Highlights:-
- SBI Alert: If you are also an SBI customer, then this news is very important for you.
- SBI has alerted customers about the changed rules from October 1 (SBI Banking Rules).
- Bank has informed customers by tweeting that now from October 1, customers will have to pay tax for transactions abroad.
- Note that the Central Government has changed the rules for sending money abroad.
SBI Transaction Rules Alert:
If you are also an 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 this case, if you do not pay attention, then it will directly affect your pocket. The bank has informed the customers by tweeting that now from October 1, customers will have to pay tax for the transactions abroad. That is, customers will have to pay an extra charge for sending money abroad. Explain that the Central Government has changed the rules for sending money abroad.
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The transaction will be taxed
According to the new rules of the central government, now the government will levy tax on sending foreign funds. That is, if your children study abroad and you send money from here for their expenses, then you will now have to pay tax on this amount. The government has made a rule to collect tax on the amount of more than 7 lakhs. This rule will come into effect from 1 October.
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Changes in the Finance Act 2020
Explain 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 have to pay TCS for sending money abroad. Now you have to pay tax. People will have to pay an additional 5% tax collected at source (TCS). Under LRS, you can send up to $ 2.5 million annually.
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Here’s an important notice for all our SBI Customers.
#TCS #IncomeTax #SBI #StateBankOfIndia pic.twitter.com/oecpow8WZq— State Bank of India (@TheOfficialSBI) September 22, 2020
Some relief in rules too
However, the Central Government has also given some relief in these rules. Under which, if you send up to 7 lakh rupees for the education of children, then you will not have to pay TCS tax. At the same time, more than 0.05% tax will have to be paid. Apart from this, TCS will not have to pay on the money sent for the tour package. You will have to pay TCS on sending the amount of more than 7 lakhs abroad.
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Source: www.patrika.com
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