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Tax collection at source News

Interim Budget 2024

28 Jan 2024

Decoding The Budget: Take A Look At 10 Key Budget Terms Crucial For Taxpayers

Let's break down some key terms to make sense of the upcoming budget and understand what lay taxpayers can expect.

02 Jun 2023

What The Hike In Tax Collection At Source Means for Students Studying Abroad

Budget 2023 hiked TCS rate for certain foreign remittances to 20%. For educational purposes, foreign remittances below Rs 7 lakh under the LRS will not be subject to TCS. The TCS rate of 20% applies to expenses covered by forex cards.

tax on cash payments

23 Mar 2017

Government removes 1% tax on cash payments of over Rs 2 lakh

The government has done away with the 1 percent tax on cash payments of over Rs 2 lakh for purchase of any goods or service after it banned cash dealings above that limit from April 1.

tax collection at source

22 Aug 2016

1% TCS on cash buy not to apply on embassies, UN bodies, Govt depts

Government department, embassies, consulates and UN bodies will be among those exempted from the levy of 1 percent tax collection at source (TCS) on cash purchases of above Rs 2 lakh, CBDT said Monday.

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