Quick Answer: Can TCS on foreign remittance be claimed?

Can we get TCS refund?

Yes, TCS can be claimed as refund in bank account.

Who pays TCS foreign remittance?

TCS shall be collected by the authorised dealer or seller of the package. Under the RBI’s LRS, individuals can remit a maximum of $250,000 abroad every year.

How do I claim TCS on foreign travel?

The banker or the tour operator will have to deposit the TCS amount against the PAN number of the remitter of funds and such credits will be reflecting in Form 26AS, as tax credit like advance tax, TDS, etc.

How do I claim my TCS refund?

Steps to file ‘TDS and TCS credit received’ on GST portal

  1. Step 1: Login toGST portal.
  2. Step 2: Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’
  3. Step 3: Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile.

Is there any tax on foreign remittance?

The Finance Minister, in the last financial year had introduced a Tax Collected at Source (TCS) of 5% on all outward remittances above ₹7 lakh. The Finance Minister, in the last financial year had introduced a Tax Collected at Source (TCS) of 5% on all outward remittances above ₹7 lakh.

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How do I claim TCS collected by ecommerce?

e-Commerce operators have to file GSTR-8 by 10th of the next month in which the tax was collected. This return will only be filed once the tax collected has been deposited to the respective credit of the government.

What is TCS for international transaction?

Tax Collected at Source (TCS) on LRS transactions is a regulatory requirement amended under the section 206C of Finance Act 2020.

Is TCS applicable to non residents?

TCS is also applicable on goods sold by the non-resident seller provided it is not import of goods. Turnover from business activities will only be considered (interpretation). TCS is required to be collected from a buyer only if receipts from him against the sale of goods in the current financial year exceed Rs.

Who is liable to collect TCS?

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.

Is TCS applicable on tour package?

If the tour packages includes domestic tour to Indian destinations prior to going overseas then TCS shall be applicable on domestic tour as well as it is the part of International overseas tour package. Even tours to Bhutan and Nepal will also be subject to TCS as it tours outside Indian Territory.

Can we claim travel expenses in TCS?

There is no threshold limit for foreign tour operator to collect TCS and therefore every foreign tour package will be liable for TCS irrespective of the amount involved. It is applicable to every foreign tour package i.e. business tour, family tour, etc.

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