{"id":3089,"date":"2020-09-20T05:19:20","date_gmt":"2020-09-20T05:19:20","guid":{"rendered":"https:\/\/www.extravelmoney.com\/blog\/?p=3089"},"modified":"2026-04-10T08:04:10","modified_gmt":"2026-04-10T08:04:10","slug":"tcs-on-money-transfer-from-india-to-abroad-simple-guide","status":"publish","type":"post","link":"https:\/\/www.extravelmoney.com\/blog\/tcs-on-money-transfer-from-india-to-abroad-simple-guide\/","title":{"rendered":"TCS on Money Transfer Abroad from India &#8211; Simple Guide"},"content":{"rendered":"\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69e0f8f97c8d9&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-large wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2020\/09\/20-TCS-on-international-money-transfer-cover-image-1024x576.png\" alt=\"20% TCS Tax on Money Transfer From India To Abroad\" class=\"wp-image-7854\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2020\/09\/20-TCS-on-international-money-transfer-cover-image-1024x576.png 1024w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2020\/09\/20-TCS-on-international-money-transfer-cover-image-300x169.png 300w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2020\/09\/20-TCS-on-international-money-transfer-cover-image-768x432.png 768w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2020\/09\/20-TCS-on-international-money-transfer-cover-image-1536x864.png 1536w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2020\/09\/20-TCS-on-international-money-transfer-cover-image.png 1643w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: 20% TCS Tax on Money Transfer From India To Abroad\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<p><b>Last Updated On: <\/b><strong><b>10 April 202<\/b>6<\/strong><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Since October 1 2020, Tax collected at source (TCS) has been levied on outward remittance transactions in India done under the <\/span><a href=\"https:\/\/www.extravelmoney.com\/blog\/rbi-rules-lrs-scheme-indians-study-abroad\/\"><span style=\"font-weight: 400;\">LRS scheme of RBI<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><span style=\"font-weight: 400;\">LRS scheme allows Resident Indians to send money abroad for personal purposes up to a maximum of USD 2,50,000 equivalent in INR, in a single financial year.<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">While you can later claim this additional TCS amount paid as credit or refund at the time of filing income tax returns, this tax has increased the upfront cost of transferring money from India.<\/span><\/p>\n\n\n\n<p><b>So how much TCS do you have to pay on your money transfer abroad transactions?<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The percentage of tax collected on your transaction will depend on 3 factors;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Purpose of money transfer<\/li>\n\n\n\n<li>Amount of money being transferred abroad<\/li>\n\n\n\n<li>How much money you&#8217;ve already transferred abroad in that financial year under the LRS scheme<\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">Let us take a look at the amount of TCS collected for different purposes of money transfer abroad.<\/span><\/p>\n\n\n\n<pre class=\"wp-block-verse\"><strong>Disclaimer:<\/strong> This article on TCS regulations related to overseas money transfer is for informational purposes only and does not intend to be tax advice. Please consult a financial advisor or a tax professional to get personalised guidance on your specific circumstances.<\/pre>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Also Read: <\/strong><a href=\"https:\/\/www.extravelmoney.com\/blog\/gst-on-foreign-exchange-transactions-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">How Much Tax You\u2019ve To Pay On Forex Transactions In India?<\/a><\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><b>1. TCS on Remittance<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">If you are sending money abroad from India through a bank or authorised dealer under the LRS scheme for the following purposes;<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Gift Remittance<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Maintenance of Close Relative Abroad<\/span><\/li>\n\n\n\n<li>Investment Remittance<\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Visa\/Emigration\/Consultancy Fee<\/span><\/li>\n<\/ol>\n\n\n\n<p>You\u2019ll be allowed a TCS threshold of Rs 10 lakh in a single financial year.&nbsp;<\/p>\n\n\n\n<p>If the amount sent abroad exceeds Rs 10 lakh, then TCS will be levied at 20% of the excess amount.