Download the app
App StorePlay Store
Beige
Login
← All tags

tds

Budget cuts TCS rates and simplifies TDS process to reduce upfront tax burden on taxpayers

Budget cuts TCS rates and simplifies TDS process to reduce upfront tax burden on taxpayers

The Union Budget makes tax collection simpler by revising Tax Collected at Source (TCS) rates and easing parts of the TDS framework. A key relief comes from a lower 2% TCS on education, medical, and tour packages below ₹10 lakh—expected to reduce upfront payments for overseas travelers, students, and people arranging medical treatment abroad.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Budget 2026 eases compliance burden for buyers of NRI property with PAN instead of TAN

Budget 2026 eases compliance burden for buyers of NRI property with PAN instead of TAN

Union Budget 2026-27 reduces paperwork for resident individuals and HUFs buying immovable property from NRIs. Starting October 1, buyers won’t need to obtain or use a TAN to deduct tax at source. Instead, TDS reporting will be done using the buyer’s PAN, streamlining the compliance process for such transactions.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

Your news, in seconds

App StorePlay Store
Union Budget 2026 slashes TCS on foreign education and medical remittances to just 2 percent

Union Budget 2026 slashes TCS on foreign education and medical remittances to just 2 percent

Union Budget 2026 brings relief for Indians sending money abroad under the Liberalised Remittance Scheme. TCS for overseas education and medical expenses falls to 2 percent from 5 percent, easing the upfront tax burden. The budget also streamlines TDS for businesses providing manpower services, fixing taxes at 1 percent or 2 percent under contractor provisions.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Seller lost Rs 21 lakh TDS over buyer mistake ITAT Delhi allowed Form 71 credit relief

Seller lost Rs 21 lakh TDS over buyer mistake ITAT Delhi allowed Form 71 credit relief

An ITAT Delhi order gave relief to a property seller who lost Rs 21 lakh TDS because the buyer deposited it in the wrong tax year. The Income Tax Department denied the credit, but the tribunal held that capital gains are taxed in the year of transfer and allowed the seller to claim credit using Form 71.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Six TDS TCS changes for 2026 27 from NRI property to education remittances

Six TDS TCS changes for 2026 27 from NRI property to education remittances

Tax rules for 2026–27 kick in from April 1, 2026, bringing six key shifts across TDS and TCS. Coverage expands for NRI property TDS and TCS on overseas education remittances, while interest on motor vehicle compensation becomes tax-exempt. The process for lower TDS certificates also gets easier for small taxpayers, and TDS on manpower supply is clarified.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
New TDS Form 141 merges four filings into one challan statement for clarity

New TDS Form 141 merges four filings into one challan statement for clarity

The Income Tax Department has launched Form 141, a consolidated challan-cum-statement that merges four earlier TDS forms. The change is designed to simplify reporting for common transactions such as rent, property purchases, professional payments and TDS linked to virtual digital assets. Officials say it will improve clarity and cut duplicated entries for taxpayers.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

Never miss a story

App StorePlay Store
Page 1

The full experience is on mobile.

Swipe through stories, personalise your feed, and save articles for later — all on the app.

Download on the App StoreGet it on Google Play