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The Narendra Modi goverment has gone all out to woo voters across social segments — not just the ones in rural India. The Indian middle class had been watching this budget with a lot of hope for relief and stand-in finance minister, Piyush Goyal, did not disappoint. He stated, "Reducing the middle-class tax burden has been a priority of the government." However, these are proposals have to be approved by the Parliament, and given that this is an interim budget, the opposition may try to stall it. Here are the big takeaways for the Indian middle class: 1. No tax on income up to ₹500,000. The benefit will be available through rebates. The current limit for zero tax is ₹250,000. "The benefit will be to only those taxpayers whose total income doesn’t exceed ₹500,000. The moment it exceeds ₹500,000, tax will start from ₹250,0000 at 5% up to ₹500,000 and 20% from ₹500,000 to ₹1 million," according to Ved Jain, former president of the Institute of Chartered Accountants of India. You won’t have to pay any tax if you have ₹7.5 million tucked away in fixed deposits and no other income because you'll only be earnings ₹450,000 a year assuming an interest rate of 6%. Piyush Goyal, the interim finance minister who presented the budget, also clarified that even people will gross income of up to ₹650,000 may not be required pay any income tax if they make investments in provident funds, specified savings and insurance etc. 2. No tax deduction at source (TDS) on interest received from banks and post office deposits for up to ₹40,000, increased from ₹10,000. That means interest accrued from fixed deposits of up to ₹670,000, assuming an interest of 6%, will not be taxed. 3. No TDS on house rent up to ₹240,000 a year, raised from ₹180,000 earlier. This move gives tax-related relief to individuals who are dependent on rental income. 4. Standard deduction from income increased to ₹50,000 from ₹40,000 a year. Standard deduction is a fixed amount of deduction, which can be reduced by salaried taxpayers, from their gross salary. The feature was introduced during last year's budget after the Finance Act 2005 was scrapped. 5. If you own two self-occupied properties, there will be no 'notional rent' on both properties. Currently, there notional rent was applicable on all properties but one, even if they were occupied by the same family. This will benefit families that live apart due to work or other reasons. 6. Exemption from Capital Gain on sale of residential house under Section 54 has been extended to purchase of 2 residential house subject to maximum capital gain of ₹20 million. This option can be claimed once in a lifetime. It's not that government left the poor section of the economy out of the conversation. When keeping the reservations that are already in place intact, the governmetn has ensured an additional 10% of reservation for the poor in government jobs and education. An additional 600 billion has been allocated towards the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) as well.

Here is how the Budget 2019 benefits the Indian middle class

The deadline to issue Form 16, which shows the <keyword id="441503" type="UNKNOWN" weightage="100" keywordseo="tax-deducted-at-source">tax deducted at source</keyword> (<keyword id="17506" type="ORGANIZATION" weightage="100" keywordseo="TDS">TDS</keyword>) on salaried income for employees, is May 31st. "The last date for the employers to share the form 16 with the employees is 31st May of the financial year immediately following the financial year in which income tax was paid and tax deducted," Archit Gupta, founder &amp; CEO ClearTax.com, told <a href="http://economictimes.indiatimes.com/wealth/tax/get-ready-to-file-your-itr-deadline-for-employers-to-provide-form-16-is-may-31/articleshow/58790781.cms">ET</a>. However, if no TDS has been deducted, the employer doesn’t need to issue the Form 16. "The due dates were extended for submission of TDS Returns. But no extension has been announced for Form 16 yet. It must be kept in mind that an extension in the deadline for employers to provide Form 16 will reduce the time available for filing of returns for the salaried who rely on Form 16 to prepare their returns", says Gupta. In case the employer doesn’t furnish Form 16 to the employee by the due date, (s)he is liable to pay a penalty of Rs 100 per day till he issues the form, under Section 272A (2) (g) of the Income Tax act. However, the penalty will not exceed the amount of tax deductible. In case someone finds it hard to collect the Form 16 from employers, either previous or present, (s)he can complain to the concerned assessing officer in writing, who will then take appropriate action or initiate penalty proceedings against the employer. (Image source Turbo Tax)

