Tax , Tax scanner

The higher rate of 20 per cent TCS to be levied on spending above Rs 7 lakh on foreign tour packages and liberalised remittance scheme (LRS) will kick in from October 1.
Currently, funds transferred overseas under the Reserve Bank's LRS attract 5 per cent Tax Collection at Source (TCS) on amounts exceeding Rs 7 lakh.
The TCS rate will go up to 20 per cent from October 1.
Currently, LRS transfers up to Rs 7 lakh in a fiscal do not attract any TCS. The same provision will continue from October 1.
At present, purchase of overseas tour packages currently attracts 5 per cent TCS.
From October 1, such spending up to Rs 7 lakh will attract 5 per cent TCS. Above the threshold, TCS rate will be higher at 20 per cent.
An assessee can take credit of the TCS amount paid at the time of filing income tax returns for the relevant assessment year.
TCS of 5 per cent will continue to be levied on annual expenses exceeding Rs 7 lakh towards medical treatment and education each.
For those availing

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Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high

rupee

North America had a high share of remittances before the global financial crisis

remittance

India's remittances from the Gulf saw a steep decline during the pandemic. But it was offset by a jump in remittances from the US. Let's understand the changing dynamics of inward remittances

Remittance, workers abroad, indians in middle east, west asia

Overall, remittances to the Asia-Pacific region will drop 12% in the second half of 2020 compared with the same period last year, Fitch Ratings said this month

Workers

The northern state houses 21 of the top-50 districts from where most low-skilled Indians go overseas for employment, followed by Bihar with seven; Kerala has only one

worker, labour, migrants, construction, building, india inc, manufacturing, production

India tops the list of nations that remit earnings - nearly $83 billion remitted in 2019 - according to the World Bank

High crude oil prices to fuel India's remittances purse, to rise 4-5%

The oil prices have been ruling firm following output cuts by oil cartel OPEC and other geopolitical factors, including looming US sanctions against Iran coupled with strong market demand

Remittances to India

Remittances to India picked up sharply by 9.9 per cent, reversing the previous year's dip, but were still short of USD 70.4 billion received in 2014

Dollar, US, $

Gulf countries are the primary destination for Indian workers going abroad, the UN report said

Half of India's population between the age of 30-55 years believes 59 years should be the age of retirement and thirty-two years is when one should ideally start retirement planning,

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The Apple iPhone 15 Pro Max stands out within the iPhone 15 series and offers substantial improvements over the previous generation model, the iPhone 14 Pro Max

Apple iPhone 15 Pro Max - Natural Titanium

India has been expanding its electronics manufacturing sector as companies diversify production beyond China amid growing Washington-Beijing tensions

Chromebook, Google laptop

Stock market holiday: After Mahatma Gandhi Jayanti on October 2, the market will be closed on October 24, Tuesday, for Dussehra

Stock market, NSE

Catch all the latest news updates LIVE from across the globe here

Aam Aadmi Party national convenor, AAP national convenor, Delhi CM Arvind Kejriwal

The century-old Roshanara Club in Delhi - the cradle of Indian cricket - was on Friday sealed by the Delhi Development Authority, which also took possession of the historic club, officials said.
The action was taken in the early hours and comes nearly six months after an "eviction notice" was served on the club by the DDA as its lease had expired earlier, a senior official said.
The historic club was established on August 15, 1922 and had turned 100 last year.
Endowed with natural beauty, green pastures and colonial-era charm, Roshanara Club, located in north Delhi, has emerged as one of the most prestigious clubs in the country.
"Following court orders, that inter alia upheld its eviction order dated, 12.04.2023, the Delhi Development Authority today evicted and took possession of the premises of Roshanara Club Ltd, the leases for which had expired 11 years back in 2012 and six years back in 2017," the DDA said in a statement.
This action was taken under provisions of section 5 (

Roshanara Club

The Indian Railways on Friday said more than 2.14 lakh people participated in 1,934 activities with man hours of 6,62,990 in the first 14 days of the "Swachhata Hi Sewa" (SHS) cleanliness drive.
The fortnight-long campaign was launched on September 15 by the chairperson and CEO of the Railway Board, who administered a cleanliness pledge to all the railway employees at the Rail Bhawan here.
The participants in the campaign are railway employees, passengers and other stakeholders. The campaign aims at fostering a much greener and more eco-friendly railway system.
"Indian Railways, with its extensive nationwide network, plays a vital role in the Swachh Bharat Abhiyan," the railway ministry said in a statement.
This year, the railway ministry has become a part of the joint SHS campaign launched by the Ministry of Housing and Urban Affairs and Ministry of Jal Shakti.
"Activities of SHS are integrated with day-to-day activities of Swachhata Pakhwada. The theme for Swachhata Hi Sewa camp

