Where the remittance is received by an authorised dealer under LRS u/s 206C (1G), a TCS rate of 0.375 per cent will be applicable till March 31, 2021 and 0.5 per cent thereafter on repayment of ...

The central government relaxed provisions of tax collected at source (TCS) under section 206C (1G) of the Income-tax Act, 1961 in respect of non-resident individuals visiting India.

TCS structure on remittances made under LRS 1. Education: As per Section 206C (1G) of the Income Tax Act, an authorised dealer must collect 0.5% on any amount exceeding Rs 7 lakh per financial ...

Experts said that Section 206C (1G) was introduced through Finance Act of 2020 from October 2020 to keep a tab on forex spending by persons resident in India. It mandates a 5% TCS on the funds ...

Existing TCS structure under section 206C (1G) Previously, under the Income Tax Act, authorised dealers were required to collect TCS at a rate of 0.5% on remittances up to Rs 7 lakh per financial ...

“As the Finance Act of 2020 introduced Section 206C (1G) under the Income Tax Act, 1961 (hereinafter referred to as ‘The Act’) which imposes 0.5 per cent TCS on an amount exceeding Rs 7 lakh ...