Attention employers! Deadline for issuing Form 16 approaching

The government has relaxed provisions of <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword>/<keyword id="19950203" type="General" weightage="20" keywordseo="tcs" source="keywords">TCS</keyword> in the event of the death of the deductee/collectee before the linkage of PAN and <keyword id="19898107" type="General" weightage="20" keywordseo="aadhaar" source="keywords">Aadhaar</keyword> 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 view of genuine difficulties being faced by taxpayers. Through the circular, the government said it has relaxed the provisions of TDS/TCS, as per the Income-tax Act, in the event of death of deductee/collectee before linking of PAN and Aadhaar. In order to redress the grievances of the taxpayers wherein instances have been cited, of demise of the deductee/collectee on or before May 31, 2024 and before the option to link PAN and Aadhaar could have been exercised, the circular provides that there shall be no liability on the deductor/collector to deduct/collect the tax under the relevant section of <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">income tax act</keyword>, pertaining to the transactions entered into up to March 31, 2024. On April 23, 2024, CBDT extended the date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into up to March 2024) to avoid higher TDS/ TCS, as per the income tax act. Under the provisions of the Income-tax Act, 1961, every person who has been allotted a PAN as on July 1, 2017 and is eligible to obtain <keyword id="20030312" type="General" weightage="20" keywordseo="Aadhaar-Number" source="keywords">Aadhaar Number</keyword>, is required to intimate his Aadhaar to the prescribed authority, on payment of a prescribed fee. Failure to do so shall attract certain repercussions under the income tax act. As per government, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative and the consequences during the period that PAN remains inoperative will be as follows: 1. No refund shall be made against such PANs 2. Interest shall not be payable on such refund for the period during which PAN remains inoperative 3. TDS and TCS shall be deducted /collected at higher rate, as provided in the income tax act.

Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt

<ul><li>The Income Tax department has launched an app allowing taxpayers to view important information on their smartphones easily.</li><li>The app allows users to view the TDS, income tax refund, and more information.</li><li>Here’s how to download and use your smartphone's new AIS for <keyword id="16953325" type="General" weightage="20" keywordseo="taxpayers-app" source="Orion">Taxpayers app</keyword>.</li></ul> The Income Tax (IT) department recently launched a new application for mobile users that allows taxpayers to access their important data from their smartphones easily. The IT app, dubbed as AIS for Taxpayers, allows users to find out important information such as the tax deducted at source (TDS), tax collected at source (TCS), dividend income, income tax refunds, and more. <cmsannotation type="cmsannotation" annotationid="How to download the AIS for Taxpayers app on your phone" comment="subhead" text="How to download the AIS for Taxpayers app on your phone">How to download the AIS for Taxpayers app on your phone</cmsannotation> The AIS for Taxpayers app is available for both Android and iOS smartphones. You can download the app for Android smartphones from<a href="https://play.google.com/store/apps/details?id=io.lntinfotech.AIStaxpayer&amp;hl=en_US"> here</a> and for iOS smartphones from<a href="https://apps.apple.com/in/app/ais-for-taxpayers/id1571076423"> here</a>. <cmsannotation type="cmsannotation" annotationid="How to register for the AIS for Taxpayers app" comment="subhead" text="How to register for the AIS for Taxpayers app">How to register for the AIS for Taxpayers app</cmsannotation> <ul><li>To begin, open the AIS for Taxpayers app on your smartphone and go through the introduction slides. </li><li>Then, enter your PAN and date of birth/formation or incorporation. </li><li>Now, click on the checkbox to agree to the terms and conditions and click “Proceed.” </li><li>Now, enter your primary mobile number and email ID, click “Proceed,” and then click “Confirm.” </li><li>Enter the OTPs you received on your number and email, and click “Verify.” </li><li>Now, you will be asked to set a 4-digit MPIN. </li><li>Once you have registered on the app and set the MPIN, you can easily login and view information. </li></ul><cmsannotation type="cmsannotation" annotationid="How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app" comment="subhead" text="How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app">How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app</cmsannotation> <ul><li>Launch your smartphone's AIS for Taxpayers app and enter your 4-digit MPIN. </li><li>Now, click on “Annual Information Statement (AIS).” </li><li>Then, click on the information you want to view, including TDS, income tax refund, and more. </li></ul><cmsannotation type="cmsannotation" annotationid="Provide feedback on the information" comment="subhead" text="Provide feedback on the information">Provide feedback on the information</cmsannotation> <ul><li>If you are viewing any information and find a discrepancy, you can provide feedback to resolve it. </li><li>To do this, click “Submit feedback” at the bottom of the screen while viewing the information. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-file-a-consumer-complaint-against-a-company-using-whatsapp/articleshow/98806634.cms">How to file a consumer complaint using WhatsApp</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-compare-your-tax-liability-in-old-and-new-tax-regimes/articleshow/98116217.cms">How to compare your tax liability in old and new tax regimes</a> <a href="https://www.businessinsider.in/finance/news/how-to-use-credit-card-to-make-upi-payments/articleshow/98090488.cms">How to use credit card to make UPI payments</a>

