Everything about the new TCS limits
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Slide 1 of 6![tcs.png]()
Slide 2 of 6![parliment.png]()
TCS is collected when you send money abroad while shopping, buying assets or investing in the US stock market
Tax Collected at Source
Slide 3 of 6
New TCS limits
5% for remittances exceeding ₹7 lakh.
Before 1st July 2023
From 1st July 2023 onwards
20% of remittance amount
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The bank provides a TCS certificate at the time of deduction, which is used while claiming TCS in your Income Tax Returns
Tax benefits
This TCS can be claimed as an income tax refund or a credit availed when filing the income tax return
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Example
If your current Tax liability is ₹2 Lakhs and you invest ₹1 lakh
TCS would be ₹20,000.
While filing ITR,
New Net tax liability :
₹2,00,000 - ₹20,000 = 1,80,000
Slide 6 of 6
While the TCS proposed in the budget seems steep, you can claim a refund at the end of the financial year.
So start investing in US Stocks real-time at zero commission.
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