Page 5 - Latest Updates on TDS
CBDT clamps down on coercive assessment, tax recovery measures by officers
Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept
 "CBDT clamps down on coercive assessment, tax recovery measures by officers")
IT Dept issues guidelines for applicability of TCS provision from Oct 1
The CBDT said the new introduced TCS provisions would not apply to transactions in securities and commodities which are traded through recognized stock exchanges
 "IT Dept issues guidelines for applicability of TCS provision from Oct 1")
Taxes taking a bite out of your salary? Use Section 197 to manage cash flow
Only payments made after submission of this certificate are eligible for lower or nil tax rate
 "Taxes taking a bite out of your salary? Use Section 197 to manage cash flow")
I-T dept undergoes overhaul to implement faceless assessment scheme
3,500 posts of assessment officers diverted to other centres; officers flag transitional challenges in implementing scheme
 "I-T dept undergoes overhaul to implement faceless assessment scheme")
Only investigation wing, TDS directorate to conduct I-T surveys: CBDT
In an I-T survey, tax officers visit business premises of the taxpayer to gather information by way of examination of books of accounts, data stored electronically and also access email communication
 "Only investigation wing, TDS directorate to conduct I-T surveys: CBDT")
Banks, post offices can now find out TDS on large cash withdrawals
The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates
 "Banks, post offices can now find out TDS on large cash withdrawals")
Banks, Post Offices can now check TDS rate on high value withdrawals
Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash
 "Banks, Post Offices can now check TDS rate on high value withdrawals")
CBDT notifies revised Form 26AS, to include details of property, share deal
To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act
 "CBDT notifies revised Form 26AS, to include details of property, share deal")
Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds
Collections may come under pressure once the base effect wears off
 "Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds")
Salaried class excluded from TDS benefit to avoid tax burden: Govt
To boost short-term liquidity for businesses, the government on Wednesday reduced TDS and tax collected at source (TCS) rates for non-salaried payments by 25 per cent up to March 31, 2021
FM Nirmala Sitharaman's TDS, TCS move will not ease tax burden: Experts
The move will help release liquidity worth Rs 50,000 crore, according to government estimates. Experts, however, feel that its impact will be limited as tax incidence remained the same.
 "FM Nirmala Sitharaman's TDS, TCS move will not ease tax burden: Experts")
15 different measures FM Nirmala Sitharaman announced today
Among 15 measures announced - 6 are for MSMEs, 2 related to EPF and 2 related to MFIs, 1 to discoms, 1 to contractors, 1 to real estate, and 2 tax measures
 "15 different measures FM Nirmala Sitharaman announced today")
TDS rate cut by 25%; period for tax returns extended in Rs 20-trn stimulus
Sitharaman further said the income tax department will fast track processing of pending refunds to charitable trusts, LLPs, non-corporate businesses and proprietorship firms, among others
 "TDS rate cut by 25%; period for tax returns extended in Rs 20-trn stimulus")
Tax break to provident fund: What stimulus has for you and economy
Government support in the form of 12% employer and 12% employee contribution extended for another three months - June, July and August
 "Tax break to provident fund: What stimulus has for you and economy")
Covid-19 impact: TDS revenue collection in first 10 days of May down 22%
The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown
 "Covid-19 impact: TDS revenue collection in first 10 days of May down 22%")
Centre seeks India Inc's view on economic revival amid Covid-19 outbreak
Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny
 "Centre seeks India Inc's view on economic revival amid Covid-19 outbreak")
How to deduct TDS against salary under new rules from April? CBDT clarifies
The circular also addresses the confusion that there cannot be a change in option by the employee during the year, coming as a relief for employers
Coronavirus: Tax dept gives fresh relief to companies on lower TDS
CBDT had recently extended the validity of certificates issued for lower TDS or TCS for three months - till June 30 this year
 "Coronavirus: Tax dept gives fresh relief to companies on lower TDS")
I-T dept extends deadline for filing TDS exemption forms amid lockdown
Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income.
Covid-19: Govt extends lower withholding tax orders validity by 3 months
Due to Covid-19 outbreak, there is severe disruption in the normal working of almost all sectors, including functioning of the Income Tax department
