Kailash Mansarovar (1 Points)
09 June 2023It is not clear that remittance done to Nepal and Bhutan in INR there is no foreign currency conversion involve we still have to pay TCS is there any clarification on this.
B Durga Prasad
(Student)
(175 Points)
Replied 09 June 2023
As per the current provisions of the Income Tax Act, Tax Collection at Source (TCS) is applicable on remittances made to specified foreign countries, including Nepal and Bhutan, even if the remittance is done in Indian Rupees (INR) and no foreign currency conversion is involved. This means that TCS needs to be deducted on such remittances.
To learn more about TCS under GST click here
For more detailed information, visit Swipe Blogs.
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