Remittance

The story so far: On June 28, the Finance Ministry in two announcements deferred the imposition of an increased 20% rate for Tax Collected at Source (TCS) by three months to October 1, and said transactions made using international credit…

Last Updated: July 01, 2023, 05:04 ISTPaying off your credit card bills is an effective way to avoid default or high-interest rates. (Representative image)The amendment to the Foreign Exchange Management (Current Account Transactions)…

The government on Wednesday “suspended” its decision to charge up to 20% TCS (tax collected at source) on foreign remittances through credit cards under the liberalised remittance scheme (LRS), days before the July 1 deadline for the…

India's crime-fighting agency, the Enforcement Directorate, has issued a show-cause notice to Xiaomi's India unit, its officials, and three banks as part of an investigation that uncovered illegal remittances made by the Chinese smartphone…

Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit. (Representative image)The finance ministry, in consultation with the RBI, has…

<!-- -->Credit card spends in foreign exchange to come under RBI's remittance scheme. (Representational)New Delhi: Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance…

The top court noted that section 271C of the Act deals with penalty for failure to deduct TDS.It noted the relevant words used in section 271C (1)(a) are 'fails to deduct' and it does not speak about belated remittance of the TDSThe Supreme…

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<!-- -->Tax Collected at Source is an income tax, collected by the seller of goods, from the buyer. (File)New Delhi: Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS)…

HONG KONG : Shanghai-based property developer CIFI Holdings said in a Thursday filing it did not meet certain offshore scheduled interest and amortisation payments due to delay in remittance during an extended holiday in mainland China.…