Hey pal,
It is important for Indian students studying abroad, Indian tourists going abroad and Indian investors investing in stocks, bonds and property abroad to know the meaning of TDS on foreign remittance. TDS raises the cost of education and travel in a foreign country. Though, this amount can be refunded.
Avail NoBroker Home Loan with a low interest rate and get your dream house easily Calculate your monthly payable amount with NoBroker EMI Calculator What is the TDS rate on foreign remittance?The full form of Tax deduction at source. The TDS rate is set by the Income Tax Department of India. This means that tax will be deducted at the source when money is transferred from a sender in one country to a receiver in another. Though, tax can be claimed back as a refund while filing the income tax return. I read that Indian residents can remit up to USD 250,000 under the Liberalised Remittance Scheme (LRS).
Each year, RBI releases details about TDS deduction on foreign remittance. Remittances below ₹7 lakh are not subject to TCS. Let me give you an example if I send money exceeding ₹50,000 to a non-relative NRI. I will be liable to deduct TDS on the remittance.
I also found out that TDS rate for foreign remittance for foreign tour packages is 5% TCS. I also read about TDS, Income tax needs to be paid by citizens, and tax refund under the Income Tax Act, 196.
This is all from my end on TDS on foreign remittance.
Read more :
How to Calculate Advance Tax Penalty?
Who is Liable To Pay Advance Tax in India?
What is Self Assessment Tax in Income Tax?
What is the TDS rate on foreign remittance ?
Kalpana
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2022-08-29T11:34:48+00:00 2022-08-29T11:34:49+00:00Comment
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