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Is there any tax implication on remittance of funds into WealthBullet platform?

Transfer of funds into an external platform would not result in any profit/gain as it involves only transfer of funds to self. Further no transaction has been undertaken / executed resulting in any transfer of any asset.

However, w.e.f. 1st October 2020, any foreign remittance by resident individuals under Liberalised Remittance Scheme framed by RBI may trigger TCS (Tax Collection at Source) provisions which requires collection of tax by an authorised dealer at 5% (10% in case of non-PAN / Aadhar cases) where the total foreign remittance including transfer of funds exceeds INR 7,00,000 per annum.

In this regard, transfer of funds into WealthBullet platform by way of foreign remittance may attract TCS. However, it is pertinent to note that AD would be liable to collect TCS @ 5% on the amount exceeding INR 7,00,000.

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