TCS applicability on international transactions

Hi,

I heard that if we use more than 7Lakh per pan in a year, we will be charged TCS(tax collected at source for foreign remittance). Is this true and if so how much they will charge and how will they deduct?

I want to pay an amount of 10L. Can I pay the entire amount without any tax?

Thanks & Regards,
Yashwanth Korla.

Hi @yashwanthk ,

Welcome to the 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) Your limit is ₹7.5 Lakh per day for online transactions

Hope this helps.
Cheers!
Bansari

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