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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