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.
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