TCS will be applicable on remittances made by you, if you have remitted more than INR 7,00,000 outside India in the financial year already. TCS will be applicable on amounts remitted by you outside India, which are over and above the INR 7,00,000 TCS limit specified by the Indian government.
- Limit: TCS applies to overseas outward remittances exceeding ₹7 lakhs in a financial year ¹.
- TCS Rate: The TCS rate varies based on the purpose of remittance. For LRS remittances, other than education and medical treatment, the TCS rate is 20% if the remittance amount exceeds ₹7 lakhs in a financial year ¹ ²
- Education and Medical Treatment: For education and medical treatment purposes, the TCS rate is 5% if the remittance amount exceeds ₹7 lakhs in a financial year ²
Any TCS deducted can be claimed back and adjusted in your tax return for the year - our banking partner will issue you a TCS certificate for all tax collected at source from you on remittances made by you