I’d love to answer your query, Is there any TCS on foreign remittance from NRO account? If the purpose of the transfer is under LRS (Loan to NRI or Gift to NRI), TCS will be applicable on transfers from a domestic account to an NRO account.
Let us delve more into this topic
Pay your electricity and other utility bills via the NoBroker Utility Bill Payment ServiceYes! TCS is applicable to NRO remittances.
TCS applicability | Amount |
5 % |
Exceeding Rs. 7 lakhs in a financial year |
NIL |
Below Rs. 7 Lakh |
This refers to the transfer of funds by NRIs or PIOs from their NRO account balance to an NRE account or an overseas bank account. According to Section 206C(1G), TCS does not apply to money transferred by NRIs from their NRO account to their NRE/foreign account.
What are the cases where TCS does not apply to foreign remittances?TCS is not applicable if the buyer is:
Government
Remittance on account of an overseas tour program package
I’d like to conclude my answer here about TCS on foreign remittance from NRO account. I hope this helps:)
Read More:
How to Claim TCS Refund in ITR? What is TCS in Income Tax: What is TCS Tax in Hindi? How to make TCS payments online?I’d like to help you with your query, Is there TCS on NRO account?
Is TCS Applicable on NRO Account?
I’d like to say that TCS (Tax Collected at Source) is not applicable on money remitted by NRIs (Non-Resident Indians) from their NRO (Non-Residential Ordinary) account to their NRE (Non-Residential External) or foreign account
.
Therefore, as there is no TCS on remittance from NRO account, NRIs can easily remit their Indian earnings—such as pension, dividend, salary, rent, investment, profits from businesses permitted for repatriation, and distribution from any type of deposits—using their NRO account without TCS implications.
I hope this helps you understand the applicability of TCS tax for NRI.
Get Assistance on NRI Property Taxes from NoBroker NRI ServicesRead More:
How to Avoid TCS on foreign remittance?
Is TCS Applicable on NRO Remittance?
Tina
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April 18, 2023
2023-04-18T12:19:33+00:00 2024-04-25T14:48:30+00:00Comment
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