Category: Finance
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How to Avoid 20% TCS on Foreign Remittances & Money Transfers?
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Starting October 1, 2023, foreign remittances from India will attract a fivefold increase in tax, from 5% to 20%. That would mean finding ways of meeting the increased cost for Indian residents sending money abroad while being more judicious in handling their finances. Besides the 4.5% depreciation of the Indian rupee against the US dollar…
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A Complete Understanding of How to Transfer Gift Money from India to Europe
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In Europe, cross-border payment methods are rapidly evolving, with a tendency towards digital transfers, according to a Visa study. In 2023, more and more European consumers are opting for apps and online platforms to securely and conveniently send money to their friends and family. This shift is particularly noticeable in France and Poland, where 62%…
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Best Ways To Transfer Gift Money To New Zealand From India
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In the heart of New Zealand’s economy, which heavily relies on trade, foreign remittances have become essential. These remittances connect over a million New Zealanders who received a total of NZ$2 billion in the year. The majority of these funds are intended for supporting family members, education, healthcare and even business investments. As digital technology…
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A Step-By-Step Guide For Remitting Gift Money To UK From India
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India is home to the largest number of people living abroad, with around 3.2 million Non-Resident Indians (NRIs) and People of Indian Origin (PIOs). In the UK, there are 1.92 million individuals who are multicultural, which makes them a significant part of the population. This community plays a crucial role in contributing to the UK’s…
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Sending Gift Money To Australia From India – A Complete Guide
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The Indian community in Australia is incredibly diverse and vibrant, with people from different linguistic and cultural backgrounds. They have made contributions to society in fields like business, academia, the arts and sports. Lately, they have also become more involved in activities, with many governments holding offices and actively engaging in community matters. The amount…
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Understanding the TCS Threshold Limits On International Remittances
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TCS stands for Tax Collected at Source. This is a sort of duty or tax that gets collected by the entity making any sort of payment, banks, or even a forex company, and deposits it with the government on behalf of the payee. TCS would apply over a range of transactions, inclusive of foreign remittances.…
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Refund of TCS on International Remittance – The What & How!
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Overview of TCS Finance Minister Nirmala Sitharaman, while presenting the Union Budget in February 2023, had announced some changes. It included the addition of the New Tax Regime and another major introduction was that of the Tax Collected at Source, TCS on transactions. Section 206C of the Income Tax Act states on which goods sellers…
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All You Need To Know About PAN & Aadhar Linking
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In the realm of identity, individuals who are applying for a new PAN Card can conveniently link it with their Aadhaar Card automatically. For those who already possess PAN Cards issued prior to July 1, 2017, they now need to link the two cards using the Link Aadhaar service, which is open to all individual…
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All You Need To Know About TCS On International Money Transfers
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Overview of TCS and LRS TCS stands for ‘Tax Collected at Source’, which means the tax collected at the very time while the payment takes place. As regards foreign remittance, the enabling bank through which any transaction of outward remittance is dealt plays the role. On the other hand, LRS is a scheme under which…