TCS on Foreign Remittances: When ₹10 Lakh Triggers a Bill

TCS now applies only on LRS remittances above ₹10 lakh in a financial year, up from ₹7 lakh.

Education funded by a loan from a notified institution attracts zero TCS, whatever the amount.

General spends (travel, investment, gifts) above ₹10 lakh are hit at a steep 20%.

TCS is not an extra tax — you reclaim it against your income tax via Form 26AS.

Salaried earners can use Form 12BAA to offset TCS against salary TDS and avoid cash being blocked.

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