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Outward remittances under LRS drop 44% in June on global headwinds, TCS
August 21, 2024 7:36 am
TCS is not an additional tax liability as people can claim a refund while filing income tax returns. As per the TCS rates under LRS brought in the 2023-24 Budget, overseas tour packages attract TCS of 20 per cent.
Higher 20% TCS on overseas remittances, foreign tour packages kicks in from October 1
September 28, 2023 4:18 pm
Currently, funds transferred overseas under the Reserve Bank's LRS attract 5 per cent Tax Collection at Source (TCS) on amounts exceeding Rs 7 lakh.
Banks say LRS tax a ‘burden’, unlikely to have IT systems ready by October
June 30, 2023 6:02 am
On Wednesday, in a reversal of its earlier decision, the government deferred the move to include international credit card spends outside India under the LRS.
No TCS for credit card spends abroad for now as govt puts decision on hold: What it means
June 29, 2023 1:10 pm
International credit card spends outside India will not fall under the ambit of the LRS for now, the Finance Ministry said on Wednesday.
T V Mohandas Pai writes: By taxing credit card transactions abroad, government goes back on promise of ending 'tax terrorism'
May 19, 2023 3:19 pm
In the last 10 years, Income Tax authorities have been given more powers to go after citizens than in the previous 10 years
Resident Indians remit record $18.75 bn in FY20; travel, education LRS dominate
May 16, 2020 12:14 am
Sources in the banking industry say while study-related remittance has been growing, over the years, a lot of remittance is also on account various factors including weak investment sentiment in India.
$1 billion was sent overseas for students in last 9 months: RBI
April 19, 2016 12:17 pm
The figures released by the RBI shows that outward remittances under the Liberalised Remittances Scheme (LRS) have surged by close to 200 per cent over last year.
It's only a rollback,our remittance limit more than China's: Reserve Bank
August 17, 2013 4:20 am
China allows remittances of $ 50,000 a year only despite holding forex reserves of $ 3 trillion, the RBI source said.
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