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

Niyo Product Niyo Support
1

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?

2

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,

3

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

4

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

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5

@Deepak I would like to get the same information. Kindly share