TDS News

For freelancers, understanding TDS (Tax Deducted at Source) is crucial. When clients make payments, they often deduct 10 per cent as tax and deposit it with the government using your PAN.

Here is a list of the changes in Tax Deducted at Source (TDS) for senior and general citizens that will take effect on April 1, 2025.

If you have claimed HRA but didn’t deduct TDS on rent and the tax Department may invalidate your claim. 

Below is a summary of the changes in Tax Deducted at Source (TDS) that will take effect on April 1, 2025.

Threshold amounts for tax deduction will be increased for better clarity and uniformity," Finance Minister Nirmala Sitharaman said in her Budget speech.

Budget 2025 TDS announcement: Similarly, the annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefitting small tax payers receiving small payments.

The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.

In the Union Budget, the government had announced to increase the securities transaction tax (STT) on Futures and Options of securities to 0.02 per cent and 0.1 per cent, respectively.

In view of the genuine difficulties being faced by the taxpayers, the CBDT issued the Circular dated 05.08.2024, and vide the same, the government has relaxed the provisions of TDS/TCS as per the Income-tax Act, 1961, in the event of death of deductee/collectee before linking of PAN and Aadhaar, it added.

On April 23, 2024, CBDT extended date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into upto March 2024) to avoid higher TDS/ TCS as per the income tax act. 

FM Sitharaman said TDS is proposed on interest exceeding Rs 10,000 on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 or any other notified security of the Central or State Governments.

Users should avoid 10 common mistakes when filing last-minute tax returns in India: incorrect details, missing documents, ignoring deductions, wrong bank account, skipping verification, late filing, incorrect form, ignoring changes, wrong income declaration, and missed deadlines. 

Section 192 of the Act deals with tax deduction at source (TDS) on salary earnings.

The BJP seeks to retain the Speaker post for the 18th Lok Sabha after securing 240 seats, while offering the Deputy Speaker position to NDA allies, with Rajnath Singh leading negotiations.

According to officials, the message serves as an acknowledgment of the total TDS deposited during the final quarter and the previous financial year.

Here are the 5 tasks you must complete before March 31, 2024, to avoid penalty.

Learning about the concepts of TDs vs ITR can help taxpayers understand what they need to do and make sure they follow the rules correctly.

Let's break down some key terms to make sense of the upcoming budget and understand what lay taxpayers can expect.

Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, other information (GST Data, Foreign Remittances, etc.) as available in AIS/TIS.