IMPORTANT UPDATE ON TAX COLLECTED AT SOURCE (TCS)
Dear Customer,
Greetings from YES BANK.
We wish to apprise you that in accordance with the Finance Bill, 2021 notification dated 01.07.2021, Section 206CCA related to Tax Collected at Source (TCS) has been amended.
As per the amendment, TCS will be charged at a higher rate (Up to 10 percent) for Specified Persons who perform international transaction(s) through Debit Card/Other Channels eligible under the Liberalised Remittance Scheme (LRS).
A "Specified Person" is a person who satifies both the following conditions.
He has not filed the income tax returns for both the assessment years relevant to the two previous years immediately before the previous year in which tax is required to be deducted/collected.
Aggregate of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) is rupees Fifty Thousand (INR 50,000) or more in each of these two previous years.
Further to the above mentioned, TCS if applicable as per the above amendment would be debited from your bank account. For more details, refer to the FAQs on TCS.
For any query or assistance, contact our YES TOUCH Customer Care on 1800 1200 or visit nearest YES BANK Branch. Alternatively, you may also email us at
[email protected]
Sincerely,
YES BANK
