we are purchasing foreign currency from authorised dealer for our employee , who are frequently goes to abroad country for business tour purpose. In this case can to deduct TCS from remittance of foreign currency.
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Quick Summary
This discussion clarifies the Tax Collected at Source (TCS) implications when purchasing foreign currency for employees travelling abroad on business. It explains that TCS is applicable under the Liberalised Remittance Scheme (LRS) introduced by the RBI once a certain threshold limit is exceeded. The content aims to help businesses understand their obligations regarding TCS deduction on foreign currency remittances.