Swachh Bharat to external debt: Here're key points to know about Eco Survey

House Speaker Kevin McCarthy's last-ditch plan to keep the federal government temporarily open collapsed on Friday as hard-right holdouts rejected the package, making a shutdown almost certain.
McCarthy's right-flank Republicans refused to support the bill despite its steep spending cuts of nearly 30 per cent to many agencies and severe border security provisions, calling it insufficient.
The White House and Democrats rejected the Republican approach as too extreme.
The bill's failure a day before Saturday's deadline to fund the government leaves few options left to prevent a shutdown that will furlough federal workers, keep the military working without pay and disrupt programmes and services for millions of Americans.
The outcome puts McCarthy's speakership in serious jeopardy with almost no political leverage to lead the House at a critical moment that has pushed the government into crisis.
Ahead of voting, the Republican speaker all but dared his hold-out colleagues to oppose t

Kevin McCarthy

There could be a more than $100 billion global market for such medicines, with sales climbing quickly through the end of the decade

Airlines, airport, aviation, flights

Delhi Chief Minister Arvind Kejriwal on Friday directed the installation of RO-ATMs at locations, besides JJ clusters, where water supply is provided by tankers, to eliminate the tanker culture in the national capital.
He announced the decision in a meeting with Delhi Jal Board and Water Minister Saurabh Bhardwaj.
In the meeting, the CM assessed the state of water supply in Delhi, RO-ATMs, Yamuna cleanliness, and the cleaning of the trunk and peripheral sewer systems happening for the first time in Delhi, said a government statement.
Kejriwal requested a detailed plan from the DJB on the complete clean up of the Yamuna by June 2024.
So far, RO plants have been installed in Hari Nagar's Khajan Basti, Shakurbasti, Deshbandhu Apartments in Kalkaji, and Jharoda, with 30 more RO plants in the process of being installed. There is a plan to install approximately 500 RO plants in Delhi.
The results of these RO plants have been quite promising, and people have been provided with Water ATMs

Arvind Kejriwal

The pace of loan growth for the private lender was higher than the 15.1% y-o-y growth in advances of the banking system until 8 September 2023, according to RBI data

Federal Bank net profit up 18%

Delhi Chief Minister Arvind Kejriwal-led Aam Aadmi Party (AAP) on Monday released the second list of its candidates for the forthcoming assembly elections in Madhya Pradesh and Chhattisgarh.AAP issued a list of 29 candidates for Madhya Pradesh and 12 candidates for Chhattisgarh.In Chhattisgarh, the party has fielded Tarun Vaidh from the Raipur Gramin constituency, Raja Ram Shyam from Pratappur, and Dev Prasad Koshle from the Sarangarh constituency.Releasing the list of candidates for Madhya Pradesh, the AAP wrote on X, "Our second list of candidates for Madhya Pradesh Assembly Election 2023. Many congratulations to all our candidates, and best wishes for the campaign."The AAP has fielded Ramani Devi Jatav, a candidate belonging to the Scheduled Caste from Bhander, Rahul Kushwah from Bhind, Satinder Bhadoriya from Mehgaon, Mohammad Sood from Bhopal Uttar, Raisa Begam Malik from Narela, Chanda Kinnar from Malhara and Vijay Mohan Palha from Patan.Earlier on September 8, the party ...

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The pan-European STOXX 600 index reversed early gains to fall 1.0% on Monday, hitting its lowest intra-day low in since end of March

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The trains have seats for 50 passengers and the space for 300 to stand

Delhi metro, Metro, Yellow line metro

Pakistan Muslim League-Nawaz (PML-N) supremo and former prime minister Nawaz Sharif has reportedly booked flight tickets to return from the UK to the country on October 21, ending a four-year "self-imposed exile", a media report said Monday.
Nawaz, 73, recently said that he is excited to return to Pakistan on October 21 to lead his party in the election likely to be held in January 2024.
Citing a source, Samaa TV reported that Nawaz, who is currently in the UK, will land at the Abu Dhabi International Airport on October 21. He is scheduled to fly to Lahore from Abu Dhabi on the same day.
He has booked a business class ticket on flight EY243 of Etihad Airways in advance, sources said. They further said the Etihad Airways flight will land at the Allama Iqbal International Airport in Lahore at 6:25 p.m.
Those accompanying Nawaz will reportedly be his staff members, personal advisers, Dr. Adnan and Senator Irfan Siddiqui.
According to sources, several PML-N leaders and former lawmaker

remittance to India

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