Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Direct Tax »
Open DEMAT Account in 24 hrs
 What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?
 ITR filing: Tax rules on income from house property that your should know
 CBDT likely to issue rules on angel tax next week
 Pension Taxation: Everything you need to know for ITR filing
 Income tax guide on pension: How to file pension income in ITR?
 Six Tax Deducted at Source (TDS) Rules Changed. Heres What Every Taxpayer Should Know
 ITR filing rules for children 2023: When is it mandatory to pay taxes and file returns?
 ITR filing Last Date 2023-2024: Due date to file Income Tax Return
 Know All Income Tax Due Dates for 2023: CBDT Releases E-Calender
 Missed filing ITR? Deadline to file belated income tax return to end on December 31
 Income Tax Return: Regular filers getting intimation with pending status for not filing ITR yet
 Partial relaxation with respect to electronic submission of Form 10F by select category of taxpayers in accordance with the DGIT (Systems) Notification No. 3 Of 2022
 Income Tax Return: Why is ITR verification time limit reduced? Is the reduction going to stay?
  Will CBDT proposal simplify taxpayers' job? Common Income tax return form
 What is Rule 132 of Income Tax and how it is important for taxpayers?

Six Tax Deducted at Source (TDS) Rules Changed. Heres What Every Taxpayer Should Know
March, 13th 2023

Union Budget 2023 proposed several changes in Tax Deducted at Source (TDS) rules that will come into effect from the new financial year starting April 1, 2023. In its “Highlights of Finance Bill, 2023”, the Income Tax Department recently shared the list of such TDS rules that were proposed to change in Budget 2023.

Following is a list of the six most important TDS rule changes that every individual taxpayer should know.

1. TDS on winning from online gaming has been proposed without any threshold benefit. The tax will be deducted either upon withdrawal or at the end of the financial year.Income Tax alert: Not paid Advance Tax? Do it fast – Here’s why

2. The exemption from TDS available on interest payments on listed debenture has been proposed to be removed.

3. If the recipient of EPF withdrawal does not provide his PAN, then TDS on the withdrawal will be 20%, instead of the maximum marginal rate.

4. Sections 206AB and 206CCA have been amended to exclude certain persons from the scope who are not required to file a return of income and are notified by the government.

5. For certain income paid to non-residents or foreign companies, TDS will be deducted at a rate of 20% or the rate specified in a tax treaty, whichever is lower. This relief will be available if the payee provides a tax residency certificate.

6. Section 155 has been amended to solve a TDS mismatch problem. “When a taxpayer reports income using the accrual method, it may be taxed before the TDS is deducted. It causes a TDS mismatch and prevents the taxpayer from claiming TDS credit. The amendment in section 155 allows taxpayers to apply to the assessing Officer within two years of the financial year in which the tax was withheld,” the Income Tax Department says.

 

“The Assessing Officer will then amend the assessment to allow the taxpayer to claim TDS credit. Section 244A is also amended to provide that the interest on refund arising out of the above rectification shall be for the period from the date of the application to the date on which the refund is granted,” it adds.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting