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206C1G - TCS
Applicability of this section in banking sector on foreign remittance
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Section 206C(1G) requires banks to collect TCS on outward foreign remittances (LRS). As of April 1, 2026, rates vary based on the purpose of the remittance, with a general threshold of ₹10 lakh for most categories, while overseas tour packages attract a 2% TCS on all amounts without a threshold. TCS is an advance tax credit available to the remitter when filing their annual income tax return.
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