Budget 2025: Now the Income Tax Department will not prosecute taxpayers who failed to deposit the collected TCS if the taxpayers pays the T...

Earlier this week, the ministry said that there will be TCS on foreign remittances of up to Rs 7 lakh per financial year. Further, it also ...

While Wednesday's decision has provided relief and clarity to several taxpayers, banks and travel agents, there are several aspects on whic...

Banks and the Reserve Bank had flagged the difficulty in executing the TCS regime on credit cards to the government. The finance ministry o...

From July 1, overseas expenses on credit cards exceeding Rs 7 lakh will be subject to a 20 per cent TCS. However, if such expenses is incur...

Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per...

On May 16, 2023, the Ministry of Finance issued a notification mentioning to omit rule 7 of the Foreign Exchange Management (Current Accoun...

The ministry said since credit card spending overseas has now been brought under LRS, such remittances would be liable to tax collected at ...

The Finance Ministry has clarified that foreign currency payments such as digital subscriptions to publications or goods bought on foreign ...

TCS will not lay off its employees, but will also look to recruit impacted workers, according to Chief Human Resources Officer of TCS Milin...

"Alternatively, in such cases where taxpayer has already filled in additional details over and above the pre-filled details, such payment d...

The 'Vivad se Vishwas' Scheme aims at dispute resolution in respect of pending income tax litigation in order to reduce pending litigation,...

As per GST provisions, beginning October 1, 2018, e-commerce companies deduct 1 per cent TCS before making payments to their suppliers.

If unable to deposit the tax collected last month by November 10, etailers will be liable to punishment.

E-commerce companies will from October 1 have to deduct 1 per cent tax collected at source (TCS) before making payments to their suppliers.

Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to collect 1 per cent of the net value of taxable suppli...

CBDT, in a set of Frequently Asked Questions (FAQ), said that the 1 per cent TCS will apply only to retail sales and has to be collected by...