Wednesday, August 05
The budget has made an effort to simplify tax collection by proposing threshold and rate changes in tax collected at source (TCS), offering significant relief to overseas travellers, parents with children pursuing foreign education and those going for medical treatment.TCS on education and medical remittances has been lowered to 2% from 5%. Foreign tour packages will also attract a 2% rate instead of 5% (less than ₹10 lakh) and 20% (beyond ₹10 lakh).According to Adhil Shetty, CEO of BankBazaar, this will "ease upfront cash-flow pressure and improve affordability". While the ₹10 lakh threshold continues for education and medical remittances, it has been removed for overseas tour packages. For example, a family spending ₹15 lakh on a foreign holiday would earlier pay ₹3 lakh (20%)
Temasek Holdings Pte. and Life Insurance Corporation of India Ltd. are likely to be key sellers in the potential $2.5 billion (Rs 22,900 crore) initial public offering of India’s top bourse, the National Stock Exchange of India Ltd., according to a person familiar with the matter.State Bank of India Ltd. and SBI Capital Markets Ltd. are also likely to participate as sellers in the long-awaited IPO, which is expected to consist solely of existing shareholders offering between 4% and 4.5% of the company’s equity, according to the person, who asked not to be identified because the information is private.All 190,000 shareholders of the exchange will be given the option to participate in the secondary sale as part of the IPO, the person said.LIC holds a 10.72% stake in NSE and Temasek has a
