A few weeks ago, I got an email that said that Niyo Global SBM credit card will not have TCS charges even after 7 lakhs. I want to confirm that this is indeed true.
I already paid the tuition fees, and because of that, my seven lakhs is exceeded. So, can I still use the Niyo credit card without any TCS charges?
Does Niyo’s credit card not take TCS at every transaction? Or is it like for every transaction, TCS will be collected and will be returned at the end of the month or something? Please confirm.
Yes, under the Liberalized Remittance Scheme (LRS), you can remit up to $250,000 (~₹2 crore) per financial year from India to any foreign country, including Canada, using a single PAN card.
Also, please note that there are no TCS charges for transactions up to ₹7 lakhs, but above that, a 20% TCS will apply.
If you have any further questions, feel free to reach out via our live chat feature in the app! We’re here to help.
I have been using niyo for almost a year now, the previous time I used it, that is the last year, i got my tcs instantly back, but this year, when I use it, I am not yet getting my tcs refund, can someone please help me here?
Thank you for reaching out to us! It sounds like you’re referring to the Niyo DCB Debit Card. Let us clarify this for you:
Initially, the DCB Bank used to charge TCS upfront, but if your transactions were under ₹7 lakhs, the amount was refunded within 24-48 hours. However, there’s been a recent change. Now, if you exceed ₹7 lakhs on your PAN level, a 20% TCS will be charged, which can later be claimed back when you file your ITR.
We understand this might feel like a big change, but please rest assured, we’re here to support you every step of the way! If you have any further questions, feel free to reach out via our live chat feature in the app. We’re happy to help!
Thank you for choosing Niyo, and we hope this clears up your concern.
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Let us clarify this for you:
We’re happy to help!
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