Finance Ministry releases FAQ clarifying TCS on LRS – PART 1

Finance Ministry - Releases - FAQ - Clarify - TCS - LRS - Taxscan

The amendment of Foreign Exchange Management (Current Account Transactions) Rules, 2000 on 16th May 2023 omitting Rule 7 led to several queries. The Ministry of Finance has released the Frequently Asked Questions (FAQs) on 18th May 2023 with respect to Tax Collection at Source (TCS) on Foreign Remittance through the Liberalised Remittance Scheme (LRS). The…

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