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Taxpayers who have accidentally deposited tax deducted at source (TDS) challans under the wrong financial year during transition to the new Income-tax Act, 2025 will have to rely on the old TRACES portal to correct the mistake.
In a peculiar case, income-tax officials during reassessment considered the entire income reflected in Form 26AS as taxable in the…
Payments made to transporters for the carriage of goods are generally subject to tax deduction at source (TDS) under the Income-tax Act, 2025.
TDS & TCS in new Income tax Act, 2025
The government’s highest tax deducted at source (TDS) on so-called virtual digital assets (VDA) came from crypto exchanges based in Maharashtra at ₹293.40 crore in 2024-25, followed by Karnataka ( ₹133.94 crore), and Gujarat ( ₹28.63 crore), according to data from the finance ministry. To be sure, the TDS data involve locations where crypto-exchanges are based and not locations of actual trades.
Advisory for Reporting TDS Deducted by scrap Dealers in October 2024
Department of Revenue issued Notification no. S.O.3288(E) dt-18.07.25 to provide exemption from TDS u/s 197A(1F) of the Income-tax Act, 1961 to the payments received by International Crops Research Institute for the Semi-Arid Tropics (ICRISAT).
CBDT issued notification no. 67/2025 dated 20.06.2025 notifying no deduction of TDS under the provisions of Income tax in respect of certain payments, made by any ‘payer’ to a payee, being a Unit in an International Financial Services Centre.
CA Nitin Bhuta Mumbai presented a PPT on TDS on Virtual Digital Assets u/s 194S for AY 2025-26.
1. What is TDS on cash withdrawal u/s Section 194N about?