tds deductions

As the landscape of property buying in India evolves, so too must buyers' understanding of tax obligations. Non-compliance with TDS rules, particularly for deals involving NRIs, may incur hefty fines and surcharges.

Purchasing a second home involves significant tax considerations beyond the initial purchase price. Stamp duty, registration fees, and GST are upfront costs. Income tax implications vary based on whether the property is self-occupied, vacant, or rented out, with different deduction rules under old and new tax regimes. Understanding these nuances is crucial for financial planning.

Non-Resident Indians can invest in Indian real estate, including residential and commercial properties, and land for construction, under FEMA rules. While agricultural land is restricted, NRIs can purchase apartments, offices, and plots. Key documents and tax compliance are essential, with specific deductions available for interest and principal payments. Payments must follow prescribed banking channels.

Former India captain MS Dhoni has been revealed as the highest individual taxpayer from Jharkhand and Bihar combined for the 2025-26 financial year. The Principal Chief Commissioner of Income Tax confirmed Dhoni's top position, though the exact tax amount remains undisclosed. This achievement highlights Dhoni's significant financial contribution to the region.

A nuanced understanding of the various ITR forms for FY 2025–26 is essential for globally mobile professionals, domestic salaried taxpayers, and individual investors

Salaried taxpayers claiming House Rent Allowance (HRA) will face stricter disclosure norms from April 1, 2026, with the introduction of Form 124. Under this new format, employees are required to declare their relationship with the landlord to curb bogus claims within families. Genuine rental arrangements with relatives remain valid if supported by proper documentation and income declaration.

Bihar and Jharkhand’s Income Tax department is rolling out an innovative outreach initiative to demystify the new Income Tax Act, 2025, while rejuvenating tax collections that saw a decline last year. Aiming to foster understanding and streamline compliance, the program will target the region's expansive pool of seven crore PAN holders, which includes a large workforce and burgeoning entrepreneurial sectors.

The Delhi High Court examined the impugned order and the reasons furnished by the petitioner and found no merit in the challenge. The Court specifically rejected the submissions that the petitioner’s lack of awareness of tax laws or his alleged illiteracy could justify the delay. It held that such a plea was not tenable in law.

Women are actively investing in India, moving beyond traditional savings. While participation in mutual funds and equities is rising, independent control over financial decisions, particularly tax planning, is still developing. Younger women show greater comfort with digital platforms and goal-based investing. This shift signifies a growing financial awareness and engagement across the nation.

Accurate TDS deduction based on PAN-Aadhaar linking status is crucial to avoid penalties. Failing to verify PAN status can lead to legal consequences. Inactive PAN becoming active before the deadline may require higher deduction.

India currently offers two parallel tax systems for individuals - Old Personal Tax Regime and New Personal Tax Regime. While the new regime is now the default option, the choice remains with the taxpayer.

As the Financial Year is at the verge of ending, employees are asked to produce their ‘Income-tax declaration' with details of their investments and expenses, which they incurred during the FY gone by. Based on such declaration, the employer makes tax deductions at source on regular basis, either by deducting further taxes or deducting fewer taxes for the remaining period depending on the actual proofs of investments/savings showed by the employee. However, there are a few things that you can do to reduce your tax liability that arises from TDS being deducted from your salary.

TDS rates for FY 2024-25: When making a payment subject to TDS, the payer must deduct a specified percentage of the amount paid. The recipient then receives a TDS certificate from the deductor, indicating the amount deducted.

Tax Deducted at Source or simply TDS, is the tax collected at the source from where an individual's income is generated.

A local consumer disputes redressal forum in Durg district has ordered State Bank of India's (SBI) Patan Branch to pay Rs9160 to one of its.

The department will be raising demand while passing orders against such defaulters under section (u/s) 201 and 201 (A). They will be further liable for penalty liable for penalty u/s 271C. The department has already carried exercises in this connection at 40 places in both the states, said he.

tds deductions on gross receipts severely strain working capital in sectors like real estate, infrastructure, and BPO, where margins are modest. Even taxpayers having exemption certificates or losses struggle to obtain nil-rate certificates, leading to blockage of funds which eventually must be claimed by filing tax return.

Either if as an NRI you are selling a property in India or as a buyer you are purchasing a property from an NRI, you need to be mindful of TDS compliances and related issues, to ensure a smooth transaction and correct compliances.

New income tax laws grant companies extra time to deposit TDS, extending the deadline from 60 to 80 days after the original due date. Companies that fail to deposit the TDS by the return filing deadline will receive immediate prosecution notices. Employees are advised to monitor their Form 26AS for TDS credit validation.

Finance Minister Arun Jaitley on Monday launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this facility on a monthly basis. The CBDT will soon extend this SMS facility to another 4.4 crore non-salaried taxpayers.

ITR filing FY 2024-25: Indian taxpayers often wonder if filing an Income Tax Return (ITR) is necessary when Tax Deducted at Source (TDS) has been deducted. Experts clarify that filing an ITR is indeed mandatory, even with tds deductions. TDS doesn't confirm overall tax liability, which might differ from the deducted amount.

Suspecting multi-crore irregularities in tds deductions while awarding land compensation, the Income Tax (I-T) department has sought details of payments and individuals from District Land Acquisition officers of all the 13 districts, of last four years