The outward transfers were roughly $18760.69 million in FY21 and $19610.77 million in FY21–2022. However, these numbers will soon see a decline. The Finance Act 2023 changed the TCS rates for foreign remittances under the LRS. Previously, a 5% TCS was imposed on...
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Tax collected at source (TCS) on remitting money abroad under liberalized remittance scheme (LRS)
The tax collected at source (TCS) on remitting money abroad under a liberalized remittance scheme (LRS) What is TCS? - Tax Collected at source is the excess amount collected in the form of tax by the seller of goods from the buyer at the time of selling of goods over...
Unveiling the Best Dollar to Rupee Live Rates with IBRLive: A Comprehensive Review
In today's interconnected global economy, staying updated with live currency exchange rates is paramount, especially when dealing with the ever-fluctuating dynamics between the US dollar and the Indian rupee. For those seeking real-time insights into the dollar to...
Ultimate Guide to NRI Status: Everything You Need to Know About Taxes, Remittances, and Accounts
Non-resident Indians (NRI) are individuals who are of Indian origin and are living abroad. An NRI is a person who has lived outside India for more than 182 days in a financial year or who has left India with the intention of residing outside the country for an...