HOW TO AVOID TCS
Sent more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024
Income tax notice: You may get a income tax notice by December 31, 2024 if the tax department found you have income which escaped assessment. This is because tax officials are analysing Form 15CC data to find out who has sent more than Rs 6 lakh abroad and there is a mismatch between the amount sent abroad and the amount declared as income in ITR.
No freedom from the core price problem keeps celebrations muted
Inflation in India: India, despite being the fastest-growing major economy, continues to grapple with inflation, impacting commoners and stakeholders alike. The recent drop in headline inflation below the central bank's target was due to a base effect. However, core inflation persists, challenging both the Reserve Bank of India and the government to manage price pressures effectively.
New tax rules in Budget 2024: Hike in standard deduction, capital gains tax, other changes — who gains, who loses?
From hiking the standard deduction limit in the new tax regime to tweaking tax slabs to simplifying capital gains tax — Budget 2024 has changed a host of tax rules that will impact your investments. Investors are now grappling with the implications of these new rules. More tax burden or much-needed relief? Find out what investors feel about the changes proposed in Budget 2024.
PAN–Aadhaar linking update: No higher TDS,TCS applicable for these deductees as per latest CBDT rules
PAN–Aadhaar linking update: The TDS is withheld at an increased rate if the payee's PAN is not linked to Aadhaar. The Central Board of Direct Taxes (CBDT) has released a circular stating that the elevated TDS/TCS rate will not be applicable if the payee or collector has passed away before linking PAN and Aadhaar.
Amazon’s q-comm move; green shoots for IT sector
Happy Monday! Amazon wants to catch up in the quick commerce race. We have a Monday AM scoop on the latest from the US ecommerce major in today's ETtech Morning Dispatch.
2 top stock recommendations from Aditya Arora
Mahanagar Gas did give good rally in last two days. But if we look on the very short-term timeframe, then 1700 is the resistance mark for the stock. 1680 to 1700 is the supply zone. Until that is not taken out, excess supply is not absorbed, stock would face hurdle and hiccups in giving a one-way rally.
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2 top stock recommendations from CA Rudramurthy BV
So, you have to be in the right sector and yes, there are lot of good stocks in these sectors which I can give as input and I am very clear this market is a buy on every dip, no shorting whatsoever but however I will also tell you managing leverage, managing your quantity and being in the right stock and sectors is very-very important because the trigger should not wash you out of the market. Being in the game is very important to win the game.
Aadhaar-PAN linking update: Pay penalty for not deducting higher TDS amount if PAN and Aadhaar not linked by this date
The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductee’s (whose tax has been deducted) PAN has not been linked with Aadhaar. A PAN that is not linked Aadhaar becomes an inoperative PAN.
ESG mutual funds: Why these MFs may not be the right choice for investors
Having failed to beat even simpler fund categories, ESG funds may not be the right choice for investors.
How to trade Maruti, RIL and 4 other stocks ahead of Q4 earnings
India VIX surged 17%, prompting trading strategies for Maruti, RIL, Tata Consumer Products, Axis Bank, Bajaj Finance, and HUL. Technical analysis indicated positive market movements with RSI and stochastic indicators. Watch for Iran-Israel developments and India VIX levels at 15.
Avoid IT stocks; look for beaten down turnaround candidates in this volatile earning season: Sandip Sabharwal
Sabharwal advises caution in volatile markets, suggesting opportunities in capex stocks like NCC and Ahluwalia Contracts. He highlights the importance of minimal debt and strategic stock selection for long-term investment success. In IT, downside is limited, but valuations are not cheap and that is why the upside also is restricted. So, it is a no-go sector in Sabharwal's view.
Tech-betting mutual fund investors lose over 4% in March. Will April be different?
Technology funds, including Aditya Birla Sun Life Digital India Fund, saw a decline of around 3.96%. Will April bring a change in fortunes for these investors?
Byju’s rights issue offer to estranged investors; TCS kicks off fresh hiring
Byju’s held an extraordinary general meeting (EGM) this morning to increase its authorised share capital. None of the participating investors objected to the proposal.
Did promoter stake sales suck out Rs 40,000 cr from the market? Pankaj Pandey answers
Pankaj Pandey analyzes the market's liquidity dynamics, stake sales' impacts on companies like Tata Chemicals, and the valuation uncertainties in tech stocks. He also discusses the potential of Blinkit, preferring stable businesses over evolving models like new tech companies. Pandey also says that they have lowered HDFC Bank target price to Rs 1,800.
