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SECTION 206C
Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITRIndian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back t...- Big relief in Budget 2026: TCS rates on these 6 things revised to 2%; full list insideThe government has unified Tax Collection at Source (TCS) rates to a uniform 2% for various transactions, including alcoholic liquor, scrap...
- Tax refund on buying a car? Here's how much, who is eligible and the step-by-step process to claim itMany car buyers in India are unaware they can claim a tax refund on Tax Collected at Source (TCS). Sellers deduct 1% TCS on vehicles over ₹...
- Many property sellers have to pay 3.5 times more TDS and TCS due to issues with Income Tax TDS, TCS rules; Five such I-T rules need overhaulIncome Tax on property: There is a problem with the Income Tax law due to which in immovable property sale cases, Taxpayers especially NRIs...
- New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT releases FAQTCS on luxury goods: The Income Tax Department releases some frequently asked questions (FAQs) on which are the list of specified goods on ...
- Paying rent above Rs 50,000? You can be classified as assessee in default by income tax dept if you fail to deduct TDSTDS on rent: According to a Income Tax Department brochure, Form 16C is a TDS certificate issued by a tenant to a landlord for rent payment...
- Now no more prosecution for delayed payment of TCS if its paid by this date: Budget 2025Budget 2025: Now the Income Tax Department will not prosecute taxpayers who failed to deposit the collected TCS if the taxpayers pays the T...
- TDS relief for salaried: From January 1, 2025 TDS statement will reflect the net TDS/TCS benefit on eligible incomeTDS on salary: Now salaried taxpayers will be able to see how much benefit of lower TDS they got in the TDS certificate statement from Q4 2...
- Budget 2023: Want to send money abroad? It will cost you more nowAs per the Budget proposal, banks remitting funds overseas will have to collect tax at source at 20% without the applicability of any thres...
- You may have to pay higher TDS if you missed ITR deadline last year; how banks can check if you are a 'specified person'If you failed to file an ITR for the fiscal year 2020-21 (assessment year 2021-22), increased TDS may be applied to certain profits you wil...
- Centre withdraws 5% TCS on tour package to NRIs visiting IndiaThe Central Board of Direct Taxes (CBDT) has relaxed the provision of Tax Collected at Source of 5% under section 206C(1G) of the Income Ta...
- TDS, TCS rates on interest, dividend, other non-salary payments effective April 1, 2021Effective from April 1, 2021, the TDS and TCS rates on these non-salary payments will be back to their original (higher) levels. Given belo...
- New TDS, TCS rates from May 14 on fixed deposits, dividends and other non-salaried paymentsThe government has lowered the TDS and TCS rates by 25% on non-salaried payments effective from May 14, 2020, till March 31, 2021. The deci...
- Income Tax Department issues guidelines for applicability of TCS provision with effect from Oct 1The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-co...
- Government orders inspection of books of Jet Airways: P P ChaudharyOn August 27, Jet Airways said it would monetise loyalty programme JetPrivilege and wet-lease some of its small aircraft to mobilise urgent...
- Government removes 1% tax collection at source on cash purchase above Rs 2 lakhArun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1% from the purchaser on sale in cash of...
- 206 delisted political parties not traceable: GovernmentIncome Tax Department has found that there are 32 political parties which are not active, Minister of State for Finance Santosh Kumar Gangw...
- 1% TCS on cash buy not to apply on embassies, UN bodies, GovtThe Central Board of Direct Taxes (CBDT) has notified the classes of buyers on whom the TCS provisions will not apply.
- ED probing Ringing Bells for alleged FEMA violation: Ravi Shankar PrasadIn a written reply to the Lok Sabha, he said a complaint has been received against the company by the Department of Revenue under Ministry ...
- When can the taxman send a demand notice?IT Department can send you notice seeking clarification on details provided, if they suspect discrepancy in proofs submitted for tax evasio...
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