I plan to repartriate in US dollars, a sum equivalent to more than Rs. 7 lacs for my own maintenance in the USA for a long stay (I am not an NRI).
I understand that the there will be a TCS of 5% (with PAN card) on the amount in excess of Rs. 7 lacs of equivalent remittance.
What is the purpose of this TCS?
Is this fully recoverable when I file my Income Tax return for the AY 2023-24, as an individual tax player?
Is there a way to avoid this TCS?
1. To make understand your transaction to department.
2. Yes, after deducting your tax liabilities, if any.
3. Not at all.
Thank you very much, Mr. Dhirajlal Rambhia
Read more at: https://www.caclubindia.com/forum/tcs-on-remittance-under-the-lrs-594983.asp
You are welcome ...
TCS on LRS and overseas tour packages is now a flat 2% from April 1, 2026 -- the earlier 5% and 20% rates no longer apply. Tour operators must collect TCS on all packages regardless of value (the Rs.7 lakh floor is removed). For education remittances: no TCS up to Rs.10 lakh; 2% above that. Individuals can claim TCS credit while filing ITR for FY 2026-27. If you are a tour operator or remitting under LRS, your bank or operator will deduct and deposit this -- check Form 26AS or AIS to verify the credit before filing.
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