• 5% TCS to apply on funds above Rs 7 lakh sent abroad from today

    5% TCS to apply on funds above Rs 7 lakh sent abroad from today

    Published Date : 01-Oct-2020 3:28:24 IST

    Tax Collected at Source (TCS) at a rate of 5% will be applicable on foreign remittances above ₹7 lakh in a financial year from today unless TDS has already been deducted on that amount. However, for overseas tour packages, TCS will be applicable irrespective of its value. Restricted TCS of 0.5% will apply for remittances towards loans for pursuing education.

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