FAQ on TCS on Liberalized Remittance Scheme
TCS on Fund Transfer Outside India – Under LRS (Liberalised Remittance Scheme) As per Finance Act 2020 (amended by Finance Act 2023), any remittance of funds outside India under the Liberalised Remittance Scheme (LRS) is subject to TCS (Tax Collected at Source) under Section 206C(1G) of the Income Tax Act. Key TCS Provisions on Foreign …