20% TDS on international transactions

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2023-02-12

Did banks start charging 20% TDS already or will it happen in April? I wonder why nobody is talking about it as it simply means if you invest 1000$ in US stocks, you will pay 200$ just to gov. Even if you try to keep track of international transactions to claim deductions, it will be a mess. We were worried about markup and now this. There is no lower limit on this 20% TDS so even if you do 1rs transaction, it will have 20% TDS.

Edit: Source : https://www.indmoney.com/articles/budget-2023-t...

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https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9088089

Simbha3

2023-02-12

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wow. daylight robbery.

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9088550

kukdookoo

2023-02-13

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getready wrote:
Looks like the main intention here is to make people file IT returns. 7L threshold is gone and if you don't file IT returns and the TCS/TDS amounts to 50K+ for the last two years then this rate becomes doubled for future transactions (20 >> 40% vs 5 >> 10 until now)

No paji main intention is so that funds don't go outside from middle class.this is why the country is doomed.we cannot even invest the money like we want, modern gulaami.

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9089310

kukdookoo

2023-02-13

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Rajkotian wrote:
If we consider middle class household income range between 5Lac-15Lac per annum and they can spend/invest lacs of money after Foreign Trips/Shopping/Investment/etc. then why they can't file IT return?

This is TCS, if you are eligible, you will get the refund or adjusted as per you applicable Income Tax. This is not a loot by the Government.

Ours is a very incredible country, people here have jugaad (Makeshifter) for every law. Government is trying to close as much loopholes as possible. This change is not a concern/trouble for any common small citizen.

If you have spare 1 Lac Rs. to spend/invest in foreign, then be ready to pay 20K as TCS. Get the same adjusted in your IT return. IT Refunds are also very fast now a days. They do process it in 2-3 days only.

Paji ur definition of middle class between 5-15lacs is flawed, it does not consider inflation. From maruti 800 the middle class, upper, has shifted to the likes of creta so bear in inflation.
This draconian law has nothing to do with it filing, it is only to hold people away from investing outside so that money remains in the country.
I have 1 lac to invest i get my 20k blocked for atleast a year but i earn less than the taxable income. Will i be compensated for the interest on 20k? Tell me the name of one developed nation which has a law like this? Again i will have only 80% and for the rest government needs it and we can get it back after a year or so. Smh
And you need to introspect for a second, why are people interested in sending/spendint money abroad so much instead of doing the same in one's own country?
@getready @guest_999 @makdiman @kapaalaa @Ash-D @Snapz @magur @kochiro

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https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111315

mysalemo771

2023-02-23

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getready wrote:
I didn't say filing IT returns is a wrong thing but this is unnecessary for low-income individuals (Less than basic exemption - 2.5l per year).. just makes things complicated for middle / lower middle class (+ 20% amount getting stuck for about an year, for some this could a lot)

TCS/TDS used to be 5% above 7L, they could've simply made this 20% if the government wants more focus on HNIs

Why is a low income family sending money out of India?

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111349

getready

2023-02-23

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mysalemo771 wrote:
Why is a low income family sending money out of India?

Go through this thread and the one that got you here, there are many user-perspectives regarding the same. And your argument/concern of Low-income group is not much into foreign investment also strengthens the criticism on removing the threshold for 20% TCS

Why care about someone who isn't a threat? Unless the intention is to leech everyone regardless of their income slab

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111368

mysalemo771

2023-02-23

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getready wrote:
Go through this thread and the one that got you here, there are many user-perspectives regarding the same. And your argument/concern of Low-income group is not much into foreign investment also strengthens the criticism on removing the threshold for 20% TCS

Why care about someone who isn't a threat? Unless the intention is to leech everyone regardless of their income slab

You are not answering the question?
Just changing goal post

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111387

getready

2023-02-23

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mysalemo771 wrote:
You are not answering the question?
Just changing goal post

Goal post for what? and who changed it?

Your post about an expert suggested that this change has been made only to target HNIs and i presented a fact that it isn't the case.

Now you don't have a counter argument for this and i am responsible for answering your question about an entire income slab group (irrelevant to the original argument)? Do i represent them or there is any factual information anywhere (apart from your/my view) that might make your view/mine to look authentic?

This whole whataboutery as a defence is worthless. Investment is Investment, be it local or international and people do it when there's scope for better returns or even fund security and the amount varies from person to person (It could be 10k/1l/10l) @kukdookoo

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111395

mysalemo771

2023-02-23

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getready wrote:
Goal post for what? and who changed it?

Your post about an expert suggested that this change has been made only to target HNIs and i presented a fact that it isn't the case.

Now you don't have a counter argument for this and i am responsible for answering your question about an entire income slab group (irrelevant to the original argument)? Do i represent them or there is any factual information anywhere (apart from your/my view) that might make your view/mine to look authentic?

This whole whataboutery as a defence is worthless. Investment is Investment, be it local or international and people do it when there's scope for better returns or even fund security and the amount varies from person to person (It could be 10k/1l/10l) @kukdookoo

what a meltdown

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111409

getready

2023-02-23

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mysalemo771 wrote:
what a meltdown

Not surprising isn't it?
When you're interested in creating discussions based on perspectives, the end result will be obviously this: The ones with contradictory opinions consider others as useless/worthless/wrong or you somehow expecting me to convince you about everything? I'm not your school/college teacher 😄

Like i suggested above, deal with facts and stop whataboutery (If you care about your time or others)

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111457

mysalemo771

2023-02-23

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getready wrote:
Not surprising isn't it?
When you're interested in creating discussions based on perspectives, the end result will be obviously this: The ones with contradictory opinions consider others as useless/worthless/wrong or you somehow expecting me to convince you about everything? I'm not your school/college teacher 😄

Like i suggested above, deal with facts and stop whataboutery (If you care about your time or others)

You have lots of time write essay but not to answer the question
I am not surprised, i know you
EOD
grinning

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111472

getready

2023-02-23

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mysalemo771 wrote:
You have lots of time write essay but not to answer the question
I am not surprised, i know you
EOD

I can write a 20-line essay in 5min: This isn't about my ability to do something but yours (inability) to not notice it. There are multiple posts here in this thread, that too top comments about the same and you are still asking me the same question.

Funny thing is there's my answer in one of the above posts too and yet you're still asking me the same great question + some useless posts like this

Why is a low income family sending money out of India?

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9111532

Mr-beast

2023-02-23

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Upper middle class will take brunt of this as they would have to include transactions in itr

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9113177

kukdookoo

2023-02-24

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@getready @guest_999 @makdiman @kapaalaa @Ash-D @Snapz @magur @kochiro

as per intellectuals on reddit only way around of this is to transfer till 7 lacs or more, if you are ready with 5% tcs, till june as after july all investors are fcked.

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9113425

makdiman

2023-02-24

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kukdookoo wrote:
@getready @guest_999 @makdiman @kapaalaa @Ash-D @Snapz @magur @kochiro

as per intellectuals on reddit only way around of this is to transfer till 7 lacs or more, if you are ready with 5% tcs, till june as after july all investors are fcked.

Support swadesi. Vocal for Local.

Don't invest in foreign countries. Invest in Adani/Patanjali 😄

https://www.desidime.com/discussions/20-tds-on-international-transactions?page=4#post_9113594

kukdookoo

2023-02-24

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kukdookoo wrote:
@getready @guest_999 @makdiman @kapaalaa @Ash-D @Snapz @magur @kochiro

as per intellectuals on reddit only way around of this is to transfer till 7 lacs or more, if you are ready with 5% tcs, till june as after july all investors are fcked.