After a three months’ delay, banks have said they are ready with their systems to implement the government’s decision to start levying higher Tax Collection at Source (TCS) rates on payments under the Liberalised Remittance Scheme (LRS) from October 1.
The higher TCS rates will be applicable on various international spends such as overseas tour packages which include travel related to medical treatment, business, education, pilgrimage; personal gifts and donations, family maintenance and investments.
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