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Foreign Remittances To Attract 5% TCS From October 1

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As the major tax provision kicks off from next month, one needs to keep a tap on their foreign remittances if any as they will now attract TCS at the rate of 5% subject to riders beginning October 2020.

 

This is for money sent abroad as part of LRS(liberalized remittance scheme).

Foreign Remittances To Attract 5% TCS From October 1

Conditions when TCS on foreign remittance shall not apply
1. If the remitted amount is less than Rs. 7 lakh
2. Not apply for tour package
3. If the purpose is not for buying a tour package then for any amount above this threshold, TCS shall apply.
4. For students, TCS @ 0.5% shall be charged for remittance made over Rs. 7 lakhs.
5. Also, in case the person is subject to TDS under the income tax Act then the provision of TCS shall not apply.

GoodReturns.in

Read more about: foreign remittance tcs
Story first published: Wednesday, September 9, 2020, 15:17 [IST]
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