#tds tax deducted at source

[cadeveshthakur]

TDS ki कक्षा|Part 3|Interest, Fees, Penalty, Prosecution, Expense Disallowance under TDS|Income Tax

TDS ki कक्षा TDS Knowledge series Part 3 @cadeveshthakur #tds #incometax #cadeveshthakur #trending #viral TDS compliance and the consequences associated with it. In this video, we’ll explore various sections of the Income Tax Act related to TDS (Tax Deducted at Source) and discuss the implications for defaulting taxpayers. Here’s the content breakdown: 📌 Timestamps 📌 00:00 to 00:56 Introduction 00:57 to 02:46 Content Part3 02:47 to 03:54 Example 03:55 to 08:48 Assessee in default 08:49 to 11:00 example 11:01 to 17:07 late fees 17:08 to 23:40 interest 23:41 to 31:51 how to calculate interest & fees 31:52 to 37:00 penalties 37:01 to 38:30 prosecution 38:31 to 39:43 disallowance 1. Section 201: Assessee in Default o Explanation of what constitutes an “assessee in default.” o Consequences for failure to deduct or pay TDS. o Key points:  Interest (Section 201(1A)): When a deductor fails to deduct tax at source or doesn’t deposit it to the Government’s account, they are deemed an assessee in default. They become liable to pay simple interest:  1% per month (or part of a month) on the amount of tax from the date it was deductible to the date of deduction.  5% per month (or part of a month) on the amount of tax from the date of deduction to the date of actual payment.  Interest as Business Expenditure: Clarification that interest paid under Section 201(1A) cannot be claimed as a deductible business expenditure.  Penalty (Section 221): If a person is deemed an assessee in default under Section 201(1), they are liable to pay penalty under Section 221 in addition to tax and interest under Section 201(1A). The penalty amount cannot exceed the tax in arrears.  Reasonable Opportunity: The assessee has the right to be heard and prove that the default was for good and sufficient reason. 2. Section 234E: Late Fee for TDS/TCS Returns o Explanation of late fees for non-filing or late filing of TDS/TCS returns. o Due dates for filing TDS/TCS returns. o Late fee calculation: INR 200 per day until the default continues (not exceeding the TDS/TCS amount). o FAQs on Section 234E. 3. Section 276B: Prosecution for Failure to Deduct TDS o Overview of prosecution provisions for non-compliance with TDS obligations. 4. Disallowance of Expenses (Section 40(a)(i)/(ii)) o Explanation of disallowance of expenses if TDS is not deducted or paid. #youtubevideos #youtube #youtubeviralvideos #tdsfreecourse #freecourse #taxdeductedatsource #TDSCompliance #IncomeTax #TaxDeduction #TCSReturns #LateFiling #Penalty #BusinessExpenditure #TaxLiabilities #FinancialCompliance #TaxPenalties #TaxationLaws #AssesseeInDefault #InterestPayment #TaxProcedures #LegalObligations #TaxAwareness #TaxEducation #FinancialLiteracy #TaxPlanning #TaxConsultancy #TaxAdvisory #TaxProfessionals #TaxUpdates #TaxGuidance #TaxTips #TaxAccounting #TaxFiling #TaxReturns #TaxPolicies #TaxChallenges #TaxSolutions #TaxExperts #TaxCompliance #TaxAware #TaxMistakes #TaxConsequences #TaxPenalties #TaxKnowledge #TaxRules #TaxRegulations #TaxBestPractices #TaxManagement #TaxUpdates #TaxNews #TaxInsights #TaxGuidelines #TaxCode #TaxEnforcement #TaxEnforcementActions #TaxPenaltyProvisions #TaxPenaltyLaws #TaxPenaltyGuidance #TaxPenaltyExplained #TaxPenaltyFAQs #TaxPenaltyCompliance #TaxPenaltyAvoidance #TaxPenaltyMitigation #TaxPenaltyResolution #TaxPenaltyAdvice #TaxPenaltyConsulting #TaxPenaltyExperts #TaxPenaltyHelp #TaxPenaltyTips #TaxPenaltyEducation #TaxPenaltyAwareness #TaxPenaltyPrevention #TaxPenaltyManagement #TaxPenaltyStrategies #TaxPenaltyUpdates #TaxPenaltyNews For more detailed videos, below is the link for TDS ki कक्षा TDS Knowledge series https://www.youtube.com/playlist?list=PL1o9nc8dxF1RqxMactdpX3oUU2bSw8-_R

