TCS on foreign Remittance
This query is : Resolved
28 October 2020
what is provision for TCS on foreign remittance.
please explain in brief.
please explain in brief.
28 October 2020
not applicable on such transactions
31 October 2021
From 1st October 2020, Authorized Dealers like banks are required to collect tax @ 5% if an individual remits an amount of 7 lacs or more out of India under Liberalized Remittance Scheme. If buyer does not furnishes PAN than tax shall be collected @ 10%.
31 October 2021
Secion 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS),
Section 206C(1G)(b) – TCS on selling of overseas tour package
Section 206C(1H) – TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)].
These amended provisions of TCS be effective from 1st October, 2020 instead of 1st April, 2020.
Section 206C(1G)(b) – TCS on selling of overseas tour package
Section 206C(1H) – TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)].
These amended provisions of TCS be effective from 1st October, 2020 instead of 1st April, 2020.
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