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Articles for Lrs, search results for education

RBI allows resident Indians to open foreign currency accounts in GIFT City
5 months, 2 weeks ago

RBI allows resident Indians to open foreign currency accounts in GIFT City

Live Mint  

The Reserve Bank of India has expanded the scope of remittances to International Financial Services Centres under the Liberalised Remittance Scheme allowing Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City. On Wednesday, RBI decided to allow authorised persons to facilitate remittances for availing financial services or financial products as per the International Financial Services Centres Authority …

Financial Currency Foreign Rbi Foreign Currency Gift City Lrs
Tax collection at source: Who issues a TCS certificate and when?
1 year, 2 months ago

Tax collection at source: Who issues a TCS certificate and when?

Live Mint  

Tax collection at source, or TCS, is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. Starting Oct 1, 2023, the Government of India introduced TCS rate of 20 percent on foreign remittances of more than …

Tax Tan Rate Tcs Tax Collection Lrs Collection Account
How to get 5% TCS for remittances beyond ₹7 lakh
1 year, 5 months ago

How to get 5% TCS for remittances beyond ₹7 lakh

Live Mint  

The ministry of finance on 28 June deferred the applicability of increased TCS, or tax collected at source, rate of 20% on overseas tour packages and remittances under the Liberalised Remittance Scheme for a further period of three months, from 1 July to 1 October. Before the budget announcements, a uniform TCS rate of 5% was applicable on all kinds …

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As 20% TCS on foreign remittances is set to kick in, we untangle its mystery here
1 year, 7 months ago

As 20% TCS on foreign remittances is set to kick in, we untangle its mystery here

Live Mint  

Travelling to an overseas destination or remitting money abroad is set to be attract a higher rate of tax with 20 percent TCS to kick in from July 1, 2023 onwards. It is, however, vital to note that those who are remitting money abroad for education and for medical treatment will continue to pay a lower rate for remittances in …

Education Expenses Tax Rate Tcs Medical Treatment Tax Collection
Spend up to ₹7 lakh abroad with your cards without worrying about TCS
1 year, 7 months ago

Spend up to ₹7 lakh abroad with your cards without worrying about TCS

Live Mint  

After backlash over 20% TCS on overseas credit card spending, the government on Friday announced that no tax will be charged on overseas spending of up to ₹7 lakh in a year using debit or credit cards. "To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards up …

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Govt clarifies payments abroad for up to ₹7 lakh will not be taxed
1 year, 7 months ago

Govt clarifies payments abroad for up to ₹7 lakh will not be taxed

Hindustan Times  

The government issued a clarification on Friday stating that a 20% Tax Collection at Source will be applicable only to overseas credit card transactions exceeding ₹7 Lakh. Previously, on Thursday, the government announced the inclusion of credit card transactions in foreign currency under the LRS and the implementation of a 20% TCS starting July 1, 2023. These are credit card …

Tax Credit Currency Credit Cards Card Foreign Lakh
Tax waived on annual forex spends up to ₹7 lakh: Finance Ministry
1 year, 7 months ago

Tax waived on annual forex spends up to ₹7 lakh: Finance Ministry

The Hindu  

The government, on May 19, blinked on its plan to levy a 20% tax on overseas credit card spending from July 1, in the face of a furore from taxpayers as well as businesses, and decided to exempt any payments by an individual using their international debit or credit cards up to ₹7 lakh per financial year from the levy. …

Tax Lakh Tcs Lrs
20% TCS on international credit card: Govt issues five-point clarification
1 year, 7 months ago

20% TCS on international credit card: Govt issues five-point clarification

Live Mint  

The Finance Ministry on Thursday issued a set of FAQs) on the Tax Collection at Source on foreign remittance through the Liberalised Remittance Scheme. The Union Budget 2023-24 had hiked TCS rates to 20%, from 5% currently, on overseas tour packages and funds remitted under LRS. Ans Section 206C of the Income-Tax Act 1961 provides for TCS is the business …

Education Tax Credit Card Rates Tcs Medical Treatment Lrs
How much money can parents send to kids Abroad?
1 year, 8 months ago

How much money can parents send to kids Abroad?

Live Mint  

India had limited foreign exchange reserves post-independence. Examples of permissible transactions are: higher education in foreign universities, medical treatment abroad, maintenance of close relatives staying outside of India, investments in securities abroad, emigration, going abroad for employment, etc. Remittance is prohibited for purchase of lottery tickets/sweep stakes, remittances for the purchase of foreign currency convertible bonds issued by Indian companies …

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