TDS deposit rules for employers relaxed from Oct 1, 2024: Does this put employee's TDS credit at risk?

New TDS deposit rules for companies: From October 1, 2024, companies will have more time to deposit TDS and penal interest with the government before a prosecution notice is sent. However, the question arises of whether this relaxation puts employees' tax credits at risk. Read on to know if employees will be impacted by the new income tax laws.

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Revised TDS rates from October 1: New tax deducted at source rates on these transactions will be applicable from October 1, 2024

Revised TDS rates from October 1: The Finance Bill has ratified several important proposals from the Union Budget 2024. These proposals encompass revised TDS rates that will be effective from October 1, 2024.

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Rent to parent, NPS could save Bengaluru finance professional up to Rs 1.8 lakh tax

TaxSpanner estimates that Rao can reduce her tax by Rs.1.8 lakh if she claims exemption for HRA, her company offers her the NPS benefit and her pay structure includes some tax-free perks. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Pay a penalty of Rs 1.5 lakh or 0.5% of total sales if you fail to upload tax audit report within next 3 days

Income Tax Audit: The tax audit deadline for specified taxpayers is September 30, 2024 for FY 2023-24 (AY 2024-25). If you miss this deadline you need to pay Rs 1.5 lakh penalty or 0.5% of total sales, whichever is lower. This can cause a significant loss, hence upload the tax audit report by September 30, 2024.

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Got tax notice to pay additional tax? Your TDS claim rejection could be the reason; know when it can happen

Tax Deducted at Source (TDS): Your tax liability will increase if the tax department disallows your TDS credit claim. Now a TDS credit claim can be rejected due to many reason like data mismatch, etc. So if you are in such a situation you can take some additional steps to get the issue rectified. Do note that if Form 26AS does not show a TDS credit, you can't claim it in the ITR.

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Have you taken a backup? Old GST data to be archived from GST portal after September 30, 2024

Goods and Services Tax (GST): GSTN in an advisory said that old GST return data relating to 2017 is going to be archived and hence not viewable on the GSTR portal after September 30, 2024. ​Says CA Hardik Kakadiya, President, Chartered Accountants Association Surat, "The government should provide an Archive Portal for such old, archived data, because backing up the data in PDF does not preserve the sanctity of those records..."

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Revised TDS rates, STT, Aadhaar card rules: 6 income tax Budget 2024 changes applicable from October 1, 2024

Budget 2024 tax changes: The 2024 Union Budget introduced some modifications regarding the Aadhaar card, STT, TDS rate, and the Direct Tax Vivad Se Vishwas Scheme 2024. Let's examine the significant tax adjustments that will be implemented starting from October 1, 2024.

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Claimed 87A tax rebate for STCG in your ITR? You may get tax demand notice

Income tax rebate: Income tax rebate under section 87A is not available for Long Term Capital Gains (LTCG). "Earlier the Income Tax Utility Software allowed filing of returns with rebate, but after July 5, 2024 this rebate is no longer given for STCG. Pursuant to those returns which were filed with rebate are now getting intimations for tax demand equivalent to amount to rebate availed," says CA Hardik Kakadiya, President, Chartered Accountants Association Surat (CAAS).

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Who is required to conduct an income tax audit and submit its report on e-filing ITR portal by September 30?

Income tax audit: The deadline to submit income tax audit report is September 30, 2024 for those who are liable to conduct one. Question is who is eligible and who despite being eligible need not conduct an income tax audit. Read the story to know more about income tax audit.

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Use NPS, salary perks to reduce tax by Rs 1 lakh

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Can you claim income tax refund for previous years even after revised ITR deadline is over? Difficult but possible

claim income tax refund: An individual can claim income tax refund while filing their income tax return. However, it may happen that the taxpayer received excess income in the previous year and paid taxes accordingly. Now, the taxpayer needs to return the excess income received. Can he also claim income tax refund on it?

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Vivad Se Vishwas direct tax Scheme: New window to settle pending tax demands & litigations opens on October 1, 2024

Direct tax Vivad se Vishwas scheme 2024: This scheme will be applicable for appeals filed before Commissioner (Appeals), Dispute Resolution Panel (DRP), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court. This scheme will be operational from October 1, 2024. Read here to know more about how the Vivad se Vishwas scheme 2024 works.

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Will lot of taxpayers miss the tax audit report deadline due to this glitch on the ITR e-filing portal?

Income tax audit: September 30, 2024 is the last date to upload income tax audit report on the e-filing income tax return (ITR) portal. However since September 18, 2024 many taxpayers are unable to upload the audit report on the e-filing ITR portal. "The difficulty in uploading attachments has become a major hurdle for tax professionals, adding to the stress and anxiety of meeting the compliance deadline," says CA Deepak Chopra.

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Eight income tax notices a salaried individual can get before or after ITR processing: Know your options

Income tax notice: A salaried individual may get income tax notice, if their ITR has any error or they have found guilty of tax evasion, etc. There are many income tax notices and it is important for salaried individuals to know about the notices. This will enable them to be prepared for an income tax notice.

