Economics · Economy
Mr. Anand, a resident Indian, plans three remittances under the Liberalised Remittance Scheme (LRS) in FY 2024–25: 1. May 2024: USD 40,000 for his son's education in the UK, funded by an education loan from a scheduled commercial bank in India. 2. August 2024: USD 10,000 for an overseas family tour package. 3. December 2024: USD 200,000 to purchase equity shares in a US technology company. Assuming 1 USD = INR 80, calculate the total Tax Collected at Source (TCS) collected by the bank for these transactions (assuming no other remittances in the year).
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1INR 32,72,500✓
- 2INR 30,53,200
- 3INR 31,86,500
- 4INR 32,13,200
Correct answer
INR 32,72,500
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