India’s Union Budget 2023 has introduced significant changes to tax collection on foreign remittances. The Union Budget 2023 has brought forth notable revisions to the Tax Collection at Source (TCS) on Foreign Remittances under the Liberalised Remittance Scheme (LRS). From July 1, 2023, the TCS rate on various types of…
In the Budget for 20019, the Indian government has chosen to keep the existing income tax slabs unchanged. However, the government has introduced a tax rebate of Rs 12,500 to make the effective tax ZERO for those having taxable income up to Rs 5 lakh. In the tax slab of…
Income tax rates for individuals has been halved in the India’s Union Budget 2017. In his Budget speech, Finance Minister Arun Jaitley announced that income tax rate for individuals with taxable income between Rs. 2.5 lakh and Rs 5 lakh will be reduced to 5% instead of the existing 10%….
Did you make any mistake while filing your income tax return? Many Indian taxpayers file their income tax returns in the last minute, often resulting in an inadvertent error in their tax return. Sometimes, taxpayers might make a mistake in their tax return due to oversight or typographical errors. What…