{"id":5114,"date":"2023-10-01T17:00:44","date_gmt":"2023-10-01T11:30:44","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=5114"},"modified":"2023-10-13T10:51:37","modified_gmt":"2023-10-13T05:21:37","slug":"the-revised-faq-on-20-tcs-for-money-transfers-abroad","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/","title":{"rendered":"Understanding the Revised FAQ on 20% TCS for Money Transfers Abroad"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#Introduction\" title=\"Introduction\">Introduction<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#1_Is_the_20_TCS_applicable_to_remittances\" title=\"1. Is the 20% TCS applicable to remittances?\">1. Is the 20% TCS applicable to remittances?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#2_Are_there_any_exemptions_for_specific_transactions\" title=\"2. Are there any exemptions for specific transactions?\">2. Are there any exemptions for specific transactions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#3_Is_the_20_TCS_applicable_to_foreign_trips\" title=\"3. Is the 20% TCS applicable to foreign trips?\">3. Is the 20% TCS applicable to foreign trips?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#4_Do_individuals_need_to_pay_20_TCS_again_when_remitting_money_earned_from_selling_properties\" title=\"4. Do individuals need to pay 20% TCS again when remitting money earned from selling properties?\">4. Do individuals need to pay 20% TCS again when remitting money earned from selling properties?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#5_Does_the_20_TCS_apply_to_payments_made_to_foreign_companies_for_goods_or_services\" title=\"5. Does the 20% TCS apply to payments made to foreign companies for goods or services?\">5. Does the 20% TCS apply to payments made to foreign companies for goods or services?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#6_Is_gifting_property_or_money_taxable_under_the_20_TCS\" title=\"6. Is gifting property or money taxable under the 20% TCS?\">6. Is gifting property or money taxable under the 20% TCS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#7_What_happens_if_children_sell_gifted_property\" title=\"7. What happens if children sell gifted property?\">7. What happens if children sell gifted property?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In recent times, the topic of 20% TCS (Tax Collected at Source) on money transfers or remittances abroad has garnered significant attention. The government&#8217;s decision to impose this tax has resulted in widespread protests from both non-resident Indians (NRIs) and residents. However, in response to the uproar, the government has made certain changes to address the concerns raised. This article aims to shed light on the frequently asked questions (FAQ) surrounding the 20% TCS and discuss the latest updates and clarifications provided by the government.<\/span><\/p>\n<p><strong>You can also watch our video where I discuss this topic, in case you are not a fan of Reading.<\/strong><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/GxkNvx-dCDU\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Effective July 1, 2023, the government has announced that a TCS of 20% will be levied on all outgoing money transfers abroad, regardless of the purpose. It&#8217;s important to note that TCS is categorized as an Advanced Tax, rather than a final tax. This implies that individuals can utilize this 20% TCS as an adjustment against their tax payable. Similar to TDS (Tax Deducted at Source), which is deducted by companies from employees&#8217; salaries, the TCS can be used while filing income tax returns. Thus, it is crucial to understand that the 20% TCS is not a deduction that cannot be recovered. It can either be adjusted against the individual&#8217;s tax liability or claimed as a refund.<\/span><\/p>\n<p>We have compiled an FAQ on 20% TCS, addressing the most common questions you may have.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"1_Is_the_20_TCS_applicable_to_remittances\"><\/span><b>1. Is the 20% TCS applicable to remittances?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Yes, the 20% TCS is applicable to remittances sent abroad from July 1, 2023. However, it is important to remember that the TCS is not applicable to transactions falling under the Liberalised Remittance Scheme (LRS). The LRS exempts transactions such as international credit card or debit card usage for expenses up to seven lakh rupees.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_Are_there_any_exemptions_for_specific_transactions\"><\/span><strong>2. <\/strong><b>Are there any exemptions for specific transactions?<\/b><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-4875\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Students-e1683190564139-300x214.png\" alt=\"FAQ on 20% TCS\" width=\"262\" height=\"187\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Students-e1683190564139-300x214.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Students-e1683190564139.png 420w\" sizes=\"(max-width: 262px) 100vw, 262px\" \/><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Yes, the government has exempted certain transactions from the 20% TCS. For instance, if someone is sending money abroad for their children&#8217;s education or for specific medical treatments, the 20% TCS will not be applicable. Instead, a reduced rate of 5% will be charged for such transactions.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"3_Is_the_20_TCS_applicable_to_foreign_trips\"><\/span><b>3. Is the 20% TCS applicable to foreign trips?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Yes, if you book a foreign trip, the 20% TCS will be applicable. The travel agent or company handling your bookings will require you to pay an additional 20% to proceed with the booking. This ensures compliance with the new regulations.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4581\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/travel-concept-with-landmarks-e1685343744427-1024x526.jpg\" alt=\"FAQ on 20% TCS\" width=\"700\" height=\"359\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/travel-concept-with-landmarks-e1685343744427-1024x526.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/travel-concept-with-landmarks-e1685343744427-300x154.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/travel-concept-with-landmarks-e1685343744427-768x394.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/travel-concept-with-landmarks-e1685343744427.jpg 1432w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><b>Consult CA Arun Tiwari for more info at \ud83d\udcde\u00a0 8080088288 or <\/b><a href=\"mailto:cs@aktassociates.com\"><b>cs@aktassociates.com<\/b><\/a><\/p>\n<h4><a href=\"https:\/\/pages.razorpay.com\/akt-nri-tax-consulting\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4606 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png1234.png\" alt=\"Consult CA Arun Tiwari for More Information\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png1234.