TCS at 5% shall be applicable on all forex transactions under Liberalised Remittance Scheme LRS, exceeding INR 7 lakhs in a financial year.
Can each parent send 7 lakhs separately.
How is this 7 lakhs calculated
TCS at 5% shall be applicable on all forex transactions under Liberalised Remittance Scheme LRS, exceeding INR 7 lakhs in a financial year.
Can each parent send 7 lakhs separately.
How is this 7 lakhs calculated
TCS is deducted by bank for remittances sent by individual customer, which is PAN based.
Each individual (parent/person) can remit the amount based on his/her accountability.
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