Every overseas remittance made under the liberalised remittance scheme would be subject to a 20% tax collected at source starting 1 July 2023, with the exception of those sent for medical and educational expenses, for which a 5% TCS will be imposed after the threshold of ₹7 lakh is exceeded annually. Starting 1 July 2023, Tax Collected at Source on …
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 …
MUMBAI: Wise, a London based fintech firm, built on the principle of peer-to-peer forex transfers has announced its entry into India. Wise has tied up with RBL Bank enabling Indians to send money abroad through the Liberalised Remittance Scheme. The company serves over 10 million customers worldwide, processing GBP 5 billion in cross-border transactions per month, a spokesperson for Wise …
