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TCS on Overseas Remittance & Sale of Overseas Tour Package
Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit. Section 206C of the Income Tax Act provides for the collection of tax at source (TCS) on business of trading…
Changes in Residential Rules
Meaning of Residential Status: The taxability of an individual in India depends upon his residential status in India for any particular financial year. The term residential status has been coined under the income tax laws of India and must not be confused with an individual’s citizenship in India. An individual may be a citizen of India…
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Domestic and International Taxation 