MSMEs and other entities covered under Nirmala Sitharaman's first package of details to flesh out Prime Minister Narendra Modi's Rs 20-lakh-crore stimulus
Coronavirus Outbreak: Donation by employees to PM CARES fund through employer to reflect in Form 16 TDS certificate
Form 16 issued by employer will be considered to be a conclusive evidence of donation made by employee and tax deduction u/s 80-G shall be allowed to the respective employee.
Coronavirus Outbreak: Govt extends validity of lower withholding tax orders by three months till 30 June
The Finance Ministry on Tuesday extended the validity of all lower withholding tax orders by three months till 30 June in view of hardships caused due to COVID-19 pandemic
Mutual fund industry body seeks clarification from tax authorities on removal of DDT, TDS introduction
Industry body AMFI has sought clarification from relevant tax authorities with regard to the government's plan to scrap dividend distribution tax (DDT) on mutual funds and introduction of tax deducted at source on the income distributed by such products, fund managers and officials have said
Proposed TDS levy on e-commerce transactions may impact working capital of businesses: IAMAI chairman
The proposed levy of 1 percent TDS on e-commerce transactions announced in the recent Budget may seem like a harmless 'papercut' but could impact working capital of small businesses, Amit Agarwal, country head of Amazon India and Chairman of industry body IAMAI said on Wednesday
I-T Department clarifies 10% TDS applicable only on dividend paid by mutual funds, not on redemption of units
The tax department on Tuesday clarified that the Budget proposal of 10 percent TDS will be applicable only on dividend payment by mutual funds and not on gain arising out of redemption of units
Budget 2020: Nirmala Sitharaman bowls a googly on individual taxpayers; calculations made tricky, concessions offered with a rider
Sitharaman has made life difficult for individual taxpayers by making tax calculations complicated.
Centre proposes amnesty scheme for gold to unearth black money; fine on yellow metal held above fixed quantity: Report
According to news reports, there will be a fine on gold above a fixed quantity under the proposed scheme. Details of the scheme have yet to be revealed
Want to withdraw money from Employee Provident Fund account? Its taxable if done before 5 years of service
However, an employee can withdraw his/her Provident Fund even when the work period is less than five years (60 months)
In the Budget presented on 5 July, Finance Minister Nirmala Sitharaman had provided for 2 percent TDS on Rs 1 crore cash withdrawal from "an account" to discourage high-value cash withdrawal.
The Central Board of Direct Taxes (CBDT) has revised Form 16 this year.
Around 450 entities withdrew over Rs 100 cr each in cash from bank accounts in one year, prompting govt to levy TDS
Just 448 entities withdrew over Rs 100 crore each taking the cumulative withdrawal to Rs 5.56 lakh crore in cash from bank accounts in one year, prompting the government to clamp down with a TDS on withdrawals of more than Rs 1 crore
Budget 2019 offers no big tax relief to middle-class taxpayer though Narendra Modi sets $5-tn economy vision
As far as the employment generation initiatives are concerned, tax concessions to businesses surrounding, setting up of more workplaces and factories have always been a favoured option to create employment opportunities.
Income Tax Budget 2019: TDS on cash withdrawal is hardly a deterrent besides smacking of one-size-fits-all
Loss-making concerns would feel the heat of this new measure because TDS would lock up their funds
Petrol and Diesel Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre; customs duty on gold increased
Sitharaman proposed to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel.
ITR2 filing too complex and replete with avoidable details; Income Tax Department can use information from employers instead
ITR2’s information appetite is gargantuan and voracious. One can imagine the plight of the filers uninitiated in the nuances of the income tax law
Senior citizens with a taxable income of up to Rs 5 lakh can now submit in banks and post offices Form 15H to claim exemption from TDS on interest income on deposits, according to a CBDT notification
Income Tax Department proposes to seek more details on foreign donations received by trusts and institutions
CBDT has issued a draft notification to amend Form 10B of the Income-tax Rules, 1962 by proposing changes in the audit report form
Tax officials to scrutinise mismatch between ITR, service tax returns for 2015-16 and 2016-17 fiscals
The mismatch in ITR and service tax returns has come to notice in respect of PANs that are either not at all registered under service tax or PANs which are registered but did not file service tax returns.
From GST on under-construction flats to income tax rebate, key changes kick in today; all you need to know
The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of the financial year 2019-20