Tax Deducted at Source Current Affairs, GK & News

New TDS Rules from July 1

A new Tax Deducted at Source (TDS) rule is coming into effect from July 1, 2021. What are those new rules? Under the new rules, non-filer of income tax for past two financial years will be subjected to higher taxation. TDS or TCS will be charged at double rate specified in relevant provision of Income ..

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Tax collections for FY 21

The Ministry of Finance recently released the tax collection figures for the financial year 2020-21. According to the ministry, the direct tax collections for the financial year 2020-21 are Rs 9.45 lakh crores. Tax collections for the fiscal year 2020-21 The Direct Tax Collections include Personal Income Tax collections and Corporation Tax collections. The Personal ..

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Salaried employees to get more tax benefits

Now, salaried employees who are earning up to Rs 5 lakh a year, are not required to file income tax returns for assessment year 2012-13. The immunity from filing I-T returns is valid in those conditions, when total income of the employee does not exceed Rs 5 lakh and the annual interest received from savings ..

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Govt to do away with multi-level TDS on software services

Giving respite to the software industry, the government announced that it would remove the complex multi-level system of Tax Deduction at Source (TDS) for the IT sector from July 1, 2012. As per the notification, no deduction of tax shall be made on payment by a person (transferee) for acquisition of software from another person ..

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