What are the new TCS rates for foreign remittances applicable from October 1 2023

Here is the rate you will be charged for foreign remittances under LRS below and above Rs.7 lakh.

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Sending money abroad for education? Watch out for these errors to avoid 20% TCS

The higher rate of TCS will not apply to education expenses incurred abroad. But parents must be careful about the fine details of TCS while remitting money for overseas education. In case of any carelessness, they would end up paying a hefty amount of TCS on their spending. Here the things to keep in mind while sending money abroad for education.

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What is a Nil ITR? Check out who is eligible for it and the benefits of filing a Nil ITR

If your income is below the basic exemption, then you need not file an income tax return. Despite this if you voluntarily file your ITR, it will be called nil ITR and it has many benefits. Read here to read about those benefits.

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TDS on interest income from bonds hurts honest taxpayers more than tax evaders

The Budget 2023 has made amendments in the Income Tax Act, 1961 to reduce the instances of underreporting of incomes especially on bonds. This is done by introducing TDS on interest incomes from bonds. However, the well-intended move may reduce their interest income (due to TDS) and also increase the compliance burden on the bond investors.

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ITR filing: Not linking PAN with Aadhaar can cost you Rs 6000

Now that the deadline for PAN Aadhaar linking is over, your PAN card will be tagged as in-operative. So to make it operative again it takes a maximum of 30 days, during which time you may miss out the deadline for filing of your income tax return. Read on to find out what happens now.

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ITR filing: How to calculate net annual value from house property deductions allowed from rental income

If you are a landlord who derives rental income through letting out of his/her house property, then you must know how to calculate net annual value (NAV). Read here to find out how is NAV calculated and which deduction can you claim if you have put your house on rent.

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Tax implications of gifting bank account demat account and PPF to 18-year-old son

Readers taxation-related queries answered by experts.

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How to report income from cryptocurrencies NFTs Virtual Digital Assets (VDA) in ITR form

Virtual Digital Assets (VDA) like Bitcoin (BTC), or other cyptocurrencies, non-fungible tokens (NFT), metaverse tokens, other similar assets are taxed at a flat 30% tax rate. Read here to find out how to calculate and pay income tax on income from VDAs.

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How to calculate deemed rental income from vacant house properties

If someone has more than two house properties and the additional properties are vacant, then the provisions of deemed rental will apply on those additional vacant properties. Read on to find out how this deemed rent is calculated and what are the things you should know.

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How to file ITR-2 online with salary capital gains and other incomes for FY 2022-23

Read below to find out how income tax return form ITR-2 can be filed online for people with salary, capital gains and other income for FY 2022-23 (AY 2023-24). This form ITR-2 can also be filed using the income tax department's Excel or Java utilities. The e-filing website also allows individual to file ITR-2 completely online

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Post merger how HDFC customers can get TDS certificate for ITR filing

Housing Development Finance Corporation (HDFC), a mortgage lender, and HDFC Bank, a private sector bank, became a merged entity as of July 1. Here are important FAQs on TDS, PAN Card on Form 15G after the merger, according to the HDFC Bank website.

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Missed PAN-Aadhaar linking deadline? Now pay higher TDS on dividend income

PAN and Aadhaar linkage had to be completed by June 30, 2023. If PAN is not connected with Aadhaar, PAN will become inoperative as of July 1, 2023.

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Use NPS salary perks to reduce tax outgo to zero; here's how

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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