How to check TDS, dividend income, and income tax refund using the AIS for Taxpayers app

<ul><li>In some cases, the amount of tax deducted and the <keyword id="17506" type="General" weightage="20" keywordseo="tds" source="Orion">TDS</keyword> credit displayed in Form 26AS may not match.</li><li>If you find that TDS has not been deducted by your employer, or if there are other discrepancies, get it corrected.</li><li>If you face difficulty in resolving the issue, you can file an online complaint with the <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>. </li></ul>If you are a salaried employee, the employer will deduct tax deducted at source (TDS) on your behalf, and provide the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> department with specific information on the tax deducted. Form 26AS is a consolidated tax statement that provides details of various tax-related transactions, including TDS. <cmsannotation type="cmsannotation" annotationid="subhead" text="Discrepancy in tax deducted and TDS credit">Discrepancy in tax deducted and TDS credit</cmsannotation> In some cases, the amount of tax deducted, and the TDS credit displayed in Form 26AS may not match the actual amount. “This discrepancy can occur due to various reasons, such as the deductor failing to provide TDS details to the Income-tax Department, or deducting taxes using an incorrect Permanent Account Number. “Taxpayers are advised to verify the tax credit displayed in Form 26AS, and reconcile any differences, if present,” says Aashish Sharma, co- founder, and litigation head, Lex N Tax, a tax consultancy firm. Sometimes, the TDS may not have been deducted by the employer. “Generally, the employers provide the tax computation to the employees for their approval. The employees may raise any concerns regarding non-deduction of TDS to their employers in case no such TDS is deducted,” says Suresh Surana, Founder, RSM India, an audit, tax and consulting services provider. <cmsannotation type="cmsannotation" annotationid="subhead" text="Steps to view form 26AS">Steps to view form 26AS</cmsannotation> To check if your employer has deducted TDS, follow these steps. First, register on the Income Tax Department's portal by visiting their website, and completing the registration process. Once registered, log in to the e-Filing portal using your credentials. Look for the "View Form 26AS (Tax Credit)" option, which can be found under the e-file section. Confirm the disclaimer, and proceed by selecting the relevant tick box. Next, choose the assessment year for which you want to view Form 26AS. Remember that the assessment year usually corresponds to the financial year. Finally, you'll have two viewing options: downloading the Form 26AS statement as a PDF, or viewing it directly on the portal in HTML format. <cmsannotation type="cmsannotation" annotationid="subhead" text="What to do in case of a discrepancy">What to do in case of a discrepancy</cmsannotation> “If you find that TDS has not been deducted by your employer, or if there are discrepancies in the TDS details, you should take the following steps,” says Sharma. <cmsannotation type="cmsannotation" annotationid="subhead" text="Contact your employer:">Contact your employer: </cmsannotation>Reach out to your employer, and discuss the issue. Provide them with the necessary details, and supporting documents to rectify the situation. They should rectify the TDS deductions in their records, and provide you with updated Form 16. <cmsannotation type="cmsannotation" annotationid="subhead" text="File an online complaint:">File an online complaint:</cmsannotation> If your employer does not take appropriate action, or if you face difficulty in resolving the issue, you can file an online complaint with the Income Tax Department through their e-Filing portal. Look for the "File Grievance" or "File Complaint" option, and provide the required information. <cmsannotation type="cmsannotation" annotationid="subhead" text="Follow up with the IT Department:">Follow up with the IT Department: </cmsannotation>After filing the complaint, regularly check the status of your complaint on the e-Filing portal. The Income Tax Department will investigate the matter and take necessary action to rectify the TDS discrepancy. If you are unsure about the appropriate steps to take, or require further assistance, it is advisable to consult a tax professional, or seek guidance from a chartered accountant, or tax expert who can provide personalized advice based on your specific situation.

