Tax Collection Source

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.

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.

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.

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.

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".

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.

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 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).

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.

The expected lower nominal GDP growth in 2023-24 on the back of threats of global recession could impact income tax collection, the government source told reporters ahead of the presentation of Union Budget 2023-24 on February 1.

Form 26AS is a consolidated annual tax statement that shows the details of taxes

Official sources say that the growth revenue collections has also boosted country's tax-GDP ratio for 2021-22 to 11.7 per cent

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

In September 2020, the tax collections from import of goods and domestic transaction were 102 per cent and 105 per cent, respectively, of the revenues from these sources during the same month last year.

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...

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.

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.

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.

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.

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".

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.

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 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).

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.

The expected lower nominal GDP growth in 2023-24 on the back of threats of global recession could impact income tax collection, the government source told reporters ahead of the presentation of Union Budget 2023-24 on February 1.

Form 26AS is a consolidated annual tax statement that shows the details of taxes

Official sources say that the growth revenue collections has also boosted country's tax-GDP ratio for 2021-22 to 11.7 per cent

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

In September 2020, the tax collections from import of goods and domestic transaction were 102 per cent and 105 per cent, respectively, of the revenues from these sources during the same month last year.

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...