TCS on foreign Remittance

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Daya

Daya (Querist)
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28 October 2020 what is provision for TCS on foreign remittance.
please explain in brief.

PAWAN KUMAR

PAWAN KUMAR (Expert)
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28 October 2020 not applicable on such transactions

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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%.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.