Tax

How Parents Can Reduce TCS on Foreign Remittance on Education

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We all know, that starting October 1, 2023, the new TCS (Tax Collected at Source) has increased for remitting money abroad from India under the Liberalized Remittance Scheme (LRS). These will increase the burden of TCS on Foreign Remittance on Education. Is there a way out to minimize this tax burden by proper planning orRead More

How Travellers Can Reduce TCS on Foreign Remittance on Tour Package

by Madhupam Krishna

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This is part 2 of the series – How increased TCS Rates Impact can be reduced on Remittance under LRS? We already discussed how parents of kids studying abroad can reduce the burden of increased TCS (Tax Collected at Source) through proper planning of remittance. Here we will discuss how travelers can reduce the TCSRead More

New TCS Rates on Remittance Post Oct 01, 2023

by Madhupam Krishna

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New TCS Rates for Remittance will apply from Oct 01, 2023. Outward Remittances of beyond INR 7 Lakh, will attract a TDS of 20%. The previous TDS Rate was 5%. (Except payments made for Education or medical purposes). So let’s check the details of this new rule of 20% New TCS Rates on Remittance internationally.Read More

Understanding Standard Deduction in Income Tax

by Madhupam Krishna

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Anything which saves Tax is welcome… isn’t it? Standard Deduction is one such deduction and we never think of it. Do you know before 2018, it went missing for few years and again came back in 2018? Why is standard deduction given then? What is the current standard deduction limit and who can avail standardRead More

Tax Saving Strategies for NRIs

by Madhupam Krishna

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Tax is an obligation – to pay on time and pay right! Matters also get complex if you are an NRI and not in touch with India. But no problems… you must have checked our previous article on Tax Planning by NRIs. We maintain and keep this updated with the new changes. Today we willRead More

Online Money Games

by Madhupam Krishna

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Making money easily is a dream for everyone. Everyone wants to enjoy a bit and make money to upgrade their Living standards. Online Money Games or games played on apps where luck is involved are recent means to earn illicit money. But these may turn out to be illegal activities like gambling, betting, wagering etc.Read More