Tds Deduction
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"Irrational": Petition In Supreme Court Seeks Scrapping Of Tax Deducted At Source (TDS)
A PIL filed in the Supreme Court on Thursday sought to scrap the TDS system calling it "arbitrary and irrational" and violative of various fundamental rights, including equality.
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Link PAN With Aadhaar By May 31 To Avoid Double Income Tax Deduction
The income tax department today asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.
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No Penalty For Short TDS Deduction If PAN Linked With Aadhaar By May 31
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate.
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KuCoin Completes Registration with India’s FIU, Will Deduct 1 Percent TDS on Transactions
KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.
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CoinDCX Lays Off 71 Employees, Blames India’s Crypto Tax Impact on Business in Bear Market
India’s CoinDCX crypto exchange has laid off 71 members of its work force, in order to balance its business and finances during this ongoing crypto slump. In its official statement, the company said that India’s TDS deductions on each crypto transaction has slowed down its business, especially during the ongoing bear market.
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Employers To Ask Employees About Preferred Tax Regime For Deducting TDS
The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.
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All India Bar Association Welcomes Tax Survey Of BBC Offices
The All India Bar Association (AIBA) on Tuesday congratulated the Income Tax Department for conducting surveys of BBC's documents to check irregularities relating to international taxation and Tax Deducted at Source (TDS) transactions.
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India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
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What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
India’s Crypto Tax Comes Into Effect Today, Violators Stare at Jail Time Up to 7 Years
Crypto community in India has finally stepped into a tax regime today (April 1). A 30 percent tax will now be deducted from crypto profits, as per Finance Minister Nirmala Sitharaman’s instructions. Rule breakers could be subject to serious legal troubles. Members of India’s law fraternity believe these rules were much needed and are coming at ...
-
Crypto Mining Cost Not Allowed as Deduction Under I-T Act: Finance Ministry
Cost incurred in the mining of cryptocurrencies or any virtual digital assets (VDA) will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
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Union Budget 2022: India Introduces Cryptocurrency Tax of 30 Percent
Budget 2022 speech saw Finance Minister Nirmala Sitharaman announcing a 30 percent tax on income from the transfer of virtual digital assets. She also said that no set-off will be allowed in case of losses.
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TDS, TCS Reduced By 25%, Says Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman announced relief for middle classes too today as part of the government's efforts to soften the blow of coronavirus.
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Flipkart Challenges CCI Antitrust Probe, After Amazon
Walmart's Flipkart has filed a legal challenge against an antitrust investigation ordered against the company in India, a court filing seen by Reuters showed, following a similar petition by its rival Amazon.com.
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TDS Deduction for Big E-Tailers, Relief for Small Traders: Finance Minister
Further tightening the noose on global e-commerce giants like Amazon and Walmart-owned Flipkart, the Indian government has announced mandatory TDS deduction on e-commerce transactions for the participants on the e-marketplaces.
-
"Irrational": Petition In Supreme Court Seeks Scrapping Of Tax Deducted At Source (TDS)
A PIL filed in the Supreme Court on Thursday sought to scrap the TDS system calling it "arbitrary and irrational" and violative of various fundamental rights, including equality.
-
Link PAN With Aadhaar By May 31 To Avoid Double Income Tax Deduction
The income tax department today asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.
-
No Penalty For Short TDS Deduction If PAN Linked With Aadhaar By May 31
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate.
-
KuCoin Completes Registration with India’s FIU, Will Deduct 1 Percent TDS on Transactions
KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.
-
CoinDCX Lays Off 71 Employees, Blames India’s Crypto Tax Impact on Business in Bear Market
India’s CoinDCX crypto exchange has laid off 71 members of its work force, in order to balance its business and finances during this ongoing crypto slump. In its official statement, the company said that India’s TDS deductions on each crypto transaction has slowed down its business, especially during the ongoing bear market.
-
Employers To Ask Employees About Preferred Tax Regime For Deducting TDS
The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.
-
All India Bar Association Welcomes Tax Survey Of BBC Offices
The All India Bar Association (AIBA) on Tuesday congratulated the Income Tax Department for conducting surveys of BBC's documents to check irregularities relating to international taxation and Tax Deducted at Source (TDS) transactions.
-
India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
India’s Crypto Tax Comes Into Effect Today, Violators Stare at Jail Time Up to 7 Years
Crypto community in India has finally stepped into a tax regime today (April 1). A 30 percent tax will now be deducted from crypto profits, as per Finance Minister Nirmala Sitharaman’s instructions. Rule breakers could be subject to serious legal troubles. Members of India’s law fraternity believe these rules were much needed and are coming at ...
-
Crypto Mining Cost Not Allowed as Deduction Under I-T Act: Finance Ministry
Cost incurred in the mining of cryptocurrencies or any virtual digital assets (VDA) will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
-
Union Budget 2022: India Introduces Cryptocurrency Tax of 30 Percent
Budget 2022 speech saw Finance Minister Nirmala Sitharaman announcing a 30 percent tax on income from the transfer of virtual digital assets. She also said that no set-off will be allowed in case of losses.
-
TDS, TCS Reduced By 25%, Says Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman announced relief for middle classes too today as part of the government's efforts to soften the blow of coronavirus.
-
Flipkart Challenges CCI Antitrust Probe, After Amazon
Walmart's Flipkart has filed a legal challenge against an antitrust investigation ordered against the company in India, a court filing seen by Reuters showed, following a similar petition by its rival Amazon.com.
-
TDS Deduction for Big E-Tailers, Relief for Small Traders: Finance Minister
Further tightening the noose on global e-commerce giants like Amazon and Walmart-owned Flipkart, the Indian government has announced mandatory TDS deduction on e-commerce transactions for the participants on the e-marketplaces.
