Spending over Rs.7,00,000 in a single financial year sourced from edu loan tax deduction @0.5%?

As per the regulation when remitting/spending over Rs.7lakh in a single financial year the tax is deducted at 0.5% if the funds are sourced from edu loan instead of the standard 5%. How to ensure that it is actually deducted at 0.5% and at what stage is the tax deducted?

Hey @Piyush_D! Welcome to Niyo Community :slightly_smiling_face:

Yes, you are right. If the funds are sourced as an educational loan, 0.5% TCS will be charged. You may have to write to or contact the bank support and share the relevant documents for further help related to TCS.

Regards,

could you kindly share the coordinates as to where I should be sharing these relevant documents pertaining the Niyo SBM card.

Hey @Piyush_D! We kindly request you to check your inbox for more details.