Everything about TCS and how it’s calculated

Tax Collected at Source (TCS) is the tax payable by a seller that they collect from the buyer at the time of sale. This is applicable for international ATM, ECOM, and POS transactions. In a given financial year, when your international transactions exceed ₹7 lakhs, a fee of 5% is charged for the incremental amount exceeding ₹7 lakhs. For multiple international transactions made in a day, TCS is deducted only once a day at the end of day for the cumulative international transactions.