[infinityservicesblog]

Section 194O of the Income Tax Act

Section 194O of the Income-tax Act, 1961 deals with Tax Deducted at Source (TDS) on payments made to e-commerce participants. It was introduced in the Union Budget 2020 and came into effect on 1st October 2020.

Here's a summary of the key points of Section 194O:

Who is responsible for deducting TDS? 

 E-commerce operators like Amazon, Flipkart, Meesho, etc., are responsible for deducting TDS at the rate of 1% on the gross amount of sales made through their platform by sellers (e-commerce participants).

What transactions are covered? 

The TDS applies to sales of goods, provision of services, or both facilitated through the e-commerce platform. This includes professional and technical services as well.

When is the TDS deducted? 

The TDS is deducted at the time of crediting the seller's account, irrespective of the mode of payment, or at the time of making payment to the seller, whichever is earlier.

Threshold limit: 

There is no threshold limit for e-commerce companies. They are required to deduct TDS on all transactions facilitated through their platform. However, for individual/HUF e-commerce participants, no TDS is deducted if the gross amount of sales during the previous year does not exceed Rs 5 lakh and they have furnished their PAN or Aadhaar.

Purpose of Section 194O: 

This section aims to improve tax compliance by bringing e-commerce participants under the TDS net. Many small sellers operating on e-commerce platforms often miss filing their income tax returns. By collecting TDS at the source, the government ensures that some tax is collected upfront even if the seller doesn't file their returns.

I hope this summary is helpful. If you have any further questions about Section 194O or its implications, feel free to ask!

Gaurav Sharma

8878797882

Infinityservices2018@gmail.com

Infinityservices2018.com

[bclindia]

TDS Service Provider | Tax Deducted at Source

Looking for an expert TDS Service provider in Bangalore? BCL India provides complete all in one solutions for all your compliance needs. Contact us now!

TDS (or) Tax Deducted at Source is a scheme of tax collection in India under which a certain percentage of a person’s income is deducted at the source of payment and is remitted directly to the government by the person responsible for making such payment. Any person making payments in the nature of salary, interest, rent, commission, professional fees etc., is liable to deduct TDS and shall deposit such amount within the prescribed time limit to the Government.

Website: https://bclindia.in/tds-services/

[edunextgenindia]

4 lecture income tax act I income tax on salary I how to save income tax...

[rashmimenonsblog]

TDS on GST is a powerful way to prevent tax evasion. When you as a company or a business deduct TDS under the Income Tax Act, you deposit the TDS with the Government and then issue a Form 16 and Form 16A. Similarly, under the GST Act, the person deducting the TDS will file the same with the Government by the 10th of the month after the deduction and issue a GSTR 7A.

[jjtax]

Understanding Tax Refunds: JJ Tax made it easy

Handling tax refunds can seem overwhelming, but having a clear grasp of the process can make it straightforward. This newsletter aims to demystify tax refunds by covering key aspects: eligibility criteria, claiming procedures and tracking your refund status.

What is a Tax Refund?

A tax refund represents the amount returned to taxpayers who have overpaid their taxes over the fiscal year. This situation arises when the total tax deducted or paid exceeds the actual tax liability determined based on their income.

In India, tax payments are made through TDS (Tax Deducted at Source), advance tax, or self-assessment tax. When the total tax paid or deducted surpasses your tax liability as calculated in your Income Tax Return (ITR), the excess amount is refunded. This mechanism ensures taxpayers are reimbursed for any overpayments.

