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Everything about the new TCS limits
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TCS is collected when you send money abroad while shopping, buying assets or investing in the US stock market
Tax Collected at Source
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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
This TCS can be claimed as an income tax refund or a credit availed when filing the income tax return
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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
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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.