Understanding TCS on Foreign Remittance - SBNRI
Understanding TCS on Foreign Remittance - SBNRI
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Are you aware of TCS/ foreign remittances? If not, here’s a summary! The transfer of money from a foreign country to their home country is known as foreign remittance, where a considerable percentage of the money is used for the country’s economic growth. For transferring general expenses, 20% Tax is Collected at Source (TCS), but this rule does not apply to foreign remittances for education purposes! But here’s the catch. If you self-fund your education abroad you will be liable to pay a tax of
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