FM proposes to hike the TCS limit to Rs 10 lakh from Rs 7 lakh currently. The TCS is applicable to the outward foreign ...

Union Budget 2025 revises TCS rates on foreign remittances, reducing the tax burden on students funding overseas education ...

Answer: Section 276BB of the Income-tax Act, 1961 has been amended to provide that prosecution shall not be instituted if the person has paid TCS to the credit of the Central Government at any time on ...

The existing TCS was applied specifically to remittances exceeding Rs 7 Lakh under the LRS. Besides this, the government has ...

FM says tax deduction limit on interest for senior citizens doubled from Rs 50,000 to Rs 1 lakh. Annual Rs 2.40 lakh limit ...

Sitharaman announced the removal of TCS on remittances for education when the money comes from a loan taken from a specified financial institution ...

Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD ...

Union Finance Minister Nirmala Sitharaman proposed to raise the threshold of tax deducted at source (TDS) and tax collected at source (TCS) ...

Finance Minister Nirmala Sitharaman in the Union Budget speech rationalised tax deduction at source (TDS) by reducing the ...

This revision is expected to bring relief to those making smaller foreign transactions, particularly for education, travel, medical expenses, and investments. However, for remittances exceeding ₹10 ...

The threshold to collect tax at source on remittances under RBI’s liberalised remittance scheme (LRS) is proposed to be increased from ₹7 lakh to ₹10 lakh.

In the Budget 2025, to simplify the tax system, Finance Minister Nirmala Sitharaman has proposed several reforms to the Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) systems. The ...