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Important Update - Increased TCS rates - TCS rates - TCS - LRS - taxscan

Important Update: Increased TCS rates under LRS to apply from 1st October, 2023

Navasree A.M

The Ministry of Finance has made an announcement that the Increased TCS (Tax Collection at Source ) rate will apply only from 1st October 2023. The...

TCS on Forex Transactions - TCS - Forex Transactions - Forex - taxscan

20% TCS on Forex Transactions from July 1: Know the Consequences if you don't do this

Failure to File TDS/TCS Prior to Amendment of S. 200A of Income Tax Act shall not subject to Late...

RBI - RBI notifies Remittances - RBI notifies Remittances to IFSCs - IFSCs - Liberalised Remittance Scheme - RBI notifies Remittances to IFSCs under LRS - taxscan

RBI notifies Remittances to IFSCs under Liberalised Remittance Scheme (LRS)

Finance Ministry - TCS Collection - Small International Debit or Credit Card Transactions - LRS -Taxscan

Finance Ministry Clarifies TCS Collection to Small International Debit/Credit Card Transactions...

Finance Ministry releases FAQ clarifying TCS on LRS - PART 2

This is the continuation of the Frequently Asked Questions (FAQs) released by the Ministry of Finance regarding the Tax Collection at Source on Liberalised Remittance Scheme (LRS) consequent to the...

Finance Ministry releases FAQ - TCS - LRS - Finance Ministry - releases - FAQ - TCS on LRS - taxscan

Finance Ministry releases FAQ clarifying TCS on LRS - PART 1

The amendment of Foreign Exchange Management (Current Account Transactions) Rules, 2000 on 16th May 2023 omitting Rule 7 led to several queries. The Ministry of Finance has released the Frequently...

Finance Ministry - Releases - FAQ - Clarify - TCS - LRS - Taxscan

20% TCS on International Credit Card Transactions: All You Need to Know

In India, the months of April and May are considered vacation months, and super-rich parents or couples seek to take themselves or their children on an international journey. The travel dates as well...

TCS - International Credit Card Transactions -TCS on International Credit Card Transactions - taxscan

TCS Rates under Income Tax Act for AY 2024-25 or FY 2023-24

The Tax Collection at Source or TCS is an extra amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the...

TDS and TCS Provisions and Filing

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Lack of Identical Income Tax Rule not ground for Denial of Legitimate TCS Claim: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the lack of identical income tax rule is not a valid ground for denial of legitimate Tax collection at source (TCS)...

Rule 37BA under IT Rules applicable both TDS and TCS claim: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) ruled that the Rule 37BA of Income Tax Rules is applicable to claim of both Tax Deduction Source ( TDS ) and Tax Collected Source (TCS ). The bench...

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