Page 6 - Latest Updates on TDS
I-T unearths Rs 3,500-cr TDS default by oil, telecom firm in Delhi: CBDT
CBDT, which frames policy for the tax department, did not name the entities involved
 "I-T unearths Rs 3,500-cr TDS default by oil, telecom firm in Delhi: CBDT")
'Vivad se Vishwas': Cases in arbitration abroad eligible, says I-T dept
The income tax department said appeals and writs filed on or before January 31 this year will be allowed to be taken up under the scheme
 "'Vivad se Vishwas': Cases in arbitration abroad eligible, says I-T dept")
Double trouble: PMC Bank asked to deduct TDS on notional interest paid
CBDT asks lender to deduct tax at source on notional interest paid
 "Double trouble: PMC Bank asked to deduct TDS on notional interest paid")
TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal
Agarwal was talking about the Budget proposal to introduce a new section in the Income Tax Act
 "TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal")
TDS levy on e-comm transactions may impact working capital: Amit Agarwal
Agarwalwas speaking at 14th India Digital Summit organised by Internet and Mobile Association of India (IAMAI)
 "TDS levy on e-comm transactions may impact working capital: Amit Agarwal")
10% TDS only on dividend payment by mutual funds, clarifies CBDT
CBDT clarification removed uncertainty over treatment of capital gains
 "10% TDS only on dividend payment by mutual funds, clarifies CBDT")
I-T dept says 10% TDS only on dividend payment by mutual funds
It went on to state that necessary clarification, if required, shall be proposed in the relevant provision of the law
 "I-T dept says 10% TDS only on dividend payment by mutual funds")
Amfi seeks clarity from tax authorities on removal of DDT, TDS introduction
Currently, mutual funds deduct the DDT and then hand over dividend to the unit holders
 "Amfi seeks clarity from tax authorities on removal of DDT, TDS introduction")
Proposed 1% TDS on e-commerce transactions to impact firms, sellers
Experts further said that e-commerce companies already deduct 1 per cent TDS under the Goods and Services Act
 "Proposed 1% TDS on e-commerce transactions to impact firms, sellers")
Amazon, Flipkart may reach out to govt for clarification on 1% TDS levy
The government on Saturday proposed a new levy of 1 per cent TDS (tax deducted at source) on e-commerce transactions, a move that could increase burden on sellers on such platforms
 "Amazon, Flipkart may reach out to govt for clarification on 1% TDS levy")
Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works
Dept plans to include more complicated cases in second phase of scheme
 "Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works")
Ease of doing business for NRIs
There seems to be a fundamental flaw in the way some of the income tax provisions are administered that hurts non-resident Indians' (NRI) real estate investments in India
No TDS on interest paid as compensation
The Commission warned the builder not the deduct tax at source on the interest as it was awarded as a form of compensation
Even those not audited must deduct TDS if total payment exceeds Rs 50 lakh
The liability to deduct tax gets triggered when the amount paid to a resident, or even the aggregate of such amounts, exceeds Rs 50 lakh
 "Even those not audited must deduct TDS if total payment exceeds Rs 50 lakh")
Govt exempts cash payments above Rs 1 crore via APMC from 2% TDS
The government also gave 15 percentage points additional depreciation rate to commercial vehicles, taking it to 45 per cent
 "Govt exempts cash payments above Rs 1 crore via APMC from 2% TDS")
Reader's corner: How to check status of refund from income tax department
You will not be able to claim a credit of such TDS until the tenant completes the formalities
 "Reader's corner: How to check status of refund from income tax department")
Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts
The total TDS paid on cash withdrawal beyond Rs 1 crore will be adjusted against the total tax dues from the taxpayer.
 "Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts")
Budget 2019 proposals for TDS on life insurance confuse tax experts
But that there is no clarity on how the gains should be calculated on such life insurance policies
 "Budget 2019 proposals for TDS on life insurance confuse tax experts")
Imposed TDS levy after 448 entities withdrew Rs 100 cr each in a year: Govt
Over 1.03 lakh entities made cash withdrawals in the range of Rs 1-2 crore in 2017-18, totalling more than Rs 1.43 lakh crore
 "Imposed TDS levy after 448 entities withdrew Rs 100 cr each in a year: Govt")
TDS on Rs 1-crore cash withdrawal aimed at cracking down on black money
The ministry said that the 2% tax, announced in last week's budget and to start in September, was prompted by information showing misuse