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Your income tax payments have boosted govt collections by 53%; how much did companies put in?

Govt income tax collections: The government saw robust tax collections during the first four months of FY 2024-25. This is likely to help government to attain target of lower fiscal deficit. However, the internals of tax collection are worrying at the margin. Barring income tax, all the other components of tax are reporting very muted growth in collection.

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Reduce your income tax outgo by claiming Section 89 tax relief and filing Form 10E if you received arrears of salary

Tax releif under section 89: If you have received arrears of salary pertaining to last year and this results in higher payment of tax in the present financial year then you can claim tax releif under Section 89. Read below to know more about income tax releif under Section 89.

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Taxation for listed equity shares: 5 things to know

A securities transaction tax of 0.025% is levied on the sell side for equity intraday transactions.

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What is the deadline for income tax audit for FY 2023-24 and who needs to file it?

Income tax audit for AY 2024-25: Income tax audit needs to be conducted by certain specified taxpayers by September 30, 2024. "Tax audit report as per Section 44AB - is September 30 of the following year (The deadline will be September 30, 2024, for the financial year ending March 31 2024)," says CA (Dr.) Swati Godbole, K J Somaiya Institute of Management.

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Got income tax demand notice due to errors in Form 26AS, AIS like TCS employees? How taxpayers can respond to it

Tax notice, errors in Form 26AS: Around 40,000 TCS employees recently got a tax demand notice due to an error in the TDS amount shown in Form 26AS and Part A of Form 16. The error was showing due to their internal software glitch. If you got the same tax notice due to a mismatch in tax amount in Form 26AS/AIS and TDS certificates like Form 16, Form 16A etc., then here is what taxpayers can do.

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NRIs can now invest in Sovereign Green Bonds this new way; Know how the impact on taxation of gains

NRI SGrB: Non-resident Indians can now invest in Sovereign Green Bonds (SGrBs) through the International Financial Services Centre (IFSC) which is located in Gandhinagar, Gujarat. If you are an NRI, you might wander whether you should invest in SGrBs or Green Fixed Deposits or normal Indian government bonds (G-Sec). Read here to know more.

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Missing the September 15 deadline for advance tax payment can cost you more than 15% additional tax payment

Advance tax: The 2nd quarter of advance tax payment needs to be made on or before September 15, 2024. Calculations show that if you miss paying any advance tax then it can cost you more than 15% in additional interest. Read here to know more about advance tax and penalty under section 234.

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Advance tax deposit online: How to pay advance tax online for AY 2024-25?

Advance tax deposit online: The second installment of advance tax needs to be paid before September 15, 2024. The payment can be made either online or offline. The advance tax is required to be paid in four installments, with the 15th of the last month of each quarter being the deadline.

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No benefit of lower tax rate under DTAA for taxpayers with foreign income if Form 67 is not filed by this date

Double tax: ​If you are claiming a tax relief under section 90 then you must submit a ITR and Form 67 by the due date. Similarly if you are claiming a tax relief under section 91 then also you need to file Form 67 and mention the country code for the country where taxes were paid.

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Tax-saving tips: Rent to father makes HRA tax-free

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Income tax refund delayed? These taxpayers won’t get refund unless they confirm it on ITR portal

Income tax refund: No tax refund for identified taxpayers because their income tax return (ITR) has been identified by the 'Risk Management System (RMS) of the Income tax department. If your ITR is among the identified ITRs then no refund will be issued, unless you confirm it or file a revised ITR to fix the highlighted issue.

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Double tax for NRIs if this form is not filed and foreign tax credit is not claimed

Non resident Indian (NRI) taxation: NRIs have to pay double the tax on the same income if their favourable DTAA rates and tax releif claim is rejected. This claim is rejected when the NRI does not submit Form 10F and Tax Residency Certificate (TRC) and also fails to claim foreign tax credit in their resident country. Read below to know more about Form 10F and TRC.

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Retail investors to be hit harder by new share buy-back rule from Oct 1: Here's the maths

Share buy-back tax rules from October 1, 2024: The new share buy-back tax rules will come into effect from October 1, 2024. Many companies are flurrying the market with buy-back before the new rules become effective. The small and retail investors will lose much more due to new share buy-back tax rules.

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No income tax rebate u/s 87A despite total income below Rs 7 lakh in these cases

Tax rebate: No tax rebate is given if you have long term capital gains (LTCG). However, in some situations even if you filed your ITR carefully and claimed the right deductions still section 87A tax rebate can be denied to you. Read below to know why is this so and when is tax rebate under section 87A given.

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NPS investment can save tax in new tax regime as well; here's how

Under Section 80CCD(2), up to 10% of the employee’s basic salary put in NPS is tax-free. This limit is higher at 14% for taxpayers like Roy who have opted for the new tax regime. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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