SBI Alert: If you are also a SBI customer, then this news is quite important for you. SBI has alerted customer about the changed rules from October 1 (SBI Banking Rules).
Bank has informed customers by tweeting that currently from October 1, customers will have to pay tax for transactions abroad.
Notice that the Central Government has changed the rules for sending money abroad.
New Delhi.
SBI Alert: If you are also a SBI customer, then this news is very important for you. SBI has alerted the customers about the changed rules from October 1 (SBI Banking Rules). In cases like this, should you not listen, then it will directly impact your pocket. The bank has given information to customers by tweeting that currently from October 1, customers will have to pay tax for transactions abroad. In other words, customers will have to pay additional charge for sending money abroad. Explain that the Central Government has changed the rules for sending money abroad.
Transaction will be taxed
Based on the new rules of the central government, now the government will levy tax on sending foreign funds. That is, if your kids study abroad and you send money out of here for their expenses, then you will now have to pay tax on this amount. The government has created a rule to collect tax on the amount of more than 7 lakhs. This rule will come into effect from 1 October.
Changes in the Finance Act 2020: Inform that the Central Government has made changes in the Finance Act 2020. Under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India, now you’ve got to cover TCS for sending money abroad. Now you have to pay tax. People will have to pay an extra 5 percent tax collected at source (TCS). Under LRS, you can send up to $ 2.5 million annually.
Although there is some relief in the rules, the central government has also given some relief in these rules. Under which, if you send around 7 lakh rupees for the education of children, then you won’t need to cover TCS tax. At exactly the exact same time, more than 0.05% taxation will have to be paid. Aside from this, TCS will not have to pay on the money sent for the tour package. You’ll need to pay TCS on sending the amount of over 7 lakhs abroad.
