Tax Collected at Source i.e., TCS on remittance is an important tax compliance component for individuals who want to send money under the Liberalized Remittance Scheme (LRS) governed by the RBI under FEMA. Remittance in general means sending money abroad for various purposes. It includes sending money for either gift, family maintenance, education, medical or tour packages and so on.
With the rise of digital remittance, the entire process to send money abroad has become simpler, quicker and more reliable.
However, it is essential to follow regulatory guidelines to avoid non-compliance. According to the RBI, under FEMA, the Liberalized Remittance Scheme allows foreign transfer of up to USD 250000 per financial year.
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