Budget 2023: 20% TCS on Foreign Remittance Transactions under LRS

[veerigadu]

2 hours ago, Spartan said:

Example: You want to convert Rs. 10 Lakh to US Dollars for spending on overseas tour/ travel etc. The bank would deduct a TCS of 20% on Rs. 10 Lakh. The TCS would be Rs. 2,00,000 in this case. 

[JackSeal]

10 minutes ago, veerigadu said:

Market value is not same as real value in India. Akkadaaa sagam egiripothadhiiii elagooo....nenuuu eppatiii nundooo telling dont invest in India ani...No body listening....Inkaaa @Anta Assamey

This will reduce USD -> INR remittances and NRIs buying lands. It will reduce and stabilize land prices in India, which will help residents in buying lands. 
Master Stroke

[veerigadu]

3 minutes ago, JackSeal said:

This will reduce USD -> INR remittances and NRIs buying lands. It will reduce and stabilize land prices in India, which will help residents in buying lands. 
Master Stroke

It will also have an impact on jobs that are getting outsourced to India. This is also a trade issue. MNC Employees salary rates are stake now. This is a double edged sword. 

[AndhraneedSCS]

if you have $10,000 in the US, you send it to India and return it back to the US, you will only get $8,000. 

 

 

[JackSeal]

1 minute ago, veerigadu said:

It will also have an impact on jobs that are getting outsourced to India. This is also a trade issue. MNC Employees salary rates are stake now. This is a double edged sword. 

Tax only for outgoing and not for incoming … how to affects MNCs ?

[veerigadu]

1 minute ago, AndhraneedSCS said:

if you have $10,000 in the US, you send it to India and return it back to the US, you will only get $8,000. 

 

 

Wrong. Your taxable income of 10k dollars will be reduced to 8k. This reduction is attributed to additional taxes. Of course, you need to include remittance fees etc if you are employing third party transfer services. 

[JackSeal]

3 minutes ago, veerigadu said:

It will also have an impact on jobs that are getting outsourced to India. This is also a trade issue. MNC Employees salary rates are stake now. This is a double edged sword. 

So epudu oil companies ke extra 20% tax aa ? Ante fuel price 🚀 to moon aa ?

[Telugodura456]

7 minutes ago, JackSeal said:

This will reduce USD -> INR remittances and NRIs buying lands. It will reduce and stabilize land prices in India, which will help residents in buying lands. 
Master Stroke

TG demand appudu kooda idhe "master stroke" hadavidi. andhrollu elli pothe hyd lo lands cheap avuthai konukovacchani.

Joke entante - ila anukoni sambarapade vollu kooda andhrolle.

[veerigadu]

1 minute ago, JackSeal said:

Tax only for outgoing and not for incoming … how to affects MNCs ?

Witch companies will have to factor these things now, if they want to invest their money in other countries. The process of converting those rupees to foreign currency is only gonna get more complicated for them 

[dasari4kntr]

how it works for some business which imports goods from foreign and pay in rupees..?

 

[veerigadu]

3 minutes ago, JackSeal said:

So epudu oil companies ke extra 20% tax aa ? Ante fuel price 🚀 to moon aa ?

This is another disaster move anipisthundhi. Like note ban 

[JackSeal]

1 minute ago, dasari4kntr said:

how it works for some business which imports goods from foreign and pay in rupees..?

 

Oil companies situation 

[veerigadu]

14 minutes ago, JackSeal said:

This will reduce USD -> INR remittances and NRIs buying lands. It will reduce and stabilize land prices in India, which will help residents in buying lands. 
Master Stroke

USD to INR is not an issue. It’s actually the other way around. In a way Bodi wants incoming money, but he doesn’t want rupees to be converted to dollars. 

[veerigadu]

2 minutes ago, JackSeal said:

Oil companies situation 

They don’t care. The liability will be transferred to end users. Gas prices may go up. 

[Pavanonline]

 

10 minutes ago, dasari4kntr said:

how it works for some business which imports goods from foreign and pay in rupees..?

 

It's saying remittances may be it doesn't apply to payments, salaries etc. even then huge blow to currency flowing inwards too. Anyone will think twice to send money to India for investment.

 

8 minutes ago, JackSeal said:

Oil companies situation