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NONPAYMENT OF TDS TAX
Paying rent above Rs 50,000? Failure to deduct TDS can make you an assessee in default; know what to doTenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requiring tax audits. The TDS rate is ...- Pension is salary, family pension is not: Key tax rules pensioners must know before filing ITR for AY 2026-27Pension and family pension are taxed differently under the Income-Tax Act, yet many taxpayers continue to confuse the two while filing retu...
- Paying high rent? Don't forget to deduct TDS before March 31, 2026 or you may face penalties and interestTenants paying more than Rs 50,000 in monthly rent must deduct TDS at 2% before March 31, 2026. This compliance is for the financial year e...
- Why Income Tax Act 2025 still criminalises small mistakes and why India needs a more trust-based approachIndia's tax system is set for a major overhaul with the Income-tax Act, 2025. The Finance Bill, 2026, should consider decriminalizing minor...
- 57% of gains from cryptocurrency investment in one Indian state as Rs 293 crore TDS collected in FY25India's Income Tax Department is collecting substantial revenue from cryptocurrency transactions. Over Rs 1,100 crore in tax has been gathe...
- Incorrect TDS reporting will result in penalties: CBDTThe CBDT issued a comprehensive circular outlining stringent penalties for employers failing to deduct TDS for the assessment year 2024-25....
- Will the government extend the October 7 tax audit, TDS payment deadlines due to glitches on the e-filing ITR portal?Tax audit deadline: The tax portal was facing glitches as of October 7, 2024. Karnataka State Chartered Accountants Association (KSCAA) sai...
- Crypto Tax: What investors need to knowFor a taxpayer, there are new schedules to be filled. Regular crypto traders with multiple transactions could find it all a bit overwhelmin...
- Non-payment of TDS not a ground for initiation of insolvency process: NCLATSetting aside an order of the Kolkata bench of NCLT, the appellate tribunal said "the process of Insolvency & Bankruptcy Code (IBC) cannot ...
- Air India defaults on TDS, EPF payments as Centre mulls on how to sell the carrierGovernment officials told ET otherwise. “Air India has not made payments against TDS and PF since January this year. TDS dues is in the ran...
- Tax queries: Employer didn't deposit the TDS it deducted on your salary. How to claim it?According to the I-T Act, an employee is entitled to claim credit for the tax deducted at source by the employer even if the same is not pa...
- Paying taxes: Why SMEs should comply with income tax provisionsSMEs should comply with TDS provisions to reduce the unnecessary burden of interest, penalties, late fees and having the tax man knocking o...
- Answers of our readers queries related with various tax issuesWhile filing return of income, the employee can claim the credit for TDS on salary based on the data/documents available with him.
- How much do you know about tax rules?Only one out of three respondents know that the interest received on fixed deposits and recurring deposits is fully taxable.
- No direct demand on assessees if TDS already deducted: CBDTThe IT Department asked field offices to refrain from raising tax demand against assessees whose TDS has already been deducted but not depo...
- SC rejects Kingfisher's plea challenging Rs 372 crore TDS demandThe SC has dismissed the plea of grounded Kingfisher Airlines against an order of the Karnataka High Court asking it to pay around Rs 372 c...
- SC tells Kingfisher Airlines to pay Rs 372 crore to I-T department in TDSA bench of Justices Ranjan Gogoi and N V Ramana dismissed the plea of the beleaguered airline challenging a order of the Karnataka high cou...
- Kingfisher misses deadline, more accounts frozenThe service tax department has frozen some more bank accounts of debt-crippled Kingfisher Airlines for missing the deadline for clearing du...
- Tax hounds chase defaulters as TDS target set to fall short by 10%The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09.
- Employee not liable if TDS not deposited: HCIn the tax season comes some good news. In an important judgment, the Bombay High Court recently held that the income tax department cannot...
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