Who is Eligible for a Tax Refund?

Eligibility for a tax refund depends on various factors:

Excess Tax Payments If your TDS or advance tax payments exceed your tax liability, you’re eligible for a refund. This often applies to salaried employees, freelancers, and individuals with taxable investment income.

Claiming Deductions If you claim deductions under sections like 80C, 80D, etc., and these deductions lower your tax liability below the total tax paid, a refund may be due.

Filing an Income Tax Return Only those who file their Income Tax Return can claim a refund. The return must accurately reflect your income, deductions, and tax payments to establish if a refund is warranted.

Losses to Set Off If you have losses from previous years or the current year that can be carried forward and set off against current year income, you might be eligible for a refund if these losses reduce your tax liability.

Who is Not Eligible for a Tax Refund?

Certain situations or individuals may not qualify for a tax refund:

Income Below Taxable Threshold If your total income is below the taxable limit, a refund may not be applicable.

Salary Below Government Criteria Individuals earning below the minimum threshold specified by the Government of India may not qualify for a refund.

No Overpayment If your tax payments match your tax liability or you haven’t overpaid, a refund will not be available.

Non-Filers or Incorrect Filers Those who fail to file their Income Tax Return or file it incorrectly will not be eligible for a refund. Proper filing is essential for initiating the refund process.

Invalid Deductions Claims for deductions that do not meet tax regulations or lack valid documentation may result in a refund rejection.

Incorrect Bank Details If the bank account information provided in your ITR is incorrect or incomplete, the refund may not be processed.

How to Claim Your Tax Refund

Here’s a step-by-step guide to claiming your tax refund:

File Your Income Tax Return (ITR) Access the Income Tax Department’s e-filing portal. Choose the correct ITR form based on your income sources and eligibility. Accurately complete all required details, including income, deductions, and tax payments.

Verify Your ITR Verify your ITR using Aadhaar OTP, net banking, or by sending a signed ITR-V to the Centralised Processing Centre (CPC). Verification must be completed within 120 days of filing your ITR.

ITR Processing The Income Tax Department will process your return, assess your tax liability, and determine the refund amount. This process can take a few weeks to several months.

Refund Issuance After processing, the refund will be credited directly to your bank account. Ensure your bank details are accurate and up-to-date in your ITR.

Update Bank Account Details (if needed) If your bank details change after filing your ITR, promptly update them on the e-filing portal to ensure correct refund crediting.

How to Check Your ITR Refund Status for FY 2024-2025

To check your refund status, follow these steps:

Visit the Income Tax E-Filing Portal Go to the official Income Tax Department e-filing website.

Access the 'Refund Status' Section Navigate to the ‘Refund Status’ page, typically under the ‘Services’ tab or a similar heading.

Enter Required Details Input your PAN (Permanent Account Number) and the assessment year for your filed return.

Review the Status The portal will show the status of your refund, including whether it has been processed, approved, or if further action is needed.

Track Refund Processing Keep an eye on any updates or notifications from the Income Tax Department regarding your refund.

Understanding the tax refund process can simplify the experience. By following these steps and staying informed about your eligibility, you can make sure that you have a smooth process and quickly receipt of any excess tax payments. For expert guidance and personalized assistance, consult with JJ Tax. Visit our website or contact us today to get the support you need for all your tax-related queries.

JJ Tax

[seemabhatnagar]

The Case of the Missing TDS: A Story of Tax Evasion and Justice

Harshdip Singh Dhillon v. Union of India Through Commissioner of Income Tax TDS

WP©10828/2019

Before Delhi High Court

The bench of Hon’ble Mr. Justice Girish Kathpalia & Hon’ble Mt. Justice Rajiv Shakdher allowed the Writ and set aside the demand notice dated 04.02.2019.

The Respondent were directed to allow credit of TDS deducted by his employer for the Assessment Year 2013-14 to the petitioner vide judgment dt. 04.01.2024.

