MSMEs

New MSME Support Fund Launched in Union Budget 2024-25 to Address 45-Day Payment Rule Challenges

August 3, 2024Posted inIncome Tax Act 1961, Income Tax Department, Indian Budget, MSME, Tax Deducted at Source, The Finance Act 2023, Union Budget 2024-251 Comment
In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman has addressed the contentious 45-day payment rule that affects micro, small, and medium enterprises (MSMEs). This rule mandates that traders must…
How to Check TCS on Forex transactions and foreign travel?

How to Check TCS on Forex Transactions and Foreign Travel

October 10, 2023Posted inAIS, Annual Information Statement, Annual Information Statement (AIS), Foreign Travel, Forex Transactions, Form 26AS, Form 27D, Income Tax Act 1961, Tax Collected at Source, Tax Deducted at Source, Tax Information Statement, TCS CertificateNo Comments
Starting from October 1, 2023, a Tax Collected at Source (TCS) rate of 20% will be imposed on all foreign payments, except those related to medical and educational expenses. This…