206C1G - TCS
Applicability of this section in banking sector on foreign remittance
Replies (1)
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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