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Lower tax collected at source rate on funds remitted for education

But a higher rate will be levied if PAN isn't furnished

money, cash, investment, stocks, tax, funds, investors, investment, shares
If a person does not furnish his permanent account number (PAN), then TCS will be collected at the rate of 10 per cent

A new income-tax (I-T) rule on foreign exchange transactions came into effect from October 1. The Government of India, through the Finance Act, 2020, inducted new provisions, enabling levy of 5 per cent tax collected at source (TCS) on foreign remittances above Rs 7 lakh in a financial year.  This new sub-section (1G) in Section 206C provides for levy of TCS on foreign remittances under the liberalised remittance scheme (LRS). TCS will be collected unless tax has already been deduc­ted at source (TDS) on that amount.   This provision has been imposed on ...