By Viram Shah From October 1, authorised dealers, typically banks and remittance companies will collect 5% tax at source once LRS remittance made by an individual crosses 7 lakh in a financial year. The Union Budget 2020 proposed a 5% TCS on remittances undertaken via the Liberalised Remittance Scheme above ₹7 lakh. ₹15,000 will be deducted as TCS 2) For …