<\/p>\n\n\n\n<div style=\"overflow-x: auto;\">\n<table>\n<tbody>\n<tr>\n<td rowspan=\"2\">\n<p style=\"text-align: center;\"><b>Purpose of remittance<\/b><\/p>\n<\/td>\n<td colspan=\"3\">\n<p style=\"text-align: center;\"><b>TCS<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><b>Below Rs 10 lakhs<br>(TCS threshold)<\/b><\/td>\n<td style=\"text-align: center;\"><b>Above Rs 10 lakhs<\/b><\/td>\n<\/tr>\n<tr>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gift remittance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maintenance of close relatives abroad<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investment Remittance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visa\/Emigration\/Consultancy fee<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">20%<br>of the amount above Rs 10 lakhs<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n\n\n<p><b>Example:<\/b><span style=\"font-weight: 400;\"> Rose sends Rs 4 lakhs from India to Canada two times, once to her elder sister working there (maintenance of close relative abroad) and the other time to her younger sister studying there (overseas education).<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">So far the total amount she has sent is Rs 8 lakhs which is less than the tax threshold of Rs 10 lakhs. No TCS will be levied.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">On her 3rd transaction, she sends Rs 3 lakhs to her elder sister (maintenance of a close relative).&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Now the total amount she has sent abroad is Rs 11 lakhs in a single financial year. The excess amount is Rs 1 lakh (above Rs 10 lakhs).&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">On this 3rd transaction, she\u2019ll be levied a TCS on the excess amount above the Rs 11 lakhs limit.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This will be 20% of Rs 1 lakh = Rs 20,000.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Similarly, if she makes a single transaction of Rs 11 lakhs abroad for the purpose of &#8220;Maintenance of Close Relative Abroad&#8221; the same above calculations will apply.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b>2. TCS on International Tour Packages<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">The TCS for foreign tour packages or international tour-related payments shall be FLAT 2% regardless of the amount being transferred. <\/span><\/p>\n\n\n\n<div style=\"overflow-x: auto;\">\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Purpose of remittance<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><b>Below Rs 10 lakh<br><\/b><\/td>\n<td><b>Above Rs 10 lakh<\/b><\/td>\n<\/tr>\n<tr>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Foreign Tour Packages<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">International Tour-Related Payments<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">FLAT 2%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">FLAT 2%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n\n\n<p><b>Example:<\/b><span style=\"font-weight: 400;\"> Rose is planning a trip to Europe with her friends and contacts a tour operator in India.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The tour operator is giving a 10-day package deal in Europe at a cost of Rs 2 lakh.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For booking the package, she would not only have to pay Rs 2 lakh + GST.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">She\u2019d also have to pay the TCS on the amount which is Rs 4,000 (2% of Rs 2 lakh).<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If the value of the Tour Package is Rs 12 lakhs, then she&#8217;d have to pay as TCS, 2% of 12 lakhs which is Rs 24,000 TCS!<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b>3. TCS on Overseas Education<\/b><\/h2>\n\n\n\n<div style=\"overflow-x: auto;\">\n<table>\n<tbody>\n<tr>\n<td rowspan=\"2\">\n<p style=\"text-align: center;\"><b>Purpose of remittance<\/b><\/p>\n<\/td>\n<td colspan=\"3\">\n<p style=\"text-align: center;\"><b>TCS<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Below Rs 10 lakh<br>(TCS Threshold)<\/b><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><b>Above Rs 10 lakh<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">University\/College fee payment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Living expenses of a student abroad<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To GIC\/Blocked account of student<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0%<br>(if the amount remitted is through<br>education\/student loan)<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">else<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">2%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n\n\n<p><span style=\"font-weight: 400;\">Simply speaking, this means study abroad remittances will enjoy a reduced TCS of 0% (above Rs 10 lakh) if the person sending the money abroad is able to prove that their source of funds is through an education\/student loan.<\/span><\/p>\n\n\n\n<p>Otherwise, 2% TCS on the excess amount (above the TCS threshold of Rs 10 lakh in a financial year) will be applicable.<\/p>\n\n\n\n<p><b>Example:<\/b><span style=\"font-weight: 400;\"> If you remember our 1st example, Rose sends Rs 4 lakh two times to her sisters in Canada. &nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If we consider the TCS amount applicable for those 2 transactions, it is Rs 0 because the total money sent abroad is Rs 8 lakhs which is still within the limit of Rs 10 lakh.