How do I claim TCS on foreign remittance for education?

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.

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.

Can we get TCS refund?

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

How can I collect TCS?

This certificate contains the following details:

  1. Name of the Seller and Buyer.
  2. TAN of the seller i.e who is filing the TCS return quarterly.
  3. PAN of both seller and buyer.
  4. Total tax collected by the seller.
  5. Date of collection.
  6. The rate of Tax applied.

How can we save TCS on foreign remittance?

TCS will apply only on the amount above Rs. 7 lakh in a financial year, instead of the total amount. For example, if you want to remit Rs. 12 lakh, the TCS will be levied on Rs.

Rate of TCS on foreign remittance.

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Particulars Rate If PAN is not submitted
Remittance funded by education loan 0.5% 5%

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

How fill TCS return online?

Visit ITD’s e-filing home page (ITD e-filing) and login using TAN and Password. After successful login, go to TDS menu >> Upload TDS. In the form provided select the appropriate statement details, viz. FVU Version, Financial Year, Form Name, Quarter and Upload Type (Regular / Correction) and verify.

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.

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.

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