TDS CERTIFICATE
NRIs want Budget 2024 to ease 6 tax troubles: TDS on property sale, disparity in LTCG, dividend taxation and others
Under Indian tax laws, NRIs are taxable on their Indian-sourced income, such as capital gains, dividends, and interest. They are generally taxed similarly to residents but may face less beneficial rules in specific scenarios. The upcoming Budget 2024 may offer relief to NRIs in these areas.
Interest certificate for filing ITR: How to download interest certificate from SBI, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank
Interest certificate for filing ITR: Here is how to download interest certificates from top banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank, and Kotak Mahindra Bank.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
Documents required for ITR filing: 10 documents you need to file income tax return
Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.
What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
ITR filing for FY2023-24: Form 26AS is an important document for filing your income tax return (ITR). It shows the dates and amounts of advance tax payments and consolidates all your financial transactions.
Form 16 due date: When will you get TDS certificate from your employer?
Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.
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Top post office schemes: These 9 small savings schemes offer above 7% interest rate
Post office schemes interest rates: The government has kept the interest rates on small savings plans unchanged for the quarter ending June 30, 2024. Here are nine post office schemes that offer more than 7% interest.
Salaried individual filing ITR? Advisable to wait till June 15
ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.
Property buyer may end up paying 19% TDS out of his own pocket for this PAN related issue
Tax deducted at source (TDS): If you are buying any property above Rs 50 lakh value then make sure to deduct 1% TDS before making the payment to the seller. However it is important to check the status of the seller's PAN. An individual forgot to do this and got served with an income tax notice.
Binance’s India comeback; D2C brands spend big for q-commerce presence
Direct-to-consumer (D2C) brands are shelling out high commissions on sales for space on coveted quick-commerce platforms. This and more in today’s ETtech Morning Dispatch.
Income Tax dept releases interim plan for FY25: Key focus on TDS and appeals processing
The income tax department in India has released an interim action plan for the fiscal year 2024-25, focusing on identifying cases of TDS short-payment and expediting appeals processing. The plan sets deadlines for refund approvals, asset release, and compounding proposals. It also emphasizes prioritizing appeals filed before and after April 1, 2020, with at least 150 appeals resolved by June 30.
How to save income tax in new tax regime? Two deductions that salaried can claim
Deductions under new tax regime: If you are planning to opt for the new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed.
How to switch from new tax regime to old tax regime
Change income tax regime: At the start of the financial year, an individual is required to select one tax regime - old or new- for deducting of taxes on salary by employer. However, it may happen that an individual wants to switch the tax regime from what was opted in the start of the financial year. The income tax laws allow such change. Here is how to go about it.
ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal
ITR filing forms for FY 2023-24 (AY 2024-25): As of April 1, 2024, the online ITR forms have been enabled on the e-filing website. This means that taxpayers who are eligible to file their tax returns using these forms can now proceed to file their ITR for the financial year 2023-2024.
New income tax rules: Tax dept expands scope for filing of appeals by officials; how this can impact taxpayers
Tax experts advocate for a cautious "wait-and-watch" approach, emphasizing that the extensive list of exceptions introduced could potentially result in heightened litigation for individuals, Indian corporations, and overseas entities.
National Savings Certificate latest interest rate: What is the NSC interest rate for April-June 2024 quarter?
Latest National Savings Certificate (NSC) interest rate: The government revises interest rate on all the small savings schemes every quarter, which includes National Savings Certificate.
What is the TDS rate for salary, dividend, interest, house rent, cash withdrawal and other transactions for FY 2024-25
Tax Deducted At Source (TDS): TDS is levied on many types of incomes like salary, house rent, virtual digital assets (VDA), etc. What is important to note here is that a correct amount of TDS should be deducted and TDS return (if applicable) is filed in time. Read here to know some TDS rates for FY 2024-25.
5 post office savings schemes that do not offer tax saving benefit under section 80C
List of post office schemes that does not offer tax benefits under section 80C of Income-tax Act, 1961.Let us now take a look at each of these schemes in detail and how investments and interest earned are taxed.
Mahila Samman Savings Certificate: Does this new post office scheme offer tax saving benefits?
The Mahila Samman Savings Certificate can be applied by women for personal investments or by guardians for minor girls. It is a one-time scheme available for two years, from April 2023-March 2025.
TDS deducted in wrong FY? New income tax form to help you get it corrected Oct 1 onwards
The Central Board of Direct Taxes (CBDT) has notified a new Income tax form- Form 71. This form will help taxpayers resolve their problem of TDS claim when it was deducted in a wrong financial year. One need not approach the tax deductor and request them to revise their TDS return. Income tax department will directly help now.
Income tax calendar 2024: Important tax-related dates you need to know
With the start of the new year, it is important to remember important deadlines for the year. Knowing the last dates well ahead of time can help individuals to avoid penalties. Here is the income tax calendar for 2024 telling you all the important last dates between January and December 2024.
You won't get a refund for professional tax paid at this income level
Professional tax is a tax levied by the state government and the income tax act allows an deduction of professional tax actually paid from gross total income of the individual. Unlike TDS professional tax is not refunded if the individual's net income tax liability is less than the tax amount or nil.
Revised procedure for TDS certificates: What NRIs need to know
Unlike residents, NRIs cannot use Form 15G/H and must apply for a reduced or zero TDS certificate. The process involves submitting an online application using Form 13 and verifying it through a Digital Signature Certificate (DSC). The assessing officer then reviews the application and determines the appropriate TDS rate.
Tax deducted on NRIs income: CBDT changes process to get nil TDS certificate
Any payment to a Non-Resident Indian (NRI) is subject to deduction of TDS. However if the NRI wants the rate of TDS deduction to be made at a lower or nil rate then an application using Form 13 needs to be submitted on the TDS TRACES portal.
Now you can't get Section 80G tax deduction without this TDS-like certificate from income tax portal
Till FY 2020-21, an individual can claim the donation on the basis of the donation receipts at the time of filing income tax return (ITR). However, from FY 2021-22 onwards, the donation can claim be claimed only if an individual enters donation certificate details in the income tax return form. Without the certificate, an individual cannot claim Section 80G deduction.
When is Form 16 issued to employees by employers for ITR filing?
Form 16 is a TDS certificate issued by the employer to an employee to inform the taxes that are deducted on salary income paid in a financial year. The TDs certificate makes it easier for an employee to file his/her income tax return. The income tax laws have provided a date by which Form 16 must be issued to employee.
Post merger, how HDFC customers can get TDS certificate for ITR filing
Housing Development Finance Corporation (HDFC), a mortgage lender, and HDFC Bank, a private sector bank, became a merged entity as of July 1. Here are important FAQs on TDS, PAN Card on Form 15G after the merger, according to the HDFC Bank website.
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