Thu, Jun 29, 2023
Domestic tour operators on Thursday welcomed the government's move to defer hike in tax collection at source on overseas tour packages till September 30 calling but reiterated that it should be brought down to 2.5 per cent.
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Wed, Jun 28, 2023
The Ministry informed that transactions through international credit cards, while being overseas, would not be counted as LRS and hence would not be subject to TCS.
Tue, Jun 20, 2023
The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS or for other purposes on which a 20 per cent Tax Collection at Source (TCS) would be levied, they added.
Fri, May 26, 2023
The government is trying to link tax collected at source (TCS) for payments made by individuals with tax deducted from their income sources (TDS), a move that will help in ensuring cash flows of the individual taxpayers are not impacted, said Chief Economic Advisor (CEA) V Anantha Nageswaran whil
Fri, May 19, 2023
Facing backlash from a wide section of people, the Finance Ministry said the move is aimed at removing procedural ambiguity with regard to Liberalised Remittance Scheme (LRS) and the levying of Tax Collected at Source (TCS).
Thu, 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 (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.
Thu, Jul 21, 2022
ITR filing last date: This year's deadline to file the ITR without any fine or penalty is July 31.
Thu, Oct 01, 2020
In a major development, Ministry of Finance has issued a clarification on doubts arising on account of new Tax Collection at Source (TCS) provisions.
Tue, Jul 02, 2019
With July 2019 kicking in, it will be a very busy month for Income-Tax return (ITR) filers and other taxpayers either, be it individuals or corporates.
Mon, May 27, 2019
An individual or company is needed to communicate their incomes and gains in a statement to the department.ze
Fri, May 17, 2019
There are five section in Form 26AS each depending upon the category of deductions and taxes paid.
Sun, Mar 10, 2019
In a relief to buyers of high-value cars and jewellery, the CBIC has said that the TCS amount would be excluded from the value of goods for computing GST liability.
Wed, Jun 27, 2018
A senior revenue official said the GST Implementation Committee (GIC), headed by the revenue secretary, has decided to keep in abeyance the TDS/TCS provision and GST by way of RCM by another three months.
Mon, Jun 27, 2016
The Income Tax Department has been levying 1% TCS on cash purchase of bullion in excess of Rs 2 lakh and jewellery in excess of Rs 5 lakh.
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