Master in Accounts & high court Advocate
9610 Points
Posted on 30 September 2021
e.f. October 1, 2020, foreign exchange transactions of up to Rs. 7,00,000 in a financial year are free from tax liability. Amount exceeding Rs. 7,00,000 is liable to TCS (Tax collected at Source) in the hands of the individual at 5% and 0.5% in case of education loan transaction.