Increased tax on overseas spending under remittance scheme to be effective from Oct, not Jul

Jun 29, 2023

The proposed increase in Tax Collected at Source rates which was to come into effect from July 1, will now apply from October 1,...

20 pc tax to be collected at source from July under remittance scheme for some items

May 18, 2023

Tax Collected at Source (TCS) under Liberalised Remittance Scheme for the sale of overseas tour packages and any other remittance (such as for bonds,...

Collected over Rs 700 cr in TDS from online gaming companies, crypto: CBDT chief Nitin Gupta

Oct 10, 2023

The Central Board of Direct Taxes (CBDT) has collected more than Rs 700 crore as Tax Deduction at Source (TDS) this financial year after...

Here's what experts say about changes made in LRS for credit cards

May 18, 2023

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance...

Taxpayers aged between 18 to 35 years filed 2,09,06,829 ITRs till Jan 31: Centre

Feb 07, 2023

As per Income-tax Act, 1961, tax is calculated and collected based on total income returned in Income tax Returns (ITR).

TCS for international card spend exempted under RBI's remittance scheme upto Rs 7 lakh

May 19, 2023

The Ministry of Finance on Friday said it decided that any payments by an individual using their international debit or credit cards upto Rs...