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, let&#8217;s assume in her 3rd transaction, she sent Rs 4 lakh to her younger sister for her education abroad.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In this case, she has sent a total of Rs 12 lakh in that financial year.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This is Rs 2 lakh more than the TCS threshold of Rs 10 lakh.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If the source of this money sent abroad is through an education\/student loan, then as per the TCS on overseas education, the tax amount to be paid by Rose would be;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">0% of Rs 2 lakh = Rs 0<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, if the source of this money is from her personal funds and not an education\/student loan, then 2% TCS would be applicable.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">2% of Rs 2 lakh = Rs 4,000&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b>4. TCS on Medical Treatment Abroad<\/b><\/h2>\n\n\n\n<div style=\"overflow-x: auto;\">\n<table>\n<tbody>\n<tr>\n<td rowspan=\"2\">\n<p style=\"text-align: center;\"><b>Purpose of remittance<\/b><\/p>\n<\/td>\n<td colspan=\"3\">\n<p style=\"text-align: center;\"><b>TCS<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Below Rs 10 lakh<br>(TCS Threshold)<\/b><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><b>Above Rs 10 lakh<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<ul>\n<li>Medical Treatment Abroad<\/li>\n<\/ul>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">2%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n\n\n<p>The government has kept the TCS rates for Medical Treatment Abroad at 0% below Rs 10 lakh (TCS threshold) and 2% above Rs 10 lakh.<\/p>\n\n\n\n<p>This is so that individuals seeking medical treatment in hospitals abroad are not burdened too much by the payment of high TCS.<\/p>\n\n\n\n<p><b>Example:<\/b><span style=\"font-weight: 400;\"> Let&#8217;s assume a person is sending money abroad for the first time in that financial year. Their purpose of remittance is payment to a hospital abroad for the treatment of their close relative.<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Remittance below Rs 10 Lakh:<br>Medical Treatment Abroad Expenses = Rs 5 lakhs<br>Since the expenses are below Rs 10 lakhs, the TCS rate will be 0%.<br>TCS Calculation: 0% of Rs 5 lakhs = Rs 0<\/li>\n\n\n\n<li>Remittance above Rs 10 Lakh:<br>Medical Treatment Abroad Expenses = Rs 13 lakhs<br>Since the expenses are above Rs 10 lakhs, the TCS rate will be 2% on the amount above Rs 10 lakhs.<br>TCS Calculation: 2% of Rs 3 lakhs = Rs 6,000.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><b>5. TCS on Remittance Transactions by NRIs<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">If you are an NRI and wondering how TCS is applied on your remittances abroad from India, then we have some good news for you.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The 20% TCS rule is only applicable on transactions done by resident Indians under the LRS scheme.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Thus,<\/span> the transactions done by NRIs, such as NRO to NRE transfers, NRE repatriation, and purchase of foreign currency during their visit to India,<span style=\"font-weight: 400;\"> won\u2019t come under the scope of the TCS rule.&nbsp;<\/span><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Also Read:<\/strong> <a href=\"https:\/\/www.extravelmoney.com\/blog\/tax-on-sending-money-to-india-from-abroad\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tax Implications On Money Transferred From Abroad To India<\/a><\/p>\n<\/blockquote>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/P9T8X_ICsLQ?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;start=88&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span>\n<\/div><\/figure>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><b>How To Claim Credit of TCS Amount Paid For Money Transfer Abroad<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">When filing your income tax returns, there\u2019ll be relevant sections where you can enter the data regarding the TCS you have paid in a financial year.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The amount paid as TCS can be adjusted as either credit when filing IT returns or also collected as a refund from the government (if there is no tax liability).<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why The Indian Government Came Up With 20% TCS rule on Outward Remittance?<\/strong><\/h2>\n\n\n\n<p>This move was initiated as an effort against tax avoidance.<\/p>\n\n\n\n<p>In 2015, money transfer abroad under LRS, for purposes such as travel, overseas education, investments for buying property\/equity, gift remittance to friends\/relatives etc, was about $1.5 billion.<\/p>\n\n\n\n<p>But in 2019, the same came to about $11.34 billion!<\/p>\n\n\n\n<p>The government feels that there are people who send money abroad but are not paying any income tax in India.