Income Tax : In which scheme shall I get my TDS deducted? Old Vs New Tax Regime and impact of Budget 2023! This is most important question, on ...
Income Tax : Explore the changes in taxation of debt mutual funds pre and post April 2023. Learn about impacts, benefits, and strategies. Inves...
Income Tax : Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed fo...
Income Tax : Explore recent amendment in Section 43B of the Income Tax Act, 1961, affecting MSME payments, tax liability, and practical implica...
CA, CS, CMA : Explore the latest Section 43B amendment in the Income Tax Act, 1961, its targeted impact on Micro and Small Enterprises (MSMEs), ...
Income Tax : Live Webinar on Section-43B(h) of Income Tax Act, 1961 read with Section-2, 7-8, 15-16-17 of MSMED Act 2006 on 03-03-2024- SundayÂ...
Income Tax : No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amou...
Income Tax : Central Board of Direct Taxes (CBDT) has recently released a user-friendly Income tax calculator for the financial year 2023-24. T...
Income Tax : Myth 1: TCS applies to all foreign payments made by Indian companies. Fact: This is a myth. Tax Collected at Source (TCS) is a pro...
Income Tax : Govt exempt individual payments made through international debit or credit cards up to Rs 7 lakh per financial year from LRS limit...
Income Tax : Explore the detailed analysis of Circular No. 1/2024 issued by the Central Board of Direct Taxes, explaining amendments in the Inc...
Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...
Custom Duty : Finance Act, 2023 vide which 146 new tariff lines have been introduced in the Customs Tariff Act and 54 existing tariff lines have...
Income Tax : MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 31st March, 2023 / Chaitra 10, 1945 (Saka) The following Act o...
Finance : AS PASSED BY LOK SABHA ON 24.03.2023 Bill No. 17-C of 2023 THE FINANCE BILL, 2023 A BILL to give effect to the financial proposals...
No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs. 7 lakh per individual per annum. Government gives more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS. Increased TCS rates to apply from 1st October, 2023
In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents within the ambit of Clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961.
Explore the key highlights of Budget 2023 applicable from AY 2024-2025, including the introduction of the definition of Joint Commissioner and provisions related to Electronic Gold Receipts and its conversion.
Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961 with effect from 1st April 2023. As per section 194BA, a person who is responsible for paying to any person any income by way of winnings from any online game during the financial year to deduct income-tax on the net winnings in […]
Central Board of Direct Taxes (CBDT) has recently released a user-friendly Income tax calculator for the financial year 2023-24. The tax calculator aims to assist individuals and businesses in estimating their tax liabilities accurately. This tool is an essential resource for effective tax planning, enabling taxpayers to make informed financial decisions and ensure compliance with […]
Myth 1: TCS applies to all foreign payments made by Indian companies. Fact: This is a myth. Tax Collected at Source (TCS) is a provision under the Indian Income Tax Act that requires the collection of tax at the source of specific transactions. However, TCS does not apply to all foreign payments made by Indian […]
Navigate the impact of TCS on international credit card payments post-FEMA amendments. Understand LRS, increased TCS rates, and get tips on managing expenses and compliance for seamless overseas transactions. Stay informed to plan your spending wisely.
Govt exempt individual payments made through international debit or credit cards up to Rs 7 lakh per financial year from LRS limits & these transactions will not attract TCS.
Frequently Asked Questions #FAQs w.r.t. Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme.
Explore the applicability of Marginal Relief in both old and new tax regimes, designed to ease the tax burden on individuals with incomes slightly above certain thresholds. Gain insights through examples and understand its impact on tax calculations. Stay informed about tax-saving opportunities.
