The rise in the Tax Collection at Source (TCS) exemption limit on foreign remittances from Rs 7 lakh to Rs 10 lakh will ...

There are a variety of TDS provisions applicable with different rates and different thresholds. There are about 33 Sections ...

The threshold to collect TCS on remittances under RBI’s liberalised remittance scheme (LRS) is proposed to be raised from ₹7 ...

The Budget removes TCS on remittances up to ₹10 lakh for foreign education when funded by loans, while retaining a 5% TCS for ...

Budget 2025 introduces higher thresholds for tax deducted at source (TDS) and tax collected at source (TCS), aiding small ...

Finance Minister Nirmala Sitharaman announces tax revisions to boost household consumption and ease tax compliance for small ...

The existing TCS was applied specifically to remittances exceeding Rs 7 Lakh under the LRS. Besides this, the government has ...

Section 276BB of the Income-tax Act, 1961 provides for prosecution in case of failure to pay the tax collected at source to the credit of Central Government. Ans. Section 276BB of the Income-tax Act, ...

Manoj Purohit, Partner at BDO India’s Tax and Regulatory Services, commented that this change addresses a long-standing need ...

Union Finance Minister Nirmala Sitharaman proposed to raise the threshold of tax deducted at source (TDS) and tax collected ...

In a bid to rationalise tax collection and ease compliance, the budget has proposed an increase in the limits for tax deducted and tax collected at source (TDS and TCS), which is likely to benefit a ...

FM says tax deduction limit on interest for senior citizens doubled from Rs 50,000 to Rs 1 lakh. Annual Rs 2.40 lakh limit ...