Deloitte has released a survey on Wednesday saying a vast majority of income tax filers want simplified ITRs for individuals, easier way for computing incentives and deductions, and simplification of TDS framework for 'one rate one section'.
Whether it is an arranged marriage organized through traditional matchmakers or a Western-style wedding planned by the couple themselves after multiple dates and perhaps a period of cohabitation, the basic purpose is the same.
In view of genuine difficulties being faced by taxpayers, the CBDT issued a circular on Monday relaxing the provisions of TDS/TCS as per the Income-tax Act, 1961(the ‘Act’) in the event of the death of deductee/collectee before linking of PAN and Aadhaar.
Homegrown crypto exchange CoinDCX on Tuesday said it is laying off about 12 per cent of its workforce, as the…
Direct tax collected by way of tax deducted at source (TDS) on payments made upon transfer of virtual digital assets (VDA) aggregated to Rs 157.9 crore upto March 20, 2023, the Parliament was told on Tuesday.
The Central Government hereby specifies that Air India Ltd shall not be considered as 'seller' for the purposes of sub-section (1H) of section 206C of the said Act in relation to transfer of goods by it to Air India Assets Holding Ltd under a plan approved by the Central Government,"
If the two documents are not linked then the TDS rate on taxable payout will be 20 per cent as per Section 206
While wishing that the stimulus will succeed in its stated objective, it would probably have been better had the Government chosen to put money in the citizen's hands by increasing Government spending and providing employment to the crores rendered jobless by the pandemic because a supply-side monetarist approach may not be the best way to reboot our economy.
1. This reduction in TDS will only be applicable for 23 levied payments. 2. TCS, it will be applicable to four categorise rooms of the Income Tax Act. 3. It is estimated that the move will release liquidity of Rs 50,000 crore in the difficult period of Covid-19 pandemic.
"This reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS," Sitharaman said.
