South Indian Bank Ltd. Head Office T.B Road, Mission Quarters, Thrissur 680 001,Kerala, India
Revision in TCS rates on LRS with effect from 01-10-2023
This is to inform you that the increase in TCS rates u/s 206C(1G) of the Income Tax Act, 1961 shall be effective from 01.10.2023, as detailed below:
For the purpose of any education, if the amount being remitted out is a loan obtained from any financial institution as defined on section 80E
0.5% of the amount or the aggregate of the amounts in excess of Rs.7 Lakhs
5% of the amount or the aggregate of the amounts in excess of Rs.7 Lakhs
5% of the amount or aggregate of the amounts in excess of Rs.7 Lakhs
The threshold of Rs.7 Lakhs for LRS is combined threshold for the applicability of TCS on LRS irrespective of the purpose of remittance.
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