TCS on Foreign Remittance can be Legally Avoided. Check our How?

Описание: TCS on Foreign Remittance can be Legally Avoided and you can check our how here in the video.

How sending money abroad gets affected by Tax Contributed at Source (TCS)? | LRS India tax rule demystified.

In this video we have covered that how Sending funds abroad will get affected by 20% Tax Contributed at Source (TCS) and this video language is Hindi and thus hindi speaking audience gets to understand the taxation matters. Govt is putting higher tax at source to make sure that HNIs donot send too much money abroad. Sending money for education abroad or for medical does not get affected by the new tax regime.

Liberalised Remittance Scheme (LRS) was brought into effect by the Reserve Bank of India in 2004. According to it, residents of India can remit a maximum of $250,000 within a given financial year to individuals living overseas. This includes both capital and current account transactions. You can still beat 01 July deadline for sending funds abroad at lower tax rates and remember that you can still recover this tax from income tax Deptt

As per the Union Budget 2023-24, there has been an update regarding foreign remittances under LRS (Liberalised Remittance Scheme).

Effective from July 1, 2023, the Tax Collection at Source (TCS) rate on foreign remittances will change from 5% to 20%, excluding those for education and medical purposes.

The revised TCS rate of 20% will be applicable for any payments made by an individual using their international debit/credit cards, which exceed Rs.7 lakh per financial year

Update 29 Jun 2023

The government on Wednesday said overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme (LRS) and hence, would not attract TCS. This will be applicable wef 01 Oct 2023.

Also, the implementation of a higher rate of tax collected at source (TCS) of 20 per cent on overseas remittances under LRS, like tour expenses, has been deferred by three months and will come into effect from October 1.


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Update
The proposal has been deferred to 01 Oct 23 which means that 01 July date of application has been postponed and people have now three more months to plan their finances for sending their funds abroad.

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