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TDS ON CASH WITHDRAWAL
Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reducedManoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through t...- What is the TDS rate for salary, dividend, interest, house rent, cash withdrawal and other transactions for FY 2024-25Tax Deducted At Source (TDS): TDS is levied on many types of incomes like salary, house rent, virtual digital assets (VDA), etc. What is im...
- TDS on online games winnings: How companies will deduct tax as per CBDT guidelinesThe Central Board of Direct Taxes (CBDT) has issued guidelines on how online gaming companies will deduct tax from winnings they have earne...
- Can you withdraw any amount from bank using bearer's cheque? Know risks involved, income tax laws you may faceAn individual can make a payment using bearer cheque as well. Usually, the receiver of the bearer cheque can visit the bank to encash the c...
- TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven't done thisThe government has amended the laws on withdrawing cash exceeding Rs 20 lakh from his/her bank account in a financial year. The law was ame...
- 2-5% TDS on small savings if ITR not filedTax experts say this will ensure that tax-free options such as the PPF and other Post Office schemes are not misused by non-filers.
- TDS be deducted on cash withdrawals from post office schemesAs per the provisions, if aggregate cash withdrawal by an investor exceeds Rs 20 lakh but does not exceed Rs 1 crore during a financial yea...
- PNB customers complain TDS deduction on every cash withdrawalThe incidents happened at the erstwhile United Bank of India branches "The bizarre development came to my notice last night," said Abhijit ...
- Income Tax dept launches functionality for banks to check ITR filing status of entitiesTo ensure filing of return by these persons and to keep track on cash withdrawals by non-filers, and to curb black money, the Finance Act, ...
- I-T dept makes new utility for banks, POs to check TDS rate on high value cash withdrawalsThe functionality available as "Verification of applicability u/s 194N" on www.incometaxindiaefiling.gov.in since July 1, 2020, is also mad...
- Here's how banks will find out if you have filed last 3 years income tax returnsThe Budget 2020, has further expanded the scope of section 194N of the Income-tax Act, 1961 to provide different tax rates for two differen...
- Income tax department amends TDS form, makes it more comprehensiveThrough a notification, the Central Board of Direct Taxes (CBDT) has amended Income Tax Rules to include TDS on e-commerce operators, divid...
- GoI may provide relief to tea gardens from TDS in cash withdrawal“Following our discussion on the issue, the Finance Minister has taken it into her consideration. While agreeing to the problems of tea sec...
- You can get credit for TDS deducted on cash withdrawals of over Rs 1 crore from bank accountClaiming credit for this TDS would allow them to set it off against their total tax liability for the relevant financial year.
- 7 changes in income tax laws that come into effect from Sept 1Here is the list of the seven main changes in tax laws that will come into effect from September 1.
- Two percent TDS on cash withdrawals of over Rs 1 crore from September 1: Tax deptThe government had made the provision of levying 2 per cent TDS on cash withdrawals exceeding Rs 1 crore in the Budget.
- 448 entities withdrew over Rs 100 crore each, prompting TDS levyAlmost 2 lakh individuals and business entities withdrew more than Rs 1 crore in cash from bank accounts in 2017-18, official data showed.
- Budget 2019 proposes to levy 2% TDS on cash withdrawal of over Rs 1 croreRumours were already doing the rounds that the government will introduce such a tax.
- TDS on cash withdrawal to compromise the liquidity of tea estatesIt is expected that tea estate population would be provided a more comprehensive coverage on schemes related to housing, education, sanitat...
- Budget 2019: Fuel cess, TDS on cash large cash payouts bids to destroy truckers and get foreign players inThe All-India Motor Transport Congress also alleged that there is a move to make way for foreign players into the industry through such mov...
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