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

[JackSeal]

2 minutes ago, Pavanonline said:

 

It's saying remittances may be it doesn't apply to payments, salaries etc

 

 

Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS)

The said Section 206C(1G)(a) - TCS will be applicable only on the remittances made under LRS Scheme of RBI. Remittances other than LRS such as remittances by non-individuals, remittances for payment of import of goods or services, etc. are not subject to TCS provisions.

[veerigadu]

5 minutes ago, JackSeal said:

Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS)

The said Section 206C(1G)(a) - TCS will be applicable only on the remittances made under LRS Scheme of RBI. Remittances other than LRS such as remittances by non-individuals, remittances for payment of import of goods or services, etc. are not subject to TCS provisions.

Well played ra Bodi. India lo business entity create chesi rupee to dollar transfer kottochaaa???  @Spartan

[Paamu]

28 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

India lo land rates ki NRI effect a range lo undaa ? Locals e pichi pichi ga koni ammi koni ammi rates penchestunnaru. NRI aagithe local rich guys kummi padestaru.... end of the day middle class ki dolla. 

[JackSeal]

2 minutes ago, Paamu said:

India lo land rates ki NRI effect a range lo undaa ? Locals e pichi pichi ga koni ammi koni ammi rates penchestunnaru. NRI aagithe local rich guys kummi padestaru.... end of the day middle class ki dolla. 

My place lo people who are buying are either NRIs or Doctors … 

[bunk seenu]

2 minutes ago, Paamu said:

India lo land rates ki NRI effect a range lo undaa ? Locals e pichi pichi ga koni ammi koni ammi rates penchestunnaru. NRI aagithe local rich guys kummi padestaru.... end of the day middle class ki dolla. 

E db logic prakaram American housing market and Indian real estate motham NRIs vallane perugutundi...

[Pavanonline]

3 hours ago, Spartan said:

Note: The TCS deducted by the banks can be adjusted against the tax payable while filing income tax returns (ITR).

The money deducted by the banks in taxes as TCS can be adjusted against your overall tax liability. This TCS can be claimed as an income tax refund or a credit can be availed at the time of filing the income tax return or for computing your advance taxes. The bank provides a TCS certificate at the time of deduction, which is used while claiming TCS in your ITR (Income Tax Return) filing. 

Example: An individual wants to remit Rs.4 lacs. A TCS of Rs. 80,000 will be deducted. While computing his/ her advance taxes or filing income tax returns, his overall tax liability is Rs. 2,00,000. As per the Income Tax rules, the individual can adjust the TCS against the overall tax liability. This means that the individual's net tax liability will be Rs. 1,20,000 only. 

ento, malli aa tax returndabbulu techukovalante malli tax kattala 🤔 . can we give foreign account for tax return

[dasari4kntr]

39 minutes ago, JackSeal said:

Oil companies situation 

 

31 minutes ago, Pavanonline said:

 

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.

 

 

 

29 minutes ago, JackSeal said:

Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS)

The said Section 206C(1G)(a) - TCS will be applicable only on the remittances made under LRS Scheme of RBI. Remittances other than LRS such as remittances by non-individuals, remittances for payment of import of goods or services, etc. are not subject to TCS provisions.

so this tax is for individuals...not for companies...correct..?

[JackSeal]

Just now, dasari4kntr said:

 

 

so this tax is for individuals...not for companies...correct..?

Yes 

[hch]

although TCS is not a tax but a deduction and can be claimed this is a pain in the ass to get money from india.

illanti errifook rules valle illegal ways ekkuvaipotayi

[kevinUsa]

1 hour ago, Paamu said:

India lo land rates ki NRI effect a range lo undaa ? Locals e pichi pichi ga koni ammi koni ammi rates penchestunnaru. NRI aagithe local rich guys kummi padestaru.... end of the day middle class ki dolla. 

India lo lands ki dandam pettali broadband service kuda undadu Daniki 5cr per acre ata 

[former]

2 hours ago, veerigadu said:

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 

The corporate tax will be different. This only for regualr savings account transfers I guess

[former]

1 hour ago, hch said:

although TCS is not a tax but a deduction and can be claimed this is a pain in the ass to get money from india.

illanti errifook rules valle illegal ways ekkuvaipotayi

Gujju ki better ee ga. vallu ee ga ee hawla business lo pandithulu.

[Pandubabu]

Modi gadu nris ni sava 10guthunnadu..

Already aa capital gains meedha extra TDS , malli ee yavvaram..

Dheenemma , India lo invest cheyalante, hawala cheyalsindhe , ledhante bokke..

[IamBhagatSingh]

4 hours ago, Telugodura456 said:

Too much. looting money.

Then why dont these SOB give dual citizenship ?

citizenship laakunttaame kaaka paisal kooda na ?

 

4 hours ago, Marsmangalodu said:

dabbulu dengadame pani govt ki..inka akkada real estate ammi ikkadaki paisal techhukunte starting lone 20% cut cheskovali lol

Day light robbery. Picha na dash gallu 

[awaraa]

International debit card tisukoni US lo withdraw cheyoycha without any fee