In the video, I mentioned that Tax Collected at Source (TCS) will be applied if the transfer amount is ₹7 lakh per transaction. However, TCS is actually applicable when the total amount transferred exceeds ₹7 lakh in a financial year. Please take this into consideration when planning your transactions. Apologies for the confusion!
When you make an international fund transfer i.e from INR to USD, Indian government will send a TRACES certificate to you. You’ll have to give that to your auditor, so that he can file it to the government and claim the money.
excellent info ... well explained... sabarish ... great job thanks alot
In the video, I mentioned that Tax Collected at Source (TCS) will be applied if the transfer amount is ₹7 lakh per transaction. However, TCS is actually applicable when the total amount transferred exceeds ₹7 lakh in a financial year. Please take this into consideration when planning your transactions. Apologies for the confusion!
How to claim the TCS charge while finalizing the year
When you make an international fund transfer i.e from INR to USD, Indian government will send a TRACES certificate to you. You’ll have to give that to your auditor, so that he can file it to the government and claim the money.
bro are u sure that it is 7Lakh per transaction? I meant it is not 7Lac for the financial year?
I'm extremely sorry. It's actually 7 lakh for a financial year. Apologies for sharing the wrong information.
Can I full tution fee?
If you’re asking whether you can pay your FULL tuition fee, definitely yeah!