Background

The petitioner-Harshdip Singh Dhillon has prayed for setting aside demand letter dated 04.02.2019 qua outstanding tax liability pertaining to the Assessment Year 2013-14 and for allowing credit to the petitioner against the Tax Deducted at Source (TDS) for the assessment year 2013-14 by his employer.

Respondent entered appearance through counsel and filed counter affidavit.

Facts

The petitioner was employed with Tulip Telecom Ltd. as Associate Vice-President during the period November 2011 to May 2013 and he resigned from service on 07.05.2013 with effect from 09.05.2013.

For assessment years 2011-12 and 2012-13, the employer of the petitioner deducted Tax at Source (TAS) on the salaries paid to petitioner but the deducted tax pertaining to the assessment year 2012-13 was not deposited by the employer with the Income Tax authorities.

The employer of petitioner also failed to issue the requisite TDS certificate, so the petitioner informed the concerned Income Tax Officials about the default, but no action was taken.

The petitioner filed a petition seeking winding up of the employer company by way of Company Petition under Section 433(e)&(f) read with Section 434 of the Companies Act, in which liquidator was appointed.

Instead of granting credit of the TDS pertaining to the assessment year 2012-13, the respondent issued intimation dated 03.12.2015, thereby raising demand of Rs.15,77,240/- against the petitioner towards outstanding tax liability.

The petitioner made various representations to the respondent/revenue informing them about the defaults on the part of his employer. Ultimately, the respondent/revenue issued the impugned demand notice dated 04.02.2019, thereby again raising a tax demand of Rs.15,36,220/- against the petitioner. Since the respondent/revenue did not clarify the situation despite being approached by the petitioner, the present petition was filed.

Submission of the Respondent

The respondent/revenue in its counter affidavit did not dispute that the petitioner had received salary after deduction of tax.

The amount due to the petitioner towards salary for the months of December 2012, January 2013 and March 2013 was not actually paid to the petitioner by his employer, so the employer had no obligation to deduct tax at source and consequently the respondent/revenue is under no obligation to allow credit of the same.

Issue

Whether any recovery towards the outstanding tax demand can be effected against the petitioner in view of the admitted position that the tax payable on his salary was being regularly deducted at source by his employer who did not deposit the same with the authorities.

Observation of Court

Since the petitioner accepted salary after deduction of income tax at source, it is his employer who is liable to deposit the same with the revenue authorities and on this count, the petitioner cannot be burdened.

We find no substantial question of law to be considered by us in this appeal.

Seema Bhatnagar

[taxblgs]

Don’t Miss Out! TDS Payment Deadlines for FY 2024–25 Explained

Filing TDS (Tax Deducted at Source) returns can be straightforward if you know which forms to use. Here’s a concise breakdown of the essential forms required for different types of transactions.

1. Form 24Q

Purpose: This form is crucial for employers as it reports TDS on salaries.

Key Point: Employers must submit this quarterly to reflect tax deductions from employee salaries.

2. Form 27Q

Purpose: Use this form to report TDS on payments made to non-residents.

Examples: This includes payments such as interest, dividends, and other sums payable to foreign entities or individuals (excluding companies).

3. Form 26Q

Purpose: This form covers TDS reporting in various scenarios, such as professional fees and interest payments.

Application: It's essential for a range of payments outside of salaries.

4. Challan-cum-Statement Forms

Form 26QB: For TDS under Section 194-IA (related to property sales).

Form 26QC: For TDS under Section 194-IB (applicable to lease payments).

Form 26QD: For TDS under Section 194M (payments made to contractors).

Timely Submission

Remember, these forms must be submitted within 30 days from the end of the month in which TDS was deducted. Ensuring timely filing can save you from penalties and maintain your compliance with tax regulations.

Conclusion

Understanding the specific forms for TDS filing is vital for smooth compliance. Choose the correct form based on your transactions to ensure hassle-free returns. Stay tuned for more updates on TDS regulations and best practices!

