Income Tax News

TCS Exempted for Small Debit and Credit Card Transactions Abroad up to Rs 7 Lakh

20 May 2023 at 07:04

Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS

Posted in Income Tax | 11235 Views

FAQs w.r.t. TCS on foreign remittance through Liberalised Remittance Scheme

19 May 2023 at 08:40

The e-Gazette notification dated May 16, 2023 omits Rule 7 of the FEM(CAT) Rules, 2000. Here are the Frequently Asked Questions ("FAQs") w.r.t. Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme.

Posted in Income Tax | 16533 Views

RBI includes International Credit Card usage in LRS, mandates 20% TCS w.e.f 1st July 2023

19 May 2023 at 08:38

Spending in foreign exchange through international credit cards will be covered under the RBI's LRS, under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the Reserve Bank

Posted in Income Tax | 13098 Views

IT department launches raids on edible oil business group in West Bengal and Assam

17 May 2023 at 08:47

Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal.

Posted in Income Tax | 5943 Views

IT department considers imposing tax on Netflix's India Operations

13 May 2023 at 08:50

India is taking steps to impose tax on income generated by Netflix Inc's from streaming services in the country.

Posted in Income Tax | 6789 Views

IT dept launches Excel-based utility of ITR-2 for AY 2023-24

13 May 2023 at 08:48

Excel Utility of ITR-2 for AY 2023-24 is available for filing

Posted in Income Tax | 4317 Views

Formation agents of companies, LLPs to be covered under PMLA

10 May 2023 at 08:47

The government on Tuesday amended the anti-money laundering law to bring individuals acting as formation agents of companies and others under its ambit.

Posted in Income Tax | 7056 Views

Income Tax Department conducts raids on builders in Pune

05 May 2023 at 08:36

The Income Tax Department has initiated raids in Pune's Aundh area this morning, targeting builders suspected of malpractices. Sindh Society in Aundh, along with three other locations, has been raided by the department.

Posted in Income Tax | 6597 Views

IT department added new Functionality 'Download CSI File' for TAN based Payment

05 May 2023 at 08:35

A new feature has been added to the Income Tax Department portal - The ability to download CSI files for TAN-based payments.

Posted in Income Tax | 5127 Views

IT dept to soon notify modified valuation rules, investor classes for taxing foreign investments in unlisted companies

01 May 2023 at 08:41

The Income Tax Department will soon notify rules specifying the class of investors and norm of valuation for implementation of the Budget provision of taxing foreign investment in unlisted companies.

Posted in Income Tax | 4500 Views