TCS on foreign Remitance

Respected Members,

 

I am Transfering Rs. 10 L from my normal account to NRO account. 
Do i need to Deduct TCS on the payment.

Or the Bank will directly deduct it.

I dont have any TAN number right now. 

Pls advice. 

Replies (1)

When transferring ₹10 lakhs from your normal account to an NRO (Non-Resident Ordinary) account, TCS (Tax Collected at Source) may be applicable. TCS Applicability:

1. *Section 206C(1G)*: TCS is applicable on cash withdrawals exceeding ₹1 crore from a bank account in a financial year. However, for NRO accounts, TCS is applicable on transfers exceeding ₹7 lakhs, as per the Finance Act, 2020 [1].

 2. *Rate of TCS*: The TCS rate is 30% (plus applicable surcharge and cess) for non-resident Indians (NRIs) without a Permanent Account Number (PAN) [2]. Responsibility for TCS Deduction:

1. *Bank's Responsibility*: The bank is responsible for deducting TCS on the transfer amount, if applicable.

 2. *No TAN Required*: As an individual, you don't need a TAN (Tax Deduction and Collection Account Number) for this transaction. What to Expect:

1. *TCS Deduction*: The bank will deduct TCS on the transfer amount, if applicable, and deposit it to the government on your behalf. 

2. *TCS Certificate*: The bank will provide you with a TCS certificate (Form 27D) detailing the TCS deducted and deposited. To ensure a smooth transaction:

 1. *Verify with the Bank*: Confirm with the bank about their TCS deduction process and any additional requirements.

2. *Provide PAN and Form 15G/15H (if applicable)*: If you have a PAN, provide it to the bank. If you're eligible, submit Form 15G or 15H to avoid TCS deduction. 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
20 July 2026
Senior GST Executive

Chandak Agarwal & Co

Mumbai

Graduate (Any)

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
04 August 2026
ACCOUNTANT

CA RAM KISHOR KUMAR

Others

B.Com

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 23 July 2026
Article

Gianender & Associates

New Delhi

CA Inter

View Details
Company
31 July 2026
Senior Accountant - Bunia, Democratic Republic of Congo

AD GLOBAL LTD

Mumbai

B.Com

View Details
Company
23 July 2026
Senior Accountant

Felicity Adobe LLP

Bengaluru

CA Inter

View Details
Follow