Read also: How to check your TDS Refund? , Books of account under section 44aa, Notice issue ? get expert help

[ushmaassociates]

Lower/NIL TDS deduction certificate for NRIs

NRIs can apply for a Lower/NIL TDS deduction certificate to reduce their tax liability on Indian income. Ushma and Associates assists NRIs in obtaining this certificate, ensuring compliance with tax laws while minimizing unnecessary tax deductions at source.

[cadeveshthakur]

Different Types of TDS Returns and Certificates |TDS Filing Due Dates FY...

[indian-pan-card-usa]

Pan Card in USA

A PAN (Permanent Account Number) card is a crucial document issued by the Income Tax Department of India to track financial transactions and prevent tax evasion. While it is primarily intended for Indian citizens, individuals residing outside India, including NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin), and foreign nationals who have financial dealings in India, can also apply for a PAN card. This guide will walk you through the process of obtaining a PAN card in USA.

Why Do You Need a PAN Card?

Financial Transactions: A PAN card is required for a wide range of financial transactions, including opening a bank account, buying mutual funds, trading stocks, and buying property in India.

Taxation: For NRIs and PIOs, a PAN card is necessary if they have taxable income in India, such as rental income, capital gains, or interest income.

Compliance: Having a PAN card simplifies compliance with Indian tax laws and helps avoid higher tax deductions at source (TDS).

Eligibility for a PAN Card

Anyone, regardless of citizenship, who needs to conduct financial transactions in India can apply for a PAN card. This includes:

NRIs (Non-Resident Indians)

PIOs (Persons of Indian Origin)

Foreign nationals who have business dealings or investments in India

Apply Pan card in usa

If you want to apply pan card in usa so you can contact us +1 (416) 996–1341 or pancardservice253@gmail.com to apply pan card in usa.

1- Visit this site indianpancardusa.com 2- And Go to application form of apply for pan card 3- fill the details 4- Upload documents 5- submit the application form.

Conclusion

Obtaining a PAN card in USA is a straightforward process that ensures you remain compliant with Indian financial regulations and taxation requirements. By following the above steps and ensuring all documents are in order, you can easily secure your PAN card and streamline your financial dealings with India.

Contact us Phone:- +1 (416) 996–1341 Email Us:- pancardservice253@gmail.com

[navinclasses]

Balancing Articleship and CA Exams

You have to earn the CA (Chartered Accountancy) degree in the truest sense of the word. The course comprises a unique combination of practical experience and in-depth subject knowledge based on application. If you want to qualify as a Chartered Accountant truly you would have to gain hands-on experience along with possessing a detailed understanding of the subject. So, this brings us to a rather important question — how can you manage your CA exams and articleship? There are various techniques and tips that you can follow in this regard. However, in this blog, we have attempted to highlight some of the most important ones.

Taking the early dive

The first step that you need to take in balancing both these pursuits is to begin your exam preparations as early as possible. The task here is rather simple — you have to be ahead of your competitors. The CA exam syllabus is a rather vast one and you have to make sure that before the exam leave begins you have read the syllabus thrice over. Doing this will ensure that you are in a good position to clear the exam on the first go — keep in mind that you have only a short amount of time for this.

Squeezing out short time blocks

Remember that the office work in this case is rather demanding and so you would not have a lot of time to study and flow through your preparations as in so many other disciplines. This is why it is so important that you utilize any time block you can find to study in this case, no matter how short it is. This will help you be consistent in your pursuit of success. This means that you can study in the early mornings, on weekends, while traveling, and when you are waiting while at work.

Applying your learning

When you are working practically during your articleship you will surely encounter a few problems and issues as part of your office work. One of the worst steps that you can take in these cases is to head straightaway to a colleague or a senior so that you can get your doubts cleared. Grab this chance, open your book, and read up on the statutory provision that is applicable in this particular context. Always try to solve the problem by yourself first before you ask for help from anyone else. Remember, you will never forget a solution you have created yourself.

