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TCS on Forex Remittances / Foreign Tour Package || SECTION 206CQ Income Tax Act I 26AS I LRS I CA Jayshree Savani

Is there any exemption limit for Collection of Tax At Source under section 206C(1G)?
What is the Rate of TCS?
Can Tax credit be claimed for TCS?
TCS can be adjusted against tax payable while individuals are filing their income tax return.
Applicability of TCS?
Are there any exceptions from whom TCS will not be collected?

TYPES OF REMITTANCE
1- Remittance through Liberalized Remittance Scheme (LRS)
A-Remittance for students for studies abroad
B-Remittance by individual other than above
2- Remittance for paying foreign Tour
1-Remittance through Liberalized Remittance Scheme (LRS)
Threshold limit for charge TCS on foreign remittance through Liberalized Remittance Scheme (LRS) is INR. 7 Lakhs.
Whether all foreign remittance transactions through Liberalised Remittance Scheme (LRS) will be charged at 5%? Normally, all remittances out of India under the LRS of RBI, where the PAN or Aadhaar of the remitter has been submitted and where the cumulative amount of remittance by the remitter exceeds INR 7 lakhs in a financial year shall be liable to taxed at 5%. However, please note that in cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any specified financial institution in India (covered under sec.80E of Income-tax Act, 1961), the rate of TCS shall be 0.5% on amount of remittance exceeding INR 7 lakhs

Whether TCS on foreign remittance through Liberalised Remittance Scheme (LRS) will be applicable on entire amount of remittance or only on the amount in excess of INR 7 Lakhs? The TCS shall be applicable on cumulative amount remitted in excess of INR 7 lakhs by a remitter in a financial year and not on the total amount remitted. Please refer to the example provided below, for further understanding of the same.
Will GST be applied on TCS collected on the amount remitted under Liberalised Remittance Scheme (LRS)? The GST will not be applicable on the TCS collected for remittance under the Liberalised Remittance Scheme (LRS). However, GST shall continue to apply on currency conversion and on remittance service charge.
From which day will the TCS be effective? The TCS applicable on foreign remittance will be effective from October 01, 2020 and the limit of INR 7 lakhs in a financial year is to be tracked on a yearly basis effective from April 01, 2020

On what amount will I have to pay the 5% or 0.5 % tax? If the cumulative amount of remittance in a financial year exceeds INR 7 lakhs, TCS is required to be collected by Authorized Dealer, on the amount remitted over and above the amount of INR 7 lakhs. In cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any specified financial institution in India, rate of TCS shall be 0.5% on amount remitted in excess of INR 7 lakhs for the purpose. Below are some of the examples for calculation of TCS
Calculation of TCS u/s 206cq
(Note;- If PAN card not provided then TCS Rate will be 5% instead of 0.5%)

What is Section 206CQ in 26AS | TCS on Foreign Remittance from India| 206CQ income tax Act What is Section 206CQ Tax Collected at Sources(TCS) What is TCS ? What is Tax Collected at Source (TCS) under Section 206C (1G) (a) – TCS on foreign remittance through Liberalized Remittance Scheme (LRS)? The Finance Act, 2020 has a new insertion in the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for provision of TCS under Section 206C (1G) (a) i.e. TCS on foreign remittance through Liberalized Remittance Scheme (LRS). It should be noted that the Liberalized Remittance Scheme permits the resident individual to remit certain amount of money to another country for investment or expenditure purpose. As per the provision for TCS introduced by the Finance Act, 2020, TCS shall be applicable to those transactions which are covered under LRS. What is TCS section 206 1H , how is TCS calculate under 206C What is TCS receivable? How is TCS 206C 1H calculated? Section 206c(1h) section 206c(1h for FY 2021-22) section 206C(1H) of income tax act

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