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New vs old income tax regime: Which should you choose? Attend TOI Masterclass to make the right decision

India Business News: Should you go for the old income tax regime that offers several deductions and exemptions, but has higher tax rates at lower income levels or the new

Anshul-gupta , Tax-deducted-at-source , Chartered-accountant ,

TDS deduction: Why you must check status of PAN Aadhaar linking status of deductee on deduction date to avoid income tax notice

Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductee's PAN. If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else.

Charkha , Gujarat , India , Sk-patodia , Tax-department , Mihir-tanna , Income-tax , Might-also-like , Rahul-charkha , Economic-laws-practice , Immovable-property

TDS on salary is not on a fixed rate; Know how tax is calculated and deducted by employer

TDS on salary: Before paying a salary every employer will deduct tax deducted at source (TDS) and then pay a salary to their employees. However the rate of deduction of TDS is not fixed and it is determined by calculating the average rate of tax of the employee. Read here to know exactly how the calculation for TDS is done.

India , Suresh-surana , Abhishek-soni , Total-tax-liability , How-is-tds-on-salary-calculated , Tax-deducted-at-source , Tds-calculation , Tds-on-salary , Income-tax , Tax-calculation , Tds

How to pick the right tax-saving investments before March 31 deadline? A 7-point guide

Provisions for deductions under section 80C of the Income Tax Act are only applicable for the old tax regime

India , Suresh-surana , Sukanya-samriddhi-yojana , Public-provident-fund , National-savings-certificate , Income-tax-act , Equity-linked-savings-scheme , Tax-saving-fixed-deposits , Senior-citizen-saving-scheme , Itr-2024 , Income-tax , Tds

ITR 2024: Income Tax vs TDS. How the two are different?

The main difference between Income Tax and TDS is that the Income Tax is deducted from the payer’s overall profit or annual return, on the other hand, TDS refers to the tax deducted from the payer’s sources of income based on the expected tax liability

Antarctica , Iran , National-savings-scheme , Income-tax-act , Income-tax , Tax-return , Itr-2024 , Tds , Income-tax-vs-tds , How-income-tax-is-different-from-tds , Tax-deducted-at-source

ITR filing doubles to 77.8 million in 10 years

The number of income-tax payers in India rose to 93.7 million in FY23 from 52.6 million in FY14. The tax deducted at source (TDS) emerged as the largest component of direct taxes, reaching ₹8.17 lakh crore in FY23, almost double the amount in FY18. In the last 10 years, net direct tax collections increased by 160.52% to ₹16.63 lakh crore in FY23 from ₹6.38 lakh crore in FY14.

Central-board , Itr-filing , Cbdt , Itr-filing-states , Income-tax-filing-india , Tax-deducted-at-source ,

Ease TDS rules for buying house property from NRIs in Budget 2024

The government needs to facilitate ease of transacting and reduce compliance difficulties in buying property from NRIs. This is because a buyer needs to obtain TAN from income tax department to deduct and deposit taxes when buying property from NRI. This makes the selling of property by NRI very difficult.

Nri-property-selling , Income-tax-rules , Tds-when-buying-property-from-nri , Tan , Tds-return , Pan , Income-tax-act , Tax-deducted-at-source ,

Income Tax: Want tax exemption for investments? These are the 5 vital things to keep in mind

As the financial year comes to a close, taxpayers are supposed to submit proof of their investments, failing which employer is entitled to deduct a higher TDS in the last months of financial year.

Sukanya-samridhi-yojana , Personal-finance , Investing , Tds , Tax-deducted-at-source , Income-tax , Old-tax-regime , New-tax-regime , Nps , Ppf , Ulip

Interim budget 2024: Interim Budget 2024: Government may simplify withholding tax math

There are several tax deducted at source (TDS) provisions with different thresholds and multiple rates. This has created a TDS maze that leads to frequent disputes as well as the blocking of working capital at businesses.

India , Sudhir-kapadia , Income-tax-act , Interim-budget-2024 , Withholding-tax , Tax-deducted-at-source , Tds-provisions , Working-capital , Tcs ,

TDS: Tech & Taxes: I-T lens on mismatch in TDS and claims

The Income Tax (I-T) department is using a fine-tooth comb to nab discrepancies in the tax deducted at source, or TDS, by companies and the declarations by its employees in the annual I-T returns. What's underway is a line-wise reconciliation of the two sets of numbers under different heads - house rent allowance, medical insurance, outgo on home loans, tax saving investments under 80c etc.

Delhi , India , Mumbai , Maharashtra , Rajeshp-shah , Rahul-garg , Jayantilal-thakkar , Income-tax , Managing-partner , Asire-consulting , Tds