Tax Collected at Source (TCS) is calculated based on the specific use case and corresponding slabs. Here’s how it works:
No TCS up to 7 Lakhs INR: There is no TCS charged for remittances up to 7 lakh INR.
Above 7 Lakhs INR: TCS is charged based on the use case:
Education and Medical Purposes: 5% TCS is charged.
Other Purposes: 20% TCS is charged.
Student Remittances under Education Loans: Only 0.5% TCS is charged above 7 lakhs.
We aim to provide clear and transparent information about all charges. If you have any questions or need assistance, our friendly customer support team is always here to help.