Individuals miffed at tax collection at source (TCS) proposals have now been offered a small relief - provided they have salary income. At present, a salaried employee may declare income, such as bank interest and rent, to their employer, who factors this and, accordingly, deducts a higher tax against the monthly salary. The employee then does not have to worry about paying advance tax as adequate tax has already been withheld.
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10:10 PM
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India's foreign exchange reserves surged by $4 billion to reach $670.857 billion for the week ending on July 19, according to the Reserve Bank of India (RBI) on Friday. This rise follows an earlier jump of $9.699 billion, bringing the reserves to an all-time high of $666.854 billion for the week concluding on July 12.
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