Can TCS on foreign remittance be claimed?
Foreign remittance above Rs 7 lakh will attract TCS, provided the tax has not already been deducted at source (TDS) on that same amount. TCS will be applicable on the amount if it is in excess of Rs 7 lakh in a financial year and not on the total amount.
Can we get TCS refund?
Yes, TCS can be claimed as refund in bank account.
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 can I claim TCS ITR?
Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS. To claim the TDS credit in ITR-1 available on the online platform, the details have to be filled in the ‘Tax details’ section of the form.
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 there any tax on foreign remittance in India?
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.
What is TCS tax refund?
What does ‘TCS TREAS’ mean?
|TCS TREAS 449||tax payers refund has been decreased to pay off a debt amassed via the Treasury Offset Program|
|The Bureau of Fiscal Services will ship your consumer||You’re disputing the quantity of cash that has been taken out of your refund|
What is TCS refund?
If your client’s refund is less than expected and you see a coinciding TCS TREAS 449 offset, this means that the tax payers refund has been reduced to repay a debt collected through the Treasury Offset Program. This program is designed to collect delinquent debts that are owed to states and federal agencies.
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.
Where is TCS applicable?
Where transaction value exceeds Rs 50 lakh and buyer’s turnover exceeds Rs 10 crores in the earlier year, TDS would apply over TCS. For sale transactions involving motor vehicle, tendu leaves, scrap, etc., TCS continues to apply.
What is foreign remittance?
Foreign remittance is a transfer of money from a sender in one country to a receiver in another. … When you send money from India to your family or relative abroad, it is an outward remittance. When you receive money in India from a foreign country, it is inward remittance.