Archive | TDS

SMS alerts to increase TDS transparency

We’re sure many of you reading this would have received an SMS from VK-ITDEFL that talks about receiving alerts on TDS deductions. The message reads: Dear Taxpayer, Our Government is happy to launch Quarterly SMS service for salaried persons about their TDS deductions. Arun Jaitley, Finance Minister As is apparent, the SMS alerts will tell […]

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Why TDS has been deducted on my EPF?

Without doubt EPF continues to be the most loved product for the salaried. Both the employee and employer contribute to the EPF kitty; and we stand in hope of it coming to our rescue at difficult times. But when TDS is deducted on EPF balance, it comes as a harsh blow. Let’s understand the reasons […]

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Sign on bonus refunded to employer cannot be reduced from taxable salary: case law

While salary returns are one of the easiest to prepare and file; the topic of sign on bonus and its refund to previous employer, has been a grey area for most taxpayers. Some common questions that get asked are- Should sign on bonus form part of my taxable salary if I have already returned it […]

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Extension of due date for submission of Form 15G/15H by Deductors

Deductors receive Form 15G/Form15H from deductees. These forms are a declaration from the deductee. The deductee does not want TDS to be deducted, since deductee’s total income is below taxable limit. Deductors are required to upload Form 15G/Form 15H received by them on the income tax department website. [How to file Form 15G/Form15H on e-filing portal […]

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NRIs without PAN: How to avoid higher TDS?

Those who are unable to furnish PAN details have to face higher TDS rates. This also applies to NRIs, and foreign company, who must furnish PAN information or else TDS will be deducted at maximum rates. In a recent circular the income tax department has eased the rules for NRIs who don’t have PAN or […]

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