Budget 2025 has sought to bring down the number of transactions liable for tax deducted at source (TDS) by setting higher threshold limits across a spectrum of income streams, thus benefitting small taxpayers receiving small payments.Similarly, the finance minister also proposed to raise the threshold to collect tax at source (TCS) on remittances under RBI’s…
NEW DELHI: In a season of making annual declarations on investments and deduction, the income tax department has put employees and employers on notice after it came across lakhs of instances of individuals making bogus claims related to donations to political parties and charitable organisations as well as false investment and interest payment claims.It all…
NEW DELHI: The number of taxpayers rose 82% between 2014-15 and 2023-24, while direct tax receipts surged 182% in the past 9 years, largely driven by increasing compliance, data released by tax department on Thursday showed.The time series data released by the Central Board of Direct Taxes (CDBT) showed the number of taxpayers in the…
NEW DELHI: The income tax department will deny tax deducted at source (TDS) credit and flag your income tax return (ITR) if it detects any discrepancies between the TDS information reported in the ITR and the data provided by the TDS deductor. When a TDS deductor deducts the tax, they are required to file a…
The National Pension System (NPS) has evolved over time, becoming more user-friendly and adaptable to the needs of investors. The Pension Fund Regulatory and Development Authority (PFRDA) has introduced new features and simplified the process of opening an NPS account, allowing individuals to do so online within minutes, provided they have the necessary documents.Additionally, the…
New versus old income tax regime – understanding TDS on salary: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming…
