Tag: managing finances
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Understanding the TCS Threshold Limits On International Remittances
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Tax Collected at Source (TCS) refers to a tax that is collected by an entity for making payments, such as a bank or a forex company. This tax is then deposited with the government on behalf of the payee. TCS applies to a variety of transactions, including foreign remittances. In India, there is a limit…
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Refund Of TCS On International Remittance – The What & How!
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Overview of TCS In the Union Budget that Finance Minister Nirmala Sitharaman presented in February 2023, there were some changes related to finance. One key addition was the introduction of the New Tax Regime and another significant development was the implementation of Tax Collected at Source (TCS) for transactions. Section 206C of the Income Tax…