TCS on foreign tours up
• TCS raised to 20% from 5% for overseas tour package
• Impact on expenditure above Rs. 7 lakh
• Interim budget aligns change with IT circular of June 30, 2023
• TCS levy is required on all remittances made and not just remittance made out of India, for example, grant of Rupee gifts or Loan to NRI/PIO relatives for use in India.
• Education & Medical are kept out of ambit.
Waiver of Arrear Tax Demand
The Budget has proposed to withdraw all direct tax demands up to Rs.25,000 till the year 2009-10 and up to Rs.10,000 for the years 2010-11 to 2014-15.
The move is expected to benefit an estimated 1 crore taxpayers, who are still disputing these tax demands. It will not only free them from the tussle with the taxman, but also pave the way for tax refunds that were held up due to pending tax demands.
Stamp Duty on Gift to Relatives
Stamp Duty on Gift Deed slashed to maximum Rs. 1000/- only irrespective of Area Valuation from 0.5% in West Bengal Budget, 2024 in case of Gifts within family.Best Regards
Team of D. Saha & Co.
Disclaimer :- (You are advised to consult your Legal Counsel before taking any decisions. This is issued only for the purpose of public awareness and information. The Contributor or any of his employees/associates will not take any responsibility for any actions of the reader based directly or indirectly on the basis of the above Article.)
Please share your valuable suggestions/opinions/feedback.
Our e-mail id : info@kolkatataxconsultants.in
Contact nos. : 8420159817 / 9674797985
