The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have already been processed, reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and …
If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related …
I have to make a payment to a law firm in Dubai for advising me on Golden Visa eligibility. Would such payment require TDS (tax deducted at source) and do I have to file Form 15CB while making the payment? Are there any other tax rules that I should keep in mind while making the …
I am a senior citizen and my income is between ₹3 lakh and ₹5 lakh. Will form 15H help me avoid tax deducted at source (TDS)? —Name withheld on request Form 15H is a self-declaration for non-deduction of taxes at source which can be submitted by an eligible person to the payor of specified incomes. …
Delhi-based Bansal (39), a start-up employee, realized that his PF contribution data was missing while filling his income tax return (ITR). Bansal, who declined to give his full name because of legal issues, raised the matter about the missing PF dues with his then employer but no action was forthcoming. His mails to the company’s …
Income Tax and Tax Deducted at Source (TDS) are the two most common terms Indian taxpayers often come across. Both may sound similar, but there is a vast difference between them. The main difference between Income Tax and TDS is that the Income Tax is deducted from the payer’s overall profit or annual return, on …
The Finance Act, 2020 has a provision under Section 194-O of the Income Tax (I-T) Act which mandated that e-commerce operator will deduct income tax at the rate of one percent of the gross amount of sale of goods or provision of service or both. The Central Board of Direct Taxes (CBDT) released a circular …
The deadline for paying the third instalment of advance tax is quickly approaching, with just two days left until December 15. It is crucial for taxpayers who are required to pay advance tax to make their payments by this date, as failure to do so can result in penalties and interest for delay. Individuals who …
Three months ago, I bought IFCI bonds, issued on 1 August 2011, for ₹34,000. The date of maturity of these bonds, with a face value of ₹10,000, is 1 August 2026. On maturity, IFCI will pay ₹10,000 as capital and ₹36,250 as interest, subject to tax deducted at source, or TDS. Can I show this …
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are both tax-related concepts in India, but they serve distinct roles in the tax collection process. Both TDS and TCS represent vital tax mechanisms in India, contributing to the effective collection of taxes by the government. Businesses and individuals who grasp and adhere to …