Finance Act 2022 introduced Tax on remittance to other countries at 5 % Under which head it is to be entered in Income Tax Return
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Tax on Remittance
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Quick Summary
It would reflect in TCS column. It is not taxable, but just like TDS, you can claim the amount against your tax liability, while filing ITR. The balance if any, can be claimed as refund.
For business purpose it is applicable. But generally personal remittance must nit be subject to tcs.
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