Pursuant to an amendment to Section 206C of the Finance Act 2020 of India, effective from 1 October 2020, foreign remittances made under the Liberalised Remittance Scheme of India ("LRS") will require tax collection at source ("TCS"). TCS is applicable if the aggregate amount remitted under LRS per PAN ID exceeds INR 7 lakh during a financial year.
In addition, Goods and Services Taxes ("GST") are applicable for this transaction. The TCS and GST amounts applicable to this transaction are calculated and collected by our partner in India and are indicated below. They may contact you should there be additional funds or information required from you.
You can find your tax certificate for the TCS amount collected with respect to this transaction by logging into the e-filing portal on the Income Tax Department of India website.
As per Section 206CCA of Income Tax Act 1961, an applicant who has (i) not filed the ITRs for the previous two years and (ii) has an aggregate of TCS & TDS is Rupees fifty thousand or more in each of the above two previous years, then the applicant will be treated as "specified person" and TCS will be applied at twice the prescribed rate or 5% whichever is higher. If you are a specified person based on the declaration our regulated partner EBIX will reach out to you directly to inform you on the TCS amount due and how to make the TCS payment.
In addition, Goods and Services Taxes ("GST") are applicable for this transaction. The TCS and GST amounts applicable to this transaction are calculated and collected by our partner in India and are indicated below. They may contact you should there be additional funds or information required from you.
You can find your tax certificate for the TCS amount collected with respect to this transaction by logging into the e-filing portal on the Income Tax Department of India website.
As per Section 206CCA of Income Tax Act 1961, an applicant who has (i) not filed the ITRs for the previous two years and (ii) has an aggregate of TCS & TDS is Rupees fifty thousand or more in each of the above two previous years, then the applicant will be treated as "specified person" and TCS will be applied at twice the prescribed rate or 5% whichever is higher. If you are a specified person based on the declaration our regulated partner EBIX will reach out to you directly to inform you on the TCS amount due and how to make the TCS payment.
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