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Outbound remittances for education
are remittances less than 7 lacs are exempted from income tax.how to specify a remittance for Rs 139392 reflecting in TIS in efiling ITR 1 or no need to specify any thing.
Replies (1)
No tax liability will arise of the total taxable income is upto 5 lakhs.
Yes, the income must be reported in ITR, if it is inward remittance.
No need to report it, if it is paid for education and TCS deducted by bank.
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