Liberalised Remittance Scheme remittances attract differentiated collection rates, with reduced treatment for education and medical purposes. Tax collection at source applies to aggregate Liberalised Remittance Scheme remittances exceeding Rs. 10 lakh and is collected by the authorised dealer at ... Summary
Liberalised Remittance Scheme remittances attract differentiated collection rates, with reduced treatment for education and medical purposes.
Tax collection at source applies to aggregate Liberalised Remittance Scheme remittances exceeding Rs. 10 lakh and is collected by the authorised dealer at the earlier of debit or receipt. The rate is 2% for education or medical treatment and 20% for other purposes. Collection does not apply where the seller has collected tax under the specified overseas-tour-package category, the remittance is an education loan from a specified financial institution, or the buyer has deducted tax at source under another provision. The education and medical treatment rate is reduced from 5% to 2%.
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