TDS ON HOUSE PAYMENT
What is AIS, how to download it and how it helps taxpayers in ITR filing?
What is AIS, how to download AIS: Annual Information Statement (AIS) is a statement introduced by the income tax department in 2021. This statement is a comprehensive which help individuals and other taxpayers to get access of most of their financial transactions done in a financial year. It also helps in the knowing different sources of income.
Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax notice
House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.
Axis Mutual Fund changes fundamental attributes of Axis Special Situations Fund. What should you do?
Axis Mutual Fund has changed the fundamental attribute of Axis Special Situations Fund. The scheme will now be called the Axis Innovation Fund. According to the fund house, the change has been done to reflect the nuanced focus of the fund in a better way.
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.
TDS deduction: Why you must check status of PAN Aadhaar linking status of deductee on deduction date to avoid income tax notice
Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductee's PAN. If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else.
Axis Mutual Fund changes fundamental attributes of Axis Focused 25 Fund. What should you do?
The scheme will allocate 65-100% in equity and equity related instruments (of not exceeding 30 companies), 0-30% in debt and money market instruments, 0-10% in units issued by REITs & InvITs.
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HRA tax exemption: HRA fraud with illegal usage of PANs detected by tax dept; how to avail House Rent Allowance, proofs
HRA tax fraud: The investigation by the tax department began when authorities stumbled upon purported rent receipts totaling approximately Rs 1 crore under an individual's PAN. However, upon questioning, the individual disavowed any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent attributed to them.
HRA tax exemption: Are both rent receipts and rent agreement a must as income tax proofs?
Documents for HRA tax exemption: To claim HRA from their employers, many salaried employees usually use either rent receipts or rent agreement as proof of the rent paid in a financial year. However, tax experts point out that assessing officer of the income tax department can reject HRA tax exemption claim if any one of the documentary evidence is missing.
TDS on salary is not at fixed rate; know how tax is calculated and deducted by employer
TDS on salary: Before paying a salary every employer will deduct tax deducted at source (TDS) and then pay a salary to their employees. However the rate of deduction of TDS is not fixed and it is determined by calculating the average rate of tax of the employee. Read here to know exactly how the calculation for TDS is done.
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.
When is TDS to be deducted from house rent payments to the landlord?
If you are paying a house rent of more than Rs 50,000 per month, then make sure to deduct TDS from such rent and deposit it in the government's account. Further you must also give your landlord a TDS certificate in time, so that he may claim it back or adjust it against his tax liability.
For crypto players, interim budget falls short on regulatory, tax issues
During the Union budget, finance minister Nirmala Sitharaman did not provide any clarity for the crypto world regarding regulations. This was after the newly-formed advocacy body Bharat Web3 Association had sought regulatory tightening of offshore exchanges and highlighted the demand for rationalisation of taxes.
Budget 2024: NRIs expect simplified TDS compliances
Interim Budget 2024: Lately, there has been a heightened emphasis on deductors adhering to TDS (Tax Deducted at Source) regulations, and failure to comply carries significant penalties. However, managing TDS compliances operationally can be intricate and time-consuming, posing interpretational challenges and placing an extra burden on the deductor. Read on to know how Budget 2024 can help ease the TDS pain.
Interim Budget 2024 could simplify ITR filing process for NRIs
NRI ITR filing: The income tax return filing for non-residents (NRI) is a painful process. This is because they are required to use ITR- to report for simple incomes such as interest income, dividends etc. However, resident individuals can use Simplified ITR-1 or Sahaj to report similar incomes. Union Budget 2024 in February should address this issue.
TDS on salary: How to avoid higher income tax under new, old tax regime
With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.
Ease TDS rules for buying house property from NRIs in Budget 2024
The government needs to facilitate ease of transacting and reduce compliance difficulties in buying property from NRIs. This is because a buyer needs to obtain TAN from income tax department to deduct and deposit taxes when buying property from NRI. This makes the selling of property by NRI very difficult.
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.
Cost of flat is Rs 47 lakh, market value of property is Rs 60 lakh; what will be the TDS implication?
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Paying house rent of more than Rs 50000 per month? Penalty you will pay for not deducting TDS
If an individual is liable to deduct TDS before making certain specified payments then it must be done at once. Otherwise the consequences will be dire. Further after deducting and depositing the TDS, an individual must also file a TDS challan cum statement form too. Failure to do so might attract penalty.
Paying rent less than Rs 50K but sharing flat with others? You could be liable to deduct TDS
If a tenant is paying an rent of more than Rs 50,000 to his/her Indian resident landlord then TDS must be deducted. However in case a flat is being shared among multiple tenants, the applicability of TDS on house rent slightly differs. Further this also depends on the the type of rent agreements too.
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.
ITR filing: 8 mistakes to avoid in your income tax return
Many do-it-yourself tax filers end up making mistakes in their returns, leading to notices from the tax department. Here is a look at eight ITR filing mistakes you should avoid.
Big Four tax practices undergoing tech transformation
The Big Four professional services firms are undergoing a significant overhaul of their tax practices, shifting from traditional advisory methods to tech-driven solutions, driven by two key factors: a surge in digitisation sweeping India Inc, and the tax department's expeditious digitisation initiatives in recent years.
New vs old tax regime: How to choose income tax regime for TDS on salary for FY 2023-24
In the month of April, a salaried employee is required to communicate about the preferred tax regime option to their employers. As Budget 2023, has announced many changes under the income tax laws. This makes it important for salaried employees to analyse both the income tax regime and then communicate the same to the employer.
NRIs cannot submit Form 15G/H: What can they do to lower TDS on income from India?
Any income earned by Non-Resident Indian (NRI) in India is subject to tax in India. The incomes are credited into the NRI account after TDS has been deducted from it. Further, they cannot submit Form 15G or 15H to avoid the TDS on their incomes. Here's what they can do to lower or avoid TDS on income earned in India.
What are TDS rules on buying a house? How to deduct, deposit tax and download Form 16B
When an individual buys a house, then apart from other formalites such as registering the sale deed, making payments etc., they are also required to fulfill the TDS obligations as well. However, not many people are well-informed about how to deduct, deposit the tax before making payment to the seller.
Budget at a glance: What it means for taxpayers, economy and business
During her speech, FM Nirmala Sitharaman asserted that the Indian economy is on the right path and heading towards a bright future. Offering big boost to taxpayers and economy, Sitharaman announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.
TDS is compulsorily deductible from these types of NRI income
An NRI receives different types of income from India. However, if an NRI receives a certain types of income from India, then TDS will be applicable to such income. The TDS will be applicable even if Re 1 earned from such income, irrespective of whether an NRI's total taxable income exceeds basic exemption limit Rs 2.5 lakh or not in a financial year.
Paying Rent to NRI landlord? Deduct TDS, else pay penalty
Are you paying housing rent to a Non-resident Indian? If yes, then ensure that you are deducting tax before making a rent payment to the NRI landlord. Remember under the income tax laws, as a tenat if you fail to deduct tax, then you will be liable for penal consequences. Read on to know the income tax rate at which taxes are to be deducted and how to deposit them with the government.
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