sfunds.2014 (retired) (100 Points)
19 August 2021TCS at 5% shall be applicable on all forex transactions under Liberalised Remittance Scheme LRS, exceeding INR 7 lakhs in a financial year.
Can each parent send 7 lakhs separately.
How is this 7 lakhs calculated
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(180200 Points)
Replied 20 August 2021
TCS is deducted by bank for remittances sent by individual customer, which is PAN based.
Each individual (parent/person) can remit the amount based on his/her accountability.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(180200 Points)
Replied 24 August 2021
In protest against ADMIN for its discriminatory behavior among different members, I leave the portal permanently. Good Bye.
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