What foreign exchange transactions are illegal in India?

Reserve Bank of India prohibits use of foreign exchange for certain purposes by Indians despite the fact that huge foreign exchange accumulation in Indian coffers , the RBI  had announced a Liberalised Remittance Scheme (the Scheme) in February 2004 as a step towards further simplification and liberalization of the foreign exchange facilities available to resident individuals. However , following transactions …

Deduction of securties transaction tax (STT) from business or capital gainssimplified !

The Rule of STT deduction from business income and capital gains are not same. While computing gains from share transactions whether treated as capital gains or profit from business brings issue of deduction of  the expense of Securities transaction tax (STT) cost immediately in the mind of an assessee. Vivek Sharma , Ghaziabad asks ” I had a question about …

What to do if your bank account gets debited twice while making tax payments?

NSDL is handling e-payments of tax. It provides  following answer to such problem which may occur while making online tax payments. If during the transaction or after completing the transaction bank site encountered any error or get disconnected before generating Taxpayer counterfoil then instead of doing the same transaction again kindly check your Account, if account is being debited then …