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Besides raising the current limit of Rs 5 lakh, other relief under consideration for small units include extending the October 1 deadline, and computation of TDS after deducting GST and commission to the e-commerce platform instead of gross sales value.(Representational Photo)

TDS relief expected for MSMEs transacting through e-commerce platforms

Hindustan Times, New Delhi | By Rajeev Jayaswal
PUBLISHED ON SEP 20, 2020 05:13 PM IST
The tax exemption limit could be increased from the existing Rs 5 lakh for small businesses
A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/Files(REUTERS)
A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/Files(REUTERS)

TCS to be levied on foreign tax remittances: All you need to know

Hindustan Times, New Delhi | By hindustantimes.com | Edited by Karan Manral
UPDATED ON SEP 10, 2020 04:04 PM IST
A TCS of 5% was announced in Union Budget 2020, which was presented in February.
Due date for all income tax returns extended to November 30, 2020.(File photo)
Due date for all income tax returns extended to November 30, 2020.(File photo)

Due date for all income tax returns extended to November 30: FM Nirmala Sitharaman

Hindustan Times, New Delhi | By hindustantimes.com | Edited by Sparshita Saxena
UPDATED ON MAY 13, 2020 05:58 PM IST
The rate of TDS, TCS for non-salaried payments for period up to March 31, 2021 has also been cut by 25%, the finance minister announced on Wednesday.
This reduction will come into force from tomorrow and shall be applicable for the remaining part of the financial year 2020-21. (AFP)
This reduction will come into force from tomorrow and shall be applicable for the remaining part of the financial year 2020-21. (AFP)

TDS on non-salaried income reduced by 25%, last date for returns extended

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON MAY 13, 2020 05:54 PM IST
The government has extended the due date of filing all income tax returns for FY 2019-20 from 31 July 2020 and 31 October 2020 to 30 November 2020
Union finance minister Nirmala Sitharaman briefs the media on economic package in New Delhi on Wednesday.(ANI photo)
Union finance minister Nirmala Sitharaman briefs the media on economic package in New Delhi on Wednesday.(ANI photo)

Sitharaman announces boost to MSMEs; EPF support to workers, businesses: 10 points

Hindustan Times, New Delhi | By hindustantimes.com | Edited by SparshitaSaxena
UPDATED ON MAY 13, 2020 07:39 PM IST
The due date for Income Tax returns for the year 2019-2020 has now being extended from 31st July and 31 October to 30 November 2020.
The old tax slabs will also continue and people will have a choice to opt either of them.(Getty Images/iStockphoto)
The old tax slabs will also continue and people will have a choice to opt either of them.(Getty Images/iStockphoto)

TDS on salary and new income tax slabs: Here’s all you need to know

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON APR 18, 2020 05:10 PM IST
Employers can seek a declaration from employees and deduct tax at source (TDS) according to the old tax regime or the new concessional tax rates, as opted by the employee, said the Central Board of Direct Taxes (CBDT).
HT Image
HT Image

Not depositing TDS in pensioner’s account, costs SBI 10,000 in fine

Hindustan Times, Chandigarh | By HT Correspondent, Panchkula
PUBLISHED ON FEB 09, 2020 12:57 AM IST
The forum has also directed the Panchkula branch’s bank manager to personally take up the matter with the I-T department and to do the needful to resolve the matter
(Photo: iStockphoto)
(Photo: iStockphoto)

CBDT says 10% TDS applicable only on dividend payment by mutual funds

New Delhi | By Livemint
UPDATED ON FEB 04, 2020 09:02 PM IST
No tax shall be required to be deducted by the mutual fund on income which is in the nature of capital gains
Remember that it is the tenant’s duty to ascertain if the landlord is an NRI.(PTI (File photo))
Remember that it is the tenant’s duty to ascertain if the landlord is an NRI.(PTI (File photo))

Deduct TDS on rent if your landlord is an NRI

Livemint | By HT Correspondent
UPDATED ON AUG 27, 2019 02:38 PM IST
Failing to deduct TDS from an NRI landlord can also attract a penalty equal to tax not deducted under Section 271C of the Act
The income tax department gives you the option to rectify your error under section 154.(HT Photo)
The income tax department gives you the option to rectify your error under section 154.(HT Photo)

Made a mistake in filing IT return? Don’t panic

Hindustan Times, Mumbai | By HT Correspondent
PUBLISHED ON JUL 23, 2019 02:34 PM IST
In case you want to make changes in your income tax return data, you can choose from options such as schedules being changed, donation and capital gain details. The gross total income and deduction amounts should be the same as in the processed return.
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