Tata Sons to sell TCS shares worth Rs 9,000 crore. Is it to dodge the mega IPO?
In what could be part of a fundraising exercise to avoid the mega IPO of Tata Sons, the holding company of the Tata Group has offered to sell 2.34 crore shares of TCS in block deals. The total transaction could be worth about Rs 9,300 crore. The floor price of the block deal represents a discount of 3.6% from Monday's closing price.
Avoiding all longs in positional trades: Meghana Malkan
Meghana Malkan advises caution in the market and suggests focusing on the IT sector, particularly TCS. Support levels for smallcaps and midcaps are uncertain, while multiple divergences indicate potential upside.
Will Budget 2024 reduce 20% TCS for taxpayers, levy TCS on credit card forex payments?
Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is exceptionally high and almost punitive to the citizens who need to make foreign payments, say experts. Earlier, TCS used to be applicable at 5% when you cross the threshold of Rs 7 lakh for certain transactions.
Debit card or credit card: Which one should you use on international trip to save on forex, ATM charges, TCS?
Debit card vs credit card: The first thing to keep in mind is that using a debit card means spending the money in your account. Credit cards, on the other hand, are handy if you face a shortage of funds while travelling abroad. Is it better to use a debit card to avoid overspending or swipe a credit card to stay away from TCS? What are the charges you need to keep in mind while using a debit or credit card abroad? Read on to find out before boarding that flight.
TCS may grow in single digits this fiscal year: CEO K Krithivasan
The 59-year-old executive, who assumed office in June, said the investigation into the preferential treatment to recruitment firms by the TCS RMG has been concluded with a list of 19 employees against whom action has been taken for violation of the code of conduct.
New 20% TCS rule from October 1, 2023: 4 tips to bring down TCS to zero during your next international trip
20% TCS on overseas tour package: When you book, offline or online, overseas tour packages, offline or online, of more than Rs 7 lakh in a financial year, you have to pay TCS at 20% from October 1, 2023. Is there any way to reduce this additional upfront cost? Here are a few tips which will help you lower your TCS burden while travelling abroad. Read on to find out.
Higher TCS applies to overseas expenditure starting October 1: How will it affect your study abroad budget?
Parents sending money for other living expenses will face the 20% TCS unless they can prove it is for educational purposes. To mitigate the impact, parents can use international cards, maintain transaction records, use the correct LRS code, and be prepared for income tax returns.
New 20% TCS from October 1, 2023: Be ready for a cash crunch if you invest in international stocks, cryptocurrency; how to reduce TCS impact
TCS on foreign remittances from October 1, 2023: The Budget 2023 hiked TCS on foreign remittances of more than Rs 7 lakh through the LRS to 20% for investments in overseas assets, real estate, bonds, foreign company stocks, etc. The higher rate comes into effect on October 1, 2023. If you directly invest in international stocks, you should know how the new TCS rule is going to impact your investment from tomorrow.
How to cut your TCS hit if you invest in foreign assets
Starting from October 1, 2023, Indian residents investing in foreign assets will be subject to a Tax Collected at Source (TCS) of 20% on foreign remittances exceeding Rs 7 lakh. This change in tax regulations will impact those investing in international stocks or planning to acquire real estate abroad.
20% TCS from October 1, 2023: How a forex card could save you more than a credit card during international trips
TCS on forex payments: From October 1, 2023, forex cards will attract at 20% if the user loads over Rs 7 lakh on the card in a financial year. There is no TCS on international credit cards. Does it mean that credit cards will be a better option than forex cards while travelling abroad? Read carefully to find out
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.
Double-digit return likely from Indian Hotels for next 2-3 years; avoid IT, OMCs: Sandip Sabharwal
“IT is so over owned and the psychology of investors also is that they want to buy IT stocks at all times. I am not buying IT companies. There is a risk that there could be some turnaround and the stocks could start suddenly performing very fast but we live with that risk when we do active investing.”
3 ways to avoid the 20% TCS on overseas tour packages effective July 1, 2023
Starting from July 1, 2023, a tax collected at sources (TCS) of 20 per cent will apply to overseas tour packages. If you are planning to take an international trip soon, you must understand this new rule and how you can use it in the most efficient way to save your hard-earned money. Here are the 3 ways to avoid 20% TCS during your next international trip
Link PAN-Aadhaar by this date to avoid restrictions to NPS account
If a person's PAN and Aadhaar have not been linked by the deadline, then transactions in that person's NPS account would be prohibited, according to the pension regulator Pension Fund Regulatory and Development Authority
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