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png1234-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><b><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4023 size-medium alignright\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/property-sale-img-scaled-e1679661117101-300x151.jpg\" alt=\"\" width=\"300\" height=\"151\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/property-sale-img-scaled-e1679661117101-300x151.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/property-sale-img-scaled-e1679661117101-1024x517.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/property-sale-img-scaled-e1679661117101-768x388.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/property-sale-img-scaled-e1679661117101-1536x775.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/property-sale-img-scaled-e1679661117101-2048x1034.jpg 2048w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/b><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"4_Do_individuals_need_to_pay_20_TCS_again_when_remitting_money_earned_from_selling_properties\"><\/span><b>4. Do individuals need to pay 20% TCS again when remitting money earned from selling properties?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">No, if an individual has already paid taxes on the sale of a property and is remitting the money abroad after obtaining Form 15CA\/CB from their Chartered Accountant, they do not need to pay the 20% TCS again. It is important to understand that the 20% TCS is not applicable to such scenarios.<\/span><\/p>\n<h4><b><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-5117\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/4530251_19238-300x213.jpg\" alt=\"FAQ on 20% TCS\" width=\"259\" height=\"184\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/4530251_19238-300x213.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/4530251_19238-1024x727.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/4530251_19238-768x545.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/4530251_19238-1536x1090.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/4530251_19238-2048x1454.jpg 2048w\" sizes=\"(max-width: 259px) 100vw, 259px\" \/><\/b><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"5_Does_the_20_TCS_apply_to_payments_made_to_foreign_companies_for_goods_or_services\"><\/span><b>5. Does the 20% TCS apply to payments made to foreign companies for goods or services?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><b><\/b><span style=\"font-weight: 400;\">While TDS (Tax Deducted at Source) is applicable to payments made to foreign companies for goods or services, the rate is not 20%. Such payments fall under Section 195, and the applicable TDS rate varies depending on the nature of the payment, such as rent or interest.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"6_Is_gifting_property_or_money_taxable_under_the_20_TCS\"><\/span><b>6. Is gifting property or money taxable under the 20% TCS?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Gifting property without any subsequent sale does not attract the 20% TCS. However, if an individual sells a property and gifts the money to someone, the TCS will be applicable. It is crucial to differentiate between gifting property and selling property while considering the tax implications. If a property is gifted without any sale, no TCS is applicable.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"7_What_happens_if_children_sell_gifted_property\"><\/span><b>7. What happens if children sell gifted property?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In cases where parents gift a property to their children, and the children subsequently decide to sell it, the taxation responsibility falls on the children. They will need to file for capital gains tax and pay the applicable taxes on the sale. Once the taxes are paid, if the children wish to remit the money abroad, they will not be subject to the 20% TCS. This is because the taxes on the sale have already been paid under Section 195, eliminating the need for additional TCS.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-tax-compliance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4607 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/Have-you-received-Online-tax-notice.png1345.png\" alt=\"Have you received an online tax notice?\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/Have-you-received-Online-tax-notice.png1345.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/Have-you-received-Online-tax-notice.png1345-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s important to note that these are some of the key scenarios surrounding the 20% TCS that have come to our attention. If you have any other specific cases or further questions, please feel free to ask them in the comment section. Our team, including myself, will promptly respond and provide the necessary clarifications.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FEMA regulations and taxation guidelines for NRIs carry significant importance. Non-compliance with these regulations can lead to severe financial consequences. It is, therefore, advisable to prioritize compliance and adhere to the prescribed norms.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As the landscape of international remittances evolves, it is essential to stay informed and adapt to the changing regulatory environment. By being aware of the revised FAQ on the 20% TCS, individuals can confidently navigate their financial transactions, mitigate risks, and ensure compliance with the tax regulations governing money transfers abroad.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction In recent times, the topic of 20% TCS (Tax Collected at Source) on money transfers or remittances abroad has &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Understanding the Revised FAQ on 20% TCS for Money Transfers Abroad\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/#more-5114\">Read more<span class=\"screen-reader-text\">Understanding the Revised FAQ on 20% TCS for Money Transfers Abroad<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":5115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[476,475,467,472,474,469,471,468,470,473],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FAQ on 20% TCS for Money Transfers Abroad | AKT Associates<\/title>\n<meta name=\"description\" content=\"Get answers to FAQs on the 20% TCS for money transfers abroad. Understand exemptions, implications, &amp; the latest updates from the government.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/the-revised-faq-on-20-tcs-for-money-transfers-abroad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the Revised FAQ on 20% TCS for Money Transfers Abroad\" \/>\n<meta property=\"og:description\" content=\"Stay updated on the recent changes regarding the 20% TCS (Tax Collected at Source) for remittances abroad. Learn about the FAQs, exemptions, and scenarios clarified by the government. 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