Learning the applications

The approach mentioned immediately above is just as important in reverse situations. This means that if you learn a new concept try to apply it to a workplace problem. For example, if you have learned about the TDS (taxes deducted at source) provisions in income tax, try to use it while reviewing the accounts books of your clients. Find out if the books are complete, correct, timely, and in compliance with said regulations or not. Not only would this fetch you the praise from your seniors it will also help you learn the subject completely.

Avoiding just-in-time studies and making space for revision blocks

Often it has been seen that CA students head to the final examination leave not having read all the subjects. They keep those away for those last-minute studies which is such a disastrous thing to do in this particular case. Simply put, it is hard to learn new concepts, revise them, and then apply them in the exam at short notice. So, reading them the first time during the final examination leave does not indeed make any sense at all. Also remember that the final examination leave is meant for revision, not first-time studies.

Avoiding social media

Even as phones get smarter and AI (artificial intelligence) learns at greater depth natural intelligence is facing the danger of consistent distraction. So, as a CA student, whenever you study you need to make it deep where you are learning really with all the focus you can muster and with complete vigor. As it is, we are always craving to know what is happening on our social media feeds — it has become an addiction rather than a habit. Such usage is damaging some parts of our cognitive brain functioning permanently.

Working efficiently in the office

Doing so will help you save time that you can use later on for studies. You have to ask yourself if you need to work those extra hours. Instead, pledge to use those working hours more efficiently. The very thought that working late nights at the office is a sign that you are working hard is wrong. A whole lot of studies have proven that if you stay late at the office it is only because you are not good enough to get it done within the stipulated time. You have to manage your office time better so that you can deliver the work on time efficiently.

Dealing with complicated topics first

As a student, it is rather normal that you would fall into the trap of taking up subjects that you feel at ease with during your preparations. In such cases, you may opt to leave the complicated ones for the end. This is a clear sign that you are procrastinating which you must avoid. Dealing with complicated subjects first is always hard and stressful. However, this is something that has to be done, and delaying it is never going to help for sure. So, if you tackle these first, and successfully so, it will feel great!

In the end, the importance of rest, rejuvenation and relaxation cannot be ignored in this particular context. A lot of times, your body and mind are affected by the toll that tight deadlines and harsh office schedules will take on you. This is why it is so important that you take some time off when you just relax, rest, and rejuvenate. There are so many ways you can do this such as taking short trips with near and dear ones, exercising regularly, meditating, indulging in some pleasant hobbies, and reading books outside the subject.

[alishajoy059]

Major Compliance Requirements Under Income Tax India: A Complete Guide

Navigating India's complex income tax system requires strict adherence to various compliance requirements. This guide covers the essential compliance obligations for businesses and individuals, ensuring that taxpayers understand their responsibilities and avoid penalties.

1. Filing of Income Tax Return (ITR)

All taxpayers, including individuals, firms, and companies, are required to file their Income Tax Return (ITR) annually. Depending on the type of taxpayer, different forms apply:

ITR-1 (Sahaj): For individuals with income from salary, house property, and other sources.

ITR-2: For individuals and HUFs not having income from business or profession.

ITR-3: For individuals and HUFs with income from business or profession.

ITR-4 (Sugam): For those under the presumptive taxation scheme.

Returns are typically filed between July and September of the assessment year.

2. Advance Tax Payment

Those with significant income beyond their salary must pay advance tax in four installments throughout the year:

15% by June 15.

45% by September 15.

75% by December 15.

100% by March 15.

Failure to do so results in penalties under Sections 234B and 234C.

3. Tax Deduction at Source (TDS)

Employers, businesses, and other entities must deduct TDS for specific payments like salary, rent, and contractual payments. TDS should be deposited within the prescribed deadlines, with quarterly returns filed using:

Form 24Q for salary payments.

Form 26Q for non-salary payments.

Form 27Q for payments to non-residents.

4. Tax Audit (Section 44AB)

Businesses and professionals with turnover above specific thresholds must undergo a tax audit. This ensures that the accounts conform to tax laws and accurate tax liability is computed. The tax audit report is filed along with the income tax return.

