TDS (Tax Deduction on Source) in India: Exception was applied for Money Transfer Service


Recently Western Union Communicated that government of India made a provision of a levy of 2 per cent TDS (Tax Deduction on Source) on cash withdrawals exceeding INR 10 Million which was effective from September 1, 2019 where all cash withdrawals exceeding INR 10 million was subject to a TDS deduction of 2%

Additionally to that, we would like to inform that exception was applied for Money Transfer Service Scheme and there are no taxes on cross border inward remittances

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