- There has been a lot of discussion in media over the Tax Collected at Source (TCS) imposed by the government from 1/10/2020.
- Such TCS is NOT APPLICABLE for any Non-Residents remitting funds to and from India through their NRE bank account or through NRO bank account under the remittance of assets scheme.
- However, it is applicable to residents sending funds abroad to their relatives or for making any investment abroad and such other fund transfers under the Liberalised Remittance Scheme (LRS) by resident Indians.
- The TCS is not an additional tax that is imposed as the credit of it can be claimed against the final income tax liability. It is one more means of collecting Income Tax in advance by the taxpayer.
- The purpose of TCS for the Income Tax Dept. is to monitor the transactions which are undertaken by the taxpayers.
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