5. Maintenance of Books of Accounts

Businesses and professionals are required to maintain detailed books of accounts if their turnover or income exceeds certain limits. Proper accounting helps ensure accurate tax calculations and compliance during audits.

6. Form 15CA/15CB for Foreign Payments

Payments to non-residents may require filing Form 15CA and 15CB. This ensures that any applicable tax is deducted before remitting payments overseas.

7. Furnishing of PAN

PAN is mandatory for numerous financial transactions, such as property purchases, mutual fund investments, and bank deposits. Failure to provide PAN may result in higher tax deductions or penalties.

8. Annual Information Return (AIR)

High-value transactions like property purchases, large deposits, or expensive credit card payments must be reported by financial institutions in the Annual Information Return (AIR). This helps the Income Tax Department detect unreported income.

9. Responding to Tax Notices

Taxpayers may receive notices for various reasons such as discrepancies in returns or scrutiny assessments. Timely responses to these notices are crucial to avoid penalties or legal action.

10. Transfer Pricing Compliance

Companies engaged in international transactions with related entities must comply with transfer pricing regulations to ensure transactions are at arm’s length. This includes filing Form 3CEB and maintaining documentation.

Conclusion

Being compliant with India’s income tax laws involves meeting various deadlines, maintaining accurate records, and understanding specific obligations. By staying informed and following these key requirements, taxpayers can avoid penalties and legal consequences.

[werindialive]

PAC to Investigate SEBI Chief Madhabi Puri Buch Over Conflict of Interest Allegations 

Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), is under scrutiny after allegations surfaced regarding a conflict of interest during her tenure. The Parliament's Public Accounts Committee (PAC) has initiated an investigation into claims that Buch continued to receive payments from ICICI Bank while holding her regulatory position at SEBI. These payments, which included pensions and Employee Stock Ownership Plans (ESOPs), have raised questions about whether Buch’s financial ties to the bank compromised her impartiality as the head of the market regulator. 

The Congress party has been particularly vocal, accusing Bush of receiving substantial sums from ICICI Bank, amounts that allegedly exceeded her salary during her time at the bank. These payments reportedly varied in amount and frequency, sparking concerns about transparency and Buch’s potential conflict of interest. Congress leader Pawan Khera has pointed out that the bank even paid Tax Deducted at Source (TDS) on her ESOPs, a benefit he claims might not be extended to all employees, further intensifying scrutiny. 

The PAC, chaired by K. C. Venugopal, has added this issue to its agenda following demands from several members during a meeting in late August. They are expected to summon Buch later this month, along with officials from the finance and corporate affairs ministries, to delve deeper into SEBI’s functioning and Bush's involvement with ICICI Bank. 

In addition to these allegations, Buch has been linked to the Adani Group controversy through a report by Hindenburg Research. The report claims that Buch and her husband owned stakes in companies tied to a money syphoning scandal involving the group. These allegations were strongly denied by Buch, who maintains that all required financial disclosures were made to SEBI during her tenure. 

Buch, who became the first woman to lead SEBI in 2022, has built a reputation as a reformist leader, introducing stricter regulatory frameworks for India’s financial markets. However, the controversy surrounding her financial ties to ICICI Bank has cast a shadow over her accomplishments. While her supporters argue that the payments were legitimate retirement benefits, the investigation by the PAC will determine whether any ethical lines were crossed. 

The outcome of this inquiry is likely to have significant implications for Buch’s career and SEBI’s reputation, as the committee seeks to ensure that regulatory bodies maintain integrity and independence.

For more politics news in Hindi, subscribe to our newsletter.

[khushikharbanda]

How TDS on PF Withdrawal Affects Your Retirement Savings

TDS (Tax Deducted at Source) on PF (Provident Fund) withdrawal is applicable if you withdraw your funds before completing five years of continuous service. No TDS is deducted if the withdrawal amount is below ₹50,000 or if the withdrawal occurs after five years of service. Understanding these rules helps in better financial planning.

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