10 January 2024
Sir, An individual resident is to purchase foreign currency dollars worth Rs 150000 for meeting his foreign trip expenses while abroad .
Subsequently thereafter he is required to send dollars worth Rs 700000 to his ' close relative ' abroad for his maintenance etc. in same financial year
Hence following queries:-
1. Will these two transactions will be treated different for TCS purpose ?
2. Will he liable for TCS for transaction of Rs 700000 as he has crossed limit of Rs 700000 during a financial year by purchasing foreign exchange of more than Rs 700000 i.e (Rs 1.50 Lacs + Rs. 7 Lacs )
3. Will the first transaction of Rs 1.50 Lacs need to be filled in application form for sending dollars of second transaction of Rs 7 .Lacs to his ' close relative '
11 January 2024
Sir, Thanks for prompt reply. But even the first transaction of purchase of foreign exchange is done in India itself to carry some fx to meet expenses there abroad. Sorry the query was not clear to that extent. Now when it is made clear pls guide on that and above total perspective. Pls guider
CAclubindia
