Finance Act 2022 introduced Tax on remittance to other countries at 5 % Under which head it is to be entered in Income Tax Return
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178065 Points)
Replied 18 June 2023
It would reflect in TCS column. It is not taxable, but just like TDS, you can claim the amount against your tax liability, while filing ITR. The balance if any, can be claimed as refund.
sabyasachi mukherjee
(27579 Points)
Replied 19 June 2023
For business purpose it is applicable. But generally personal remittance must nit be subject to tcs.
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