Tax Collection At Source
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20% TCS To Online Gaming Tax: 5 Rules Coming Into Effect From October 1
Online Gaming Tax Rules: The new rules can have a direct impact on the lives of the people. So, it is important to be aware of these fresh guidelines.
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No TCS On International Credit Card Spends Abroad: Centre Scraps New Rule
Payments made by using international credit cards (ICC) during overseas visits will not attract Tax Collected at Source or TCS, as per the latest notification issued by the Finance Ministry.
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Explained: Why Credit Card Spends Overseas Won't Be Taxed At Source
While credit card spends overseas will not attract tax collected at source now as such transactions have been kept outside the liberalised remittance scheme, any international transaction conducted from India will attract the levy.
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Government Attempting To Link TCS With TDS: Chief Economic Advisor
The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted, according to a senior official.
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Data Shows Tax Collection Source Mechanism Abused: Chief Economic Advisor
Chief Economic Advisor V Anantha Nageswaran on Thursday said that data available on usage of international credit cards points out that tax collection at source mechanism has been "abused" and these "volumes involved were fairly substantial".
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Ministry's Clarification On Tax On Overseas Spending Through Credit Cards
The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.
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Here's What Experts Say About Changes Made In LRS For Credit Cards
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 (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.
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Credit Card Payments For Foreign Tours To Be Brought Under RBI's Liberalised Remittance Scheme
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source).
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Budget 2023: Overseas Holidays May Get Costlier, Hike In TCS Proposed
The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages.
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Filing Tax Returns Early? Here's What You Need To Know About Form 26AS
Form 26AS is a consolidated annual tax statement that shows the details of taxes
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Levy Uniform Interest Rate For Non-Deposit Of TCS: Taxmann
Section 201 of the Income Tax Act states that a deductor shall be liable to pay interest at the rate of 1 per cent per month/part of the month in case there is a failure to deduct tax
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21 States Choose Centre's "Borrow" Option As Way Out Of GST Dues Row
Twenty-one states have given their borrowing option proposed by the goods and services tax council to meet shortfall in compensation from the centre amid the coronavirus pandemic, sources have said. These 21 states went with "option 1", which allows them to borrow the tax collection shortfall due to the switch to the GST, estimated at Rs 97,000 cro...
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New Form 26AS To Ask For Details On High-Value Transactions: Taxman
The existing Form 26AS demanded information on tax deducted at source (TDS) and tax collected at source (TDS) relating to a PAN.
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Here Are Some Income Tax Deadlines To Keep In Mind
CBDT has extended the time limit for filing income tax returns, making investments to claim income tax deductions and for furnishing TDS and TCS statements.
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I-T Department Extends Deadline For Tax Savings Investments
The Central Board of Direct Taxes (CBDT) has extended the time limit for making investments to claim income tax deduction by a month till July 31, 2020.
-
20% TCS To Online Gaming Tax: 5 Rules Coming Into Effect From October 1
Online Gaming Tax Rules: The new rules can have a direct impact on the lives of the people. So, it is important to be aware of these fresh guidelines.
-
No TCS On International Credit Card Spends Abroad: Centre Scraps New Rule
Payments made by using international credit cards (ICC) during overseas visits will not attract Tax Collected at Source or TCS, as per the latest notification issued by the Finance Ministry.
-
Explained: Why Credit Card Spends Overseas Won't Be Taxed At Source
While credit card spends overseas will not attract tax collected at source now as such transactions have been kept outside the liberalised remittance scheme, any international transaction conducted from India will attract the levy.
-
Government Attempting To Link TCS With TDS: Chief Economic Advisor
The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted, according to a senior official.
-
Data Shows Tax Collection Source Mechanism Abused: Chief Economic Advisor
Chief Economic Advisor V Anantha Nageswaran on Thursday said that data available on usage of international credit cards points out that tax collection at source mechanism has been "abused" and these "volumes involved were fairly substantial".
-
Ministry's Clarification On Tax On Overseas Spending Through Credit Cards
The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.
-
Here's What Experts Say About Changes Made In LRS For Credit Cards
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 (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.
-
Credit Card Payments For Foreign Tours To Be Brought Under RBI's Liberalised Remittance Scheme
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source).
-
Budget 2023: Overseas Holidays May Get Costlier, Hike In TCS Proposed
The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages.
-
Filing Tax Returns Early? Here's What You Need To Know About Form 26AS
Form 26AS is a consolidated annual tax statement that shows the details of taxes
-
Levy Uniform Interest Rate For Non-Deposit Of TCS: Taxmann
Section 201 of the Income Tax Act states that a deductor shall be liable to pay interest at the rate of 1 per cent per month/part of the month in case there is a failure to deduct tax
-
21 States Choose Centre's "Borrow" Option As Way Out Of GST Dues Row
Twenty-one states have given their borrowing option proposed by the goods and services tax council to meet shortfall in compensation from the centre amid the coronavirus pandemic, sources have said. These 21 states went with "option 1", which allows them to borrow the tax collection shortfall due to the switch to the GST, estimated at Rs 97,000 cro...
-
New Form 26AS To Ask For Details On High-Value Transactions: Taxman
The existing Form 26AS demanded information on tax deducted at source (TDS) and tax collected at source (TDS) relating to a PAN.
-
Here Are Some Income Tax Deadlines To Keep In Mind
CBDT has extended the time limit for filing income tax returns, making investments to claim income tax deductions and for furnishing TDS and TCS statements.
-
I-T Department Extends Deadline For Tax Savings Investments
The Central Board of Direct Taxes (CBDT) has extended the time limit for making investments to claim income tax deduction by a month till July 31, 2020.
