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The rate of exchange for the purpose of deducting tax at source (TDS) on the income liable to get paid in the foreign currency, the Central Board of Direct Taxes (CBDT) notified. The board has inserted Rule 26 in the Income-tax Rules, 1962, through notifying the Income-tax (Seventeenth Amendment) Rules, 2023. Under the revised rule […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
The income tax department has provided relief upon some non-residents and foreign investors from filing ITR from FY 2020-21, an initiative that has a motive to simplify the compliance load. Via notification department of Central Board of Direct Taxes (CBDT) specified that non-residents (corporates or others poses no income excluding the income through the investment […]
In a recent ruling passed by The Income Tax Appellate Tribunal (ITAT), Mumbai bench it was held that income tax cannot be levied on forex gains that arise against repayment of an interest-free loan by relatives. While carrying the scrutiny of the income tax return that had been filed by the assessee, the Assessing Officer […]
The government has developed a specific unit for doing the investigation throughout the country concerning the undisclosed assets kept by Indians overseas and hold of black money abroad. In recent times the Foreign Asset Investigation Units (FAIUs) had made 14 directorates of the tax department for the examination which is situated in numerous parts of […]
Service exporters serving foreign companies are seeking exemption from 18 per cent Goods and Service Tax (GST) on the supply of service. These agents are quoting clarifications from the government authorized Tax Research Unit (TRU’s) as the base of appeal. The service providers (specially marking the agents in the technical handle) reached out to Gujarat […]
The Finance Ministry has still not made a decision in the 29th GST council meeting on the rules and conditions to give a refund of GST on goods purchased by foreigners to take them out of India.
To promote the prominent employment and foreign exchange generating sectors, the tourism ministry of India has introduced a concession in the GST rates and the proposal of ‘infrastructure status’ for five-star hotels.
The past six years have seen more than 1,000 notifications, circulars, and instructions for assesses and adjudicating authorities, therefore opening up the GST law to interpretation by assesses and authorities identical. The same interpretation has furnished an increase to the rising case laws across different judiciaries and writ petitions being filed to various High Courts […]