<\/p>\n\n\n\n<p>For example, the owner of a local Kirana store or Panipuri joint may be earning a lot of money and spending in overseas travel, education etc. However, there is a scope for such business people to avoid paying income tax.<\/p>\n\n\n\n<p>The government hopes to plug such tax holes by collecting TCS when sending money abroad and allowing people to claim it back when filing IT returns.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Pros and Cons of 20% TCS on Money Transfer From India to Abroad<\/strong><\/h2>\n\n\n\n<p>Most rules, no matter how well-intentioned, will have some pros and cons to them. Similarly is the case here with the 20% TCS rule.<\/p>\n\n\n\n<p><strong>Advantages<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>TCS will allow the government to track tax offenders a bit better than what was possible earlier.<\/li>\n\n\n\n<li>A person who is able to transfer money abroad from India but consequently does not pay Income Tax, loses the 20% TCS paid by them. The government gets to keep this money as revenue, ultimately collecting money as tax from such individuals.<\/li>\n<\/ol>\n\n\n\n<p><strong>Disadvantages<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The requirement of checking TCS applicability and the amount to be paid as tax on every transaction is going to increase the transaction processing time for the banks and authorised dealers. The RBI rules for money transfer make it such that it takes about 1 to 2 days for KYC documents to be verified and then initiate the money transfer transaction. With this rule, the time taken for processing outward remittance transactions is just going to increase more.<\/li>\n\n\n\n<li>Increased compliance burden on the banks and authorised dealers to fulfil the procedural duties of TCS such as giving credit to the customers.<\/li>\n\n\n\n<li>People who are sending money for emergency purposes such as medical treatment abroad, education, business trips etc. would have to factor in funds for paying the TCS amount, creating hardship of having extra working capital.<\/li>\n\n\n\n<li>While the move aims to rope in tax from tax evaders, even the honest tax-paying citizens will be affected. In the case of overseas education, mostly, the money sent abroad is from the student account itself. It&#8217;d be difficult for them to file tax returns in India and <span style=\"font-weight: 400;\">claim the TCS refund when they are studying abroad.<\/span><\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><b>How To Save Money On Your Remittances Abroad From India<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">ExTravelMoney.com can give you the best exchange rate on money transfers abroad and help you save money.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The banks and authorised dealers (ICICI Bank, RBL Bank, Unimoni, Thomas Cook etc.) in our portal have an agreement with us to provide wholesale exchange rates to our customers for outward remittance which are typically only offered to big corporates.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Also, our dedicated customer support team will make RBI compliance (such as KYC document verification) a breeze for you through their expert guidance and our online support.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Our partnered vendors will help in TCS filing by providing you with a TCS certificate after the vendor files the TCS for the remittance transaction. It\u2019ll be shared via e-mail.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">All the TCS paid by customers will be updated on Form 26AS once TCS has been filed by our partnered vendors.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><span style=\"font-weight: 400;\">Form 26AS is a combined yearly tax statement that details the TDS, TCS, advance tax paid by you etc. You can view this in your portal for filing IT returns.&nbsp;<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">Our team will guide you through the relevant TCS provision that\u2019ll be applicable to your transaction and also help you get the TCS certificate.<\/span><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.extravelmoney.com\/wire-transfer\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"font-weight: 400;\"><strong>Book Money Transfer Abroad<\/strong><\/span><\/a><\/div>\n<\/div>\n\n\n\n<p><strong>Also Read: <a href=\"https:\/\/www.extravelmoney.com\/blog\/how-to-claim-tcs-refund-online-while-filing-itr\/\" target=\"_blank\" rel=\"noreferrer noopener\">How To Claim TCS Refund Online When Filing ITR?<\/a><\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last Updated On: 10 April 2026 Since October 1 2020, Tax collected at source (TCS) has been levied on outward remittance transactions in India done [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":7854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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The new TCS rules shall be in effect starting 1 April 2025. These tax proposals aim to reduce the financial burden on\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"A digital graphic with bold blue text stating \"NEW TCS PROPOSALS IN BUDGET 2025.