Foreign remittances have increased drastically over the past decade due to travel, education, medical needs, property purchases, foreign investments, migration, and global business opportunities. To regulate such outward remittances and ensure tax transparency, India follows two major frameworks: TCS – Tax Collected at Source (Income Tax Act, Section 206C(1G)) LRS – Liberalised Remittance Scheme (RBI–FEMA … Continue reading CAIIB BFM | TCS (Tax Collected at Source) & LRS (Liberalised Remittance Scheme) | Part 3