| | | | Dear Customer,
Under existing provisions of Income tax Act, tax is required to be collected at source (TCS) by bank @ 5% on remittances made under LRS (Liberalised Remittance Scheme), including made on international debit card, exceeding ₹7 lakhs and subject to other conditions.
W.e.f. 01.10.2023, TCS on certain remittances made under LRS (Liberalized Remittance Scheme) has been increased from 5% to 20% on remittance exceeding ₹7 lakhs and subject to conditions. Increased rate of TCS will apply to foreign trips, sending money abroad and other personal remittances.
Therefore, any LRS remittance done through Kotak Mahindra Bank, including Debit Card, will attract 20% TCS from 01.10.2023 onward once LRS limit breaches ₹7 lakhs.
Warm regards,
Kotak Mahindra Bank | | | | | Terms & Conditions Apply. Tax laws are subject to amendment from time to time. The above information is for general understanding reference. This is not legal advice or tax advice and users are advised to consult their tax advisors before making any decision or taking any action. | | | |
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