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The delay in income tax refunds has become a major concern for millions of taxpayers, even as many others have already received their dues. Addressing these concerns, CBDT (Central Board of Direct Taxes) Chairman Ravi Agarwal has clarified that the department is currently investigating “high-value” and “red-flagged” refund claims due to suspected incorrect deductions. He…
New Delhi: Freelancing is rapidly gaining popularity in India as more people seek flexible work options, better work-life balance and the freedom to choose their projects. However, many beginners are unaware that it also comes with tax responsibilities. Freelancers must take charge of filing and paying their own taxes unlike salaried employees. Missing out on…
Last Updated:June 04, 2025, 10:34 is ITR Filing 2025: Form 26AS helps in avoiding tax notices by ensuring that TDS and TCS are correctly reflected in your tax returns. Form 26AS is a consolidated tax statement that provides details of tax credits against your PAN. ITR Filing 2025: The income tax filing season 2025 has…
New Delhi: SBI Research in a report has advocated for quicker review of the Income Tax Act as announced in Budget 2024-25.The report recommended that the revised Act be introduced as a money bill so that it can be passed within stipulated 75 days. This will not only simplify and streamline taxation process but also…
New Delhi: The government has relaxed provisions of TDS/TCS in the event of the death of the deductee/collectee before the linkage of PAN and Aadhaar card. TDS is Tax Deducted at Source and TCS is Tax Collected at Source in India. The Central Board of Direct Taxes (CBDT), has issued a circular dated August 5,…
In case of inoperative PAN, tax is deducted at a higher rate of 20 per cent. The Central Board of Direct Taxes (CBDT), the apex body on direct taxes in India, has issued a circular saying that in case of demise of deductee/ collectee on or before May 31, 2024, before the linkage of PAN…
New Delhi: Announcing the Union Budget 2024, the Finance Minister Nirmala Sitharaman proposed a 10 percent Tax Deducted at Source (TDS) on all central government securities, state government bonds, and state development loans (SDLs), effective from 1st October 2024. This means the interest you receive will be subject to a 10% deduction. In her Budget…
New Delhi: Finance Minister Nirmala Sitharaman has announced changes to the Tax Deducted at Source (TDS) framework which will affect salaried individuals. The changes will affect disposable income and make tax processes smoother. The Finance Minister explained that the Finance Bill aims to simplify the tax system for charities, adjust TDS rates, improve reassessment and…