If I do an international online transaction, will there be TCS? If yes at what rate? Does the bank track if I have crossed the threshold of 7 lakhs for deducting TCS or will the bank effect TCS on every transaction irrespective of the limit of 7 lakhs? Also, if I withdraw cash in a foreign ATM (non SBM) will there be any additional charges?
Hi @Ragini_Dutta ,
Welcome to Niyo Community!
(1/2) In a given financial year, when your international transactions exceed ₹7 lakh, a fee of 5% is charged for the incremental amount exceeding ₹7 lakh. 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.
(2/2) For International ATM withdrawal and Balance Enquiry : ₹100 + GST
This is in addition to the charges by the acquiring bank.
POS & Ecom TCS charges will be applied when you exceed ₹7 lakh in your international transactions.
Hope this helps!
So if I have understood correctly, niyo will track my international transactions over niyo sbm card and shall effect TCS only after I cross the threshold of rs 7 lakhs? Also, there is no TCS for international ATM withdrawal except rs. 100 + gst bank charges. Pls confirm.
well international atm transaction do count towards that 7lakhs limit. But for every atm transaction, you’d also pay INR 118 (100 +GST).
And yes, once you cross the threshold of 7Lakhs in a financial year, only then Niyo would charge you TCS