Nternational Spends News Today

Individual tax payers had many expectations from the budget, such as relief in increase in standard deduction, incentives in purchasing electric vehicles, enhanced deductions for health insurance premium, HRA higher deduction for other tier 1 cities, increase in deduction for NPS employer contribution, etc. Some announcements on such deductions/ exemptions and improvements in administrative processes would have offered respite to taxpayers.

The onus of adhering to the international spending limit of Rs 7 lakh per annum per person, post which 20 percent TCS will kick in, rests with the customer purchasing the foreign exchange, say forex dealers