Tax collected at Source

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…

New Delhi: Confusion persists over the applicability of TCS (tax collected at source) up to 20% from October 1 on foreign remittances through international credit cards under the liberalised remittance scheme (LRS), two experts said,…

The changes were expected to take place from July 1. The transactions conducted via international credit cards while abroad will not be counted under the Liberalised Remittance Scheme and will not be subject to TCS even after October…

<!-- -->The finance ministry issued a clarification on the matter through a series of tweets. (Representational)New Delhi: While credit card spends overseas will not attract tax collected at source now as such transactions have been…

NEW DELHI: With just a week to go to implement 'tax collected at source' (TCS) on credit card transactionson specific foreign exchange transactions, banks are grappling with problems related to reporting the spends.They are finding it…

NEW DELHI: The government is attempting to link tax collected at sourcefor 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,…

<!-- -->Under the LRS, all resident individuals are allowed to remit up to USD 2,50,000 per financial year.New Delhi: Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance…

Representational file image. Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of $2.50 lakh…

Asked if a provision of TCS could be introduced for crypto trading, the Revenue Secretary Tarun Bajaj said “if we come up with a new law then we will see what is to be done”. The government is mulling over changes in the income tax…