Page 2 - Latest Updates on TDS
Govt receives Rs 60.46 crore tax from TDS on virtual digital assets
The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin
 "Govt receives Rs 60.46 crore tax from TDS on virtual digital assets")
Indian crypto industry group writes to govt for 'strong regulations'
Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'
 "Indian crypto industry group writes to govt for 'strong regulations'")
NRIs can repatriate funds from sale of two houses, say experts
For property bought as resident or inherited, up to $1 mn can be sent each year
 "NRIs can repatriate funds from sale of two houses, say experts")
CBDT extends last date for filing TDS for non-salaried individuals
Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter
 "CBDT extends last date for filing TDS for non-salaried individuals")
Deadline for filing TDS for non-salary transactions extended till Nov 30
The Central Board of Direct Taxes on Thursday extended the deadline for filing quarterly TDS statement in Form 26Q for the June quarter by a month till November 30
 "Deadline for filing TDS for non-salary transactions extended till Nov 30")
SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight
Airline says significant portion of PF contributions of all employees is also being credited and the remaining amount will be released shortly
 "SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight")
Clear brings solutions to pre-validate data before tax returns are filed
Clear TDS, a SaaS platform, can generate three million FVU files in 30 minutes, and has automated bulk PAN and aadhaar linking verification, challan verifications among other features
 "Clear brings solutions to pre-validate data before tax returns are filed")
Six months on, crypto tax leading to siphoning of India's wealth: Experts
The crypto industry is largely unregulated in India, and the central government, along with the Reserve Bank of India (RBI), have repeatedly refused to make cryptocurrencies legal
 "Six months on, crypto tax leading to siphoning of India's wealth: Experts")
Govt working on GST on crypto transactions, defining legal framework
The government is working on a comprehensive indirect tax regime for crypto assets which will check revenue loss to the exchequer
 "Govt working on GST on crypto transactions, defining legal framework")
Overseas firms see compliance burden increasing to get tax treaty benefits
Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically
 "Overseas firms see compliance burden increasing to get tax treaty benefits")
Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT
Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget
 "Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT")
Loan waiver not a benefit, banks exempt from 10% TDS on OTS: CBDT clarifies
The Central Board of Direct Tax has clarified in a circular that the banks are not required to deduct 10% TDS on one-time settlement (OTS) or loan waivers.
 "Loan waiver not a benefit, banks exempt from 10% TDS on OTS: CBDT clarifies")
TDS on benefits: Section 194R of the I-T Act has confused people
Sec 194R of the IT Act, 1961, mandates a person giving any benefit to another person to deduct 10% of the value of the benefit at source. It has created confusion as a similar section is already there
 "TDS on benefits: Section 194R of the I-T Act has confused people")
Experts raise several red flags around section 194R of the Income Tax Act
The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges
 "Experts raise several red flags around section 194R of the Income Tax Act")
CBDT asks the winners of online games to pay taxes, file updated ITR
The winners of online games will have to pay taxes at the rate of 30 per cent without any rebates or 25-30 per cent on taxes and the interest due
 "CBDT asks the winners of online games to pay taxes, file updated ITR")
India needs to have progressive regulation for crypto assets: Experts
Blockchain technology is needed and can be used in governance, they say
Group representing Indian crypto exchanges to be dismantled: Report
The Internet and Mobile Association of India (IAMAI) is dismantling BACC after disagreement and allegations that crypto exchanges were not following an internal code of conduct
 "Group representing Indian crypto exchanges to be dismantled: Report")
It's prudent to file nil ITR even if your income is below Rs 2.5 lakh
Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa
 "It's prudent to file nil ITR even if your income is below Rs 2.5 lakh")
Delhi HC asks ED to consider Vivo's representation on freeing bank accs
ED's money-laundering probe into Vivo revealed the company, to avoid paying taxes in India, remitted about Rs 62,476 crore of its turnover to China between 2017 and 2021
 "Delhi HC asks ED to consider Vivo's representation on freeing bank accs")
What should you keep in mind while filing your income-tax return?
The last date for filing income tax of AY 2022 is drawing close. We explain a few things which you should keep in mind before filing the tax return.
