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

Section 276BB of the Act provides for prosecution in case of failure to pay the tax collected at source to the credit of Central Government. The provision of the said section states that if a person ...

Finance Minister Nirmala Sitharaman has given a big gift to the middle class people by making income up to Rs 12 lakh tax ...

The amendment in the Finance Bill 2025 provides some relief to taxpayers by offering them a second chance to comply with the ...

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

For remittances, the threshold for tax collection at source under the RBI's Liberalised Remittance Scheme (LRS) has been ...

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 ...

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

With an aim to reform the personal income tax regime with a special focus on middle-class citizens, the Union Finance ...

BENGALURU: In a significant step to simplify the tax regime and also to reduce the compliance burden, the government has ...

Section 276BB of the Income-tax Act, 1961 provides for prosecution in case of failure to pay the tax collected at source to the credit of Central Government. Ans. Section 276BB of the Income-tax Act, ...

The threshold to collect tax at source on remittances under RBI’s liberalised remittance scheme (LRS) is proposed to be ...