1% TDS on immovable asset purchase price of over 50L from Oct1
The 1% TDS applies on the purchase price or the stamp duty value, whichever is higher.
Tag: TDS
Bombay HC: Transit rent not taxable, not subject to TDS
The Bombay high court recently ruled that rental compensation also termed as “Transit rent,” received from a builder during a redevelopment project, is not taxable and hence not subject to Tax Deducted at Source (TDS).
Income tax refund will be available soon and the seized properties will also be returned
The Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to prepare an action plan by which possible tax-related issues are identified and resolved immediately. In this scheme, there will be a fixed time limit for returning the seized property.
CBDT Issues FY’25 Interim Action Plan for Tax Officers
The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals.
Employees must prove TDS deduction if company defaults on its deposit
A decision by the Mumbai bench of Income-Tax Appellate Tribunal (ITAT) emphases that the onus of proof of TDS against salary income lies with the employee.
Income Tax Declared Cash Deposit Limit in Saving & Current Bank Accounts
In an effort to enhance transparency and combat illicit financial activities such as money laundering and tax evasion, the Indian…
Refund claim not to be rejected when refund application filed under wrong category
The Hon’ble Madras High Court in the case of Engineers India Ltd. v. Assistant Commissioner (Central Tax) [W.P. No. 26927…
What Is The Difference Between TDS and TCS?
Income tax is one of the most important financial planning aspects. You need to keep a check of your incomes,…
Delhi HC upholds TDS on external development charges
The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real…
TDS nightmare: Homebuyers face tax shock after property purchases, seek relief from Delhi High Court
Vishal Verma, 38, an information technology sector professional from Bengaluru, bought land in his home town for Rs 2 crore…