ITR filing: Your guide to Form 26AS and why you should check for TDS discrepancies

Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Tuesday made a strong case for regulating cryprocurrencies at a global level to mitigate the risk of money laundering and terror funding. Participating at a high-level panel discussion organised by the IMF, the Finance Minister said that as long as the non-governmental activity of the <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> assets was through unhosted wallets, the regulation was going to be very difficult. However, she said, cross border payments between countries will become very effective through Central Bank-driven digital currencies. "The risk which worries me more on the non-governmental domain is essentially you're looking at unhosted wallets across the borders, across the globe... So, regulation cannot be done by a single country within its terrain through some effective method and for doing it across the borders, technology doesn't have a solution which will be acceptable to various sovereigns at the same time applicable within each of the territory," she said. The risks involved will have to be differentially approached, because for each user case, the risks can also be different, depending on the economy, she said during a panel discussion on the topic 'Money at a Crossroad: Public or Private Digital Money?' Citing an example, Sitharaman said application of regulation and risk involved for Nigeria would be different from a tourism or investment rich Bahamas. Stressing that regulation using technology will have to be so adept and nimble that it should not be behind the curve. It has to be ahead and this is not possible if any one country thinks that it can handle it, she said. Pointing out that unless there's going to be a global approach at regulating and understanding of the technology on cryptocurrencies there is a risk of money laundering. "I harp on that very much because I think the biggest risk for all countries across the board will be on the money laundering aspect, and also on the aspect of currency being used for financing terror," she said. With regard to taxing income generated from transactions in crypto assets, Sitharaman said it is a means to check the source and trail but not to legitimise them. "We haven't said that this is currency. We haven't said that this has intrinsic value, but certain operations are taxable for the sovereign and that is why we have taxed," she said. Budget 2022-23 proposed a 30 per cent tax on income from transactions in crypto assets and also imposed a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. "We did announce that on the income that was generated out of the transactions of these crypto assets will be taxed at 30 per cent and over and above that, there is a 1 per cent tax deduction at source which is also imposed on every transaction. So through that we will be able to know who's buying and who's selling it," she said. On the Central Bank Digital Currency (CBDC), she said, it is going to happen sometime this year. RBI is planning to come out with a central bank-backed digital currency using blockchain technology in 2022-23. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/finance/news/rbi-thinks-that-risk-of-inflation-may-continue-to-rise-as-export-declines/slidelist/90932616.cms" data-type="tilCustomLink">Here’s what is worrying RBI as India faces the double whammy of rising inflation and declining exports</a> <a href="https://www.businessinsider.in/science/health/news/ayushman-bharat-health-account-features-benefits-and-how-to-apply-for-abha/articleshow/90933084.cms" data-type="tilCustomLink">Ayushman Bharat Health Account — features, benefits and how to apply for ABHA</a>

You Searched For "tax deducted at source" and got 6 results

Here is how the Budget 2019 benefits the Indian middle class

Prabhjote Gill

Attention employers! Deadline for issuing Form 16 approaching

BI India Bureau

Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt

ANI

How to check TDS, dividend income, and income tax refund using the AIS for Taxpayers app

Sourabh Jain

ITR filing: Your guide to Form 26AS and why you should check for TDS discrepancies

Anagh Pal

Cryptocurrency could be used for money laundering and terror funding, says Indian finance minister

PTI

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