Latest Changes In LRS | International Transactions | Liberalized Remittance Scheme | FFC 123

In the Union Budget 2023, the government raised the rate of Tax Collection at Source (TCS) for foreign transactions such as international credit card spends, foreign investments, foreign expenses, international transfers, and remittances.
In this video, you will get a complete breakdown of the Liberalized Remittance Scheme (LRS) and clarity on how the new TCS rules will affect you.
Key Highlights of the video:
What is Tax Collected at Source (TCS)?
What is Liberalized Remittance Scheme (LRS)?
How much TCS is applicable on foreign remittances?
What are the new rules of TCS announced in Budget 2023?
What is the rate of TCS applicable on education expenses?
What is the rate of TCS applicable on medical expenses?
What is the rate of TCS applicable on foreign investments?
Why is 20% TCS applied on international credit card payments?
Can we claim TCS in the income tax return?
#lrst #tcs #taxplanning #incometaxreturn
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[@manoharchippada1014]

Hello it was good explanation i am having a doubt as you said if i take any education loan from any bank or NBFC tcs will be 0.5% how bank know that amount is from education loan. As some NBFC do send their loan amount to personal bank from personal bank we gonna do pay for education

[@Fintoo]

Hello, thank you for watching the video. Lender i.e. banks or NBFCs, they sanction and disburse the loan so the operational aspect of charging the TCS is taken care by the lender.

[@thushmat]

If loan is sanctioned by a different bank / NBFC. Bank will ask for a supporting document to prove that the proceeds are from education loan.It can be loan sanction letter. Once you submit the proof, they will only deduct 0.5 %

[@GopalSeni-gv1qk]

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