TCS on Foreign Remittance Malayalam | CA Subin VR

In this insightful video, we delve into the frequently asked questions (FAQs) regarding Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme. Part A of the video focuses on clarifications related to TCS, while Part B provides an overview of the recent changes to the Liberalised Remittance Scheme.

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Join us as we explore the following key topics:

Part A: Clarifications on Tax Collection at Source (TCS)

Understanding the need for TCS and its provisions under Section 206C of the Income-Tax Act 1961.
Applicability of TCS and its coverage under the Liberalised Remittance Scheme (LRS).
Explanation of the reasons behind the increase in TCS rates, along with the impact on different types of remittances.
Changes and increased rates of TCS as per the amendments brought about in the Finance Act 2023.
The impact of TCS on travel and incidental expenses related to education and medical treatment.
Part B: Clarifications on the Liberalised Remittance Scheme

Overview of the e-Gazette notification dated 16th May 2023, which omits Rule 7 of the FEM(CAT) Rules, 2000.
Explanation of the purpose and significance of Rule 7 of FEM(CAT) Rules, 2000, which exempted the use of international credit cards from the LRS.
The need for the notification and the removal of the differential treatment between debit cards and credit cards.
Coverage of different modes of expenditure of foreign exchange under FEM(CAT) Rules, 2000.
Detailed explanation of the purposes for which a resident individual can avail foreign exchange facilities under LRS.
Exemption of business visits of employees from LRS.
Understanding the Liberalised Remittance Scheme (LRS), its monetary limits, and its applicability to resident individuals.
Join us in this video to gain a comprehensive understanding of TCS on foreign remittance and the recent changes to the Liberalised Remittance Scheme. Please note that while we strive to provide accurate information, it is always advisable to consult with a tax professional or refer to the latest provisions for the most up-to-date guidance.

Tags: TCS, Tax Collection at Source, Liberalised Remittance Scheme, LRS, Income-Tax Act, Foreign Remittance, Finance Act 2023, e-Gazette Notification.

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Note: This video description provides an overview of the topic based on the available information and FAQs mentioned in the provided text. It is essential to refer to the official documentation and consult with professionals for precise interpretations and compliance with the applicable laws.

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