Foreign Remittance News Today

Financial Literacy News: Tax Deducted at Source (TDS) plays an important role in the Indian tax system, ensuring that taxes are collected at the source of income itself. It's important to not only deduct TDS at the specified rate but also to ensure the accurate deduction based on one's PAN-Aadhaar linking status. Failing to do so can lead to higher TDS rates if the PAN is inoperative or inactive due to non-linkage with Aadhaar.

Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductees PAN. ​If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else.

The remittance of expatriates in Saudi Arabia fell 10.41 percent to SR9.33 billion during the last month of February from SR10.41 billion in the previous month

Minister of State (finance) Pankaj Chaudhry presented data in Rajya Sabha that showed that the number of individuals who submitted an e-return with income of more than ₹1 crore surged to over 2.16 lakh during AY24, showing a growth of 97 per cent.

Pago Pago, AMERICAN SAMOA — The 2024 State of the Territory Comprehensive Report (TCR) offers insights into the big picture of the local economy in terms of its future.

20% TCS on Foreign Remittance: Here's all you need to know about these changes, which are going to be effective from October 1, 2023

TCS will be 5% for amounts exceeding Rs 7 lakh for education and medical treatment abroad.

The Federal Budget 2023-24 with a total outlay of Rs 14,460 billion has been announced with focus on economic stability, sustainable and inclusive growth as well as curbing inflationary pressures.

The Financial Supervisory Service (FSS), the state-run financial watchdog agency, and local banks have decided to prevent abnormal foreign remittances by strengthening internal control and procedural codes to heighten the monitoring of such transactions.

The Union budget 2023 has increased the TCS rate on foreign remittances made under LRS from the existing 5% to 20%, w.e.f. 1 July.