Tcs nirmala

Budget 2023 live | Income tax relief, sops for women, scheme for artisans, and more The Union Finance Minister has presented the Union Budget for Financial Year 2023-24, at a time when nine States will be going to polls this year and the Modi government will be seeking a third term next year. February 01, 2023 08:45 am | Updated 07:02 pm IST Finance Minister Nirmala Sitharaman addressing the post Budget press conference at the National Media Centre in New Delhi on February 1, 2023. | Photo Credit: R.V. Moorthy Finance Minister Nirmala Sitharaman on February 1 raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections. Ms. Sitharaman’s fifth straight Budget comes at a time when the economy is slowing due to global headwinds and there is a need for increased spending on social sectors as well as ramping up incentives for local manufacturing. Also Read: Yesterday, following Here are the latest updates: The government on Wednesday proposed to hike the TCS rate to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of India. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overs...

Priyanka Chaturvedi urges Nirmala Sitharaman to scrap TCS, bring clarity on exemptions Amid the ongoing uncertainty on the issue of imposed Tax Collected at Source on the usage of international debit or credit cards during foreign travel, Rajya Sabha member Priyanka Chaturvedi wrote a letter to the Union finance minister Nirmala Sitharaman to consider scrapping or minimising such taxes as well as bringing some clarity on the exemption limits that were announced. | Updated: 22-05-2023 22:00 IST | Created: 22-05-2023 22:00 IST Representative Image. Image Credit: ANI • Country: • India • SHARE • • • • Amid the ongoing uncertainty on the issue of imposed Tax Collected at Source (TCS) on the usage of international debit or credit cards during foreign travel, Rajya Sabha member Priyanka Chaturvedi wrote a letter to the Union Finance Minister Nirmala Sitharaman to consider scrapping or minimising such taxes as well as bringing some clarity on the exemption limits that were announced. She also requested the Finance Minister to lay down procedures about how would banks track the transactions at the Point of Sale. "While the introduction of the Liberalised Remittance Scheme (IRS) has been well intended, it is my opinion that extending the regulations to credit card along with existing debit card payments may prove to be counter-productive from a policy perspective," Chaturvedi wrote in the letter to Sitharaman. "In order to strike a balance and protect the interests of genuine indiv...

Buying US stocks or properties abroad may become more tax complaint. Union Minister of Finance Nirmala Sitharaman while presenting Budget 2023 has proposed to increase the TCS on certain remittances made overseas. TCS is different from TDS and can be taken by the individual as a refund while filing ITR. For the purpose of any education, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E and for medical treatments abroad, the TCS stands at 0.5% and 5% respectively. However, on foreign tour packages and for other remittances such as buying stocks, properties abroad, the TCS limit has been proposed to be 20% in the Budget 2023. Railway Budget 2019: Top 10 thrust areas that every Indian Railways passenger should know Also Read– B Wright Research, SEBI Registered Investment Advisor,” India hotel is the biggest gainer in the mid and large-cap space as the Union Budget 2023 increases tax collection at source for overseas tour packages. The TCS (tax collection at source) for overseas tour packages has been increased from 5 per cent to 20 per cent for high-cost tour packages above Rs 50 lakh.” The Liberalized Remittances Scheme (LRS) of Also Read– Currently, there is Tax Collection at Source (TCS) of up to 5% on remittances of Rs 7 lakh or more in a fiscal year. If the total foreign exchange facility availed under LRS in a financial year is Rs 10 lakh, which you want to remit abroad, a TCS at 5 per cent will be applicable on...

20% TCS on foreign remittance: The notification dated May 16, 2023, omits Rule 7 of the FEM(CAT) Rules, 2000. This, in effect, removes the exemption given to the use of international credit cards for meeting his/her expenses by a person when he is abroad. FM Nirmala Sitharaman in Budget 2023 increased the TCS for foreign remittances under the LRS. The notification dated May 16, 2023, omits Rule 7 of the FEM(CAT) Rules, 2000. This, in effect, removes the exemption given to the use of international credit cards for meeting his/her expenses by a person when he is abroad. The now omitted rule exempted the use of international credit cards from the IRS for payments by a person towards meeting expenses while such a person is on a visit outside India.

New Delhi: Union Finance Minister Nirmala Sitharaman announced relief for middle classes too today as part of the government's efforts to address the financial crisis brought on by the coronavirus-induced lockdown, which is in its seventh week. To allow people more cash in hand, the government has offered a 25 per cent reduction in TDS (Tax Deduction at Source) for non-salaried specified payments and TCS (Tax Collection at Source) for specified receipts, Ms Sitharaman said while outlining the contours of the 20 lakh crore financial package announced by Prime Minister Narendra Modi yesterday. This will apply to payment for contract, professional fees, interest, rent, dividend, commission, brokerage, the minister said. The measure will come into force tomorrow and last till the end of the financial year -- March 2021 -- and provide a liquidity of Rs 50,000 crore. As part of other direct tax measures, all pending refunds to charitable trusts and non- corporate businesses and professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately, the government said. Due date of all income-tax returns for the financial year 2019-20 will be extended from July 31, 2020 and October 31, 2020 to November 30, 2020 and Tax audit from September 30, 2020 to October 31, 2020. The date of assessments getting barred on September 30, 2020 will be extended to December 31, 2020 and those getting barred on 31st March, 2021 will be extended to September 30, 2021. ...