You asked: How do I claim TCS refund on foreign remittance?

How do I claim my TCS refund?

Steps to file ‘TDS and TCS credit received’ on GST portal

  1. Step 1: Login toGST portal.
  2. Step 2: Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’
  3. Step 3: Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile.

Is TCS on foreign remittance?

According to the recent amendments in the Finance Bill (2020), under the Liberalised Remittance Scheme (LRS) that came into effect from 1 October 2020, TCS at the rate of 5% will be imposed on the money remitted outside India.

Is there any tax on foreign remittance in India?

It is perfectly legal to send money to your parents in India and they will not incur any tax on the transferred amount. … The money received in an Indian bank account from a relative abroad is known as inward remittance and these remittances are governed by the Foreign Exchange Management Act (FEMA).

Can TCS be reversed?

10 lakhs, TCS shall not be reversed as this case is spread across two financial years. However, in case further sales are made in the next year and then this amount is adjusted from such sales, the TCS may be made on the net amount for the next financial year.

IT IS IMPORTANT:  What are the advantages and disadvantages of tourist guide?

How can I submit TCS return online?

Visit ITD’s e-filing home page (ITD e-filing) and login using TAN and Password. After successful login, go to TDS menu >> Upload TDS. In the form provided select the appropriate statement details, viz. FVU Version, Financial Year, Form Name, Quarter and Upload Type (Regular / Correction) and verify.

What is TCS in Icici Bank?

As per the Union Budget 2020, 5% Tax Collection at Source (TCS) is applicable for the Resident Individual on ICICI Bank Debit Card for transactions aggregating to Rs 7 lakh or more (across all channels within bank) in a financial year, under the Liberalised Remittances Scheme (LRS).

Is TCS claimable?

Is tax collected at source refundable? Yes, the tax collected at source by the seller (paid by the buyer) is in the form of tax which can be adjusted by the buyer against its tax liability. However, if the buyer doesn’t have the taxable income, then, the TCS can be claimed as a refund.

Is TCS can be claimed in income tax?

As per the Income Tax Act, if any person does not file the TCS return on or before the due date prescribed in the Income Tax Act, a fee of Rs 200 per day must be paid, during which the failure continues. However, the amount of late fees shall not exceed the amount of TCS.

Who is liable to deduct TCS?

B, being a seller, will be liable to collect TCS @1% on scrap sold to Mr. A. Accordingly, it will collect INR 10,100 [INR 10,000 sale consideration + INR 100 TCS].

TCS under Income Tax– Everything you need to know.

IT IS IMPORTANT:  When did dark tourism became popular?
Specified goods Corresponding rates at which TCS is to be collected
Scrap 1.00%
Minerals (coal or lignite or iron ore) 1.00%

Who is liable to deduct TCS on sale of goods?

A new section 206C (1H) was introduced by Finance Act 2020 to extend the TCS provisions to the seller of goods. As per this provision, a seller is required to deduct tax at the source on the sale of goods if the aggregate value of such sale exceeds Rs. 50 lakh during the relevant financial year.

Who is liable to collect TCS on sale of goods?

As per Section 206C(1H), A Seller, Having more than Rs. 10 Crores turnover in preceding financial year, is liable to collect TCS from Buyer on Sale of any goods; if amount received from buyer is crossing Rs. 50 lacs.