Liberalised Remittance Scheme collections reduce the education and medical treatment rate while retaining higher rates for other remittances. Tax collection at source applies to aggregate remittances under the Liberalised Remittance Scheme exceeding Rs. 10 lakh. An authorised dealer collects tax ... Summary
Liberalised Remittance Scheme collections reduce the education and medical treatment rate while retaining higher rates for other remittances.
Tax collection at source applies to aggregate remittances under the Liberalised Remittance Scheme exceeding Rs. 10 lakh. An authorised dealer collects tax at 2% for education or medical treatment and 20% for other purposes, at the earlier of debit or receipt. Collection is excluded where tax has already been collected on the specified overseas-tour-package transaction, the remittance is an eligible education loan, or the buyer has deducted tax at source under another provision.
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