\" Below, a gold banner with white text reads, \"happy news for students and travellers!\" The illustration includes a student holding a suitcase, a red balloon labeled \"TAX\" being cut by a hand with scissors, stacks of money, a graduation cap, and an airplane, symbolizing reduced tax burdens on foreign remittances for education and travel.","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":7954,"url":"https:\/\/www.extravelmoney.com\/blog\/tax-sending-money-abroad-education\/","url_meta":{"origin":3089,"position":1},"title":"Tax on Sending Money Abroad for Education from India Explained","author":"Ann Mariya Job","date":"May 28, 2025","format":false,"excerpt":"Update: 04 Feb 2026 New TCS rates on sending money abroad have been proposed in the 2026 Budget. They'll be in effect from April 1st 2026. Do you think sending money abroad for educational purposes, such as university fees and living expenses, is tax-free? Many assume overseas education remittances come\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"Illustration of a graduation cap on stacked books surrounded by flying currency notes and coins, with a bold red \u201cTAXES\u201d stamp overlay. Text reads \u201cIs Foreign Education Remittance Tax-Free\u201d","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":5980,"url":"https:\/\/www.extravelmoney.com\/blog\/how-much-money-can-you-send-abroad-from-india-tax-free\/","url_meta":{"origin":3089,"position":2},"title":"How Much Money Can You Send Abroad from India Without Tax?","author":"Ann Mariya Job","date":"July 17, 2024","format":false,"excerpt":"Last Updated On: 13 April 2026 If you have landed on this blog expecting to know the amount you can transfer abroad tax-free, it's time to learn the bitter truth. You cannot send money from India without paying tax! But we suggest you continue reading to learn how to claim\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"Graphic from ExTravelMoney with the title 'Know TCS & GST Charges on Overseas Remittance,' featuring a clock, a tax document, and a calculator.","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Money-transfer-and-tax-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Money-transfer-and-tax-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Money-transfer-and-tax-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Money-transfer-and-tax-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7963,"url":"https:\/\/www.extravelmoney.com\/blog\/tcs-gst-foreign-travel-remittances\/","url_meta":{"origin":3089,"position":3},"title":"TCS &amp; GST for Foreign Travel Remittances from India Explained","author":"Ann Mariya Job","date":"May 29, 2025","format":false,"excerpt":"Update: 04 Feb 2026 New TCS rates on sending money abroad have been proposed in the 2026 Budget. They'll be in effect from April 1st 2026. Dreaming of that perfect getaway overseas? Sending money for your travel expenses may seem straightforward, but did you know there could be taxes involved?\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"Illustration showing two travel suitcases surrounded by flying currency notes and a bold \"TAXES\" stamp overlay. On the left, the title \"TCS + GST: What You Really Pay for Overseas Travel\" is displayed.","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-tourism-outward-remittance.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-tourism-outward-remittance.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-tourism-outward-remittance.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-tourism-outward-remittance.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-tourism-outward-remittance.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-tourism-outward-remittance.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":6512,"url":"https:\/\/www.extravelmoney.com\/blog\/how-to-claim-tcs-refund-online-while-filing-itr\/","url_meta":{"origin":3089,"position":4},"title":"How To Claim TCS Refund Online When Filing ITR?","author":"Ann Mariya Job","date":"September 16, 2024","format":false,"excerpt":"Last Updated On: 07 April 2025 Overseas travel and money transfers often come with TCS (Tax Collected at Source) charges, but assuming the money is lost would be a mistake! Don\u2019t leave your hard-earned cash behind, because claiming a TCS refund or deduction is easier than you think. In this\u2026","rel":"","context":"In &quot;Currency Exchange&quot;","block_context":{"text":"Currency Exchange","link":"https:\/\/www.extravelmoney.com\/blog\/category\/currency-exchange\/"},"img":{"alt_text":"Illustration of hands exchanging money with arrows indicating refund cycle, accompanied by the text 'Get TCS Refund or Deduction for Forex Transactions' on a background of global currencies \u2013 ExTravelMoney branding at the bottom.","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/09\/TCS-Refund-Cover-Image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/09\/TCS-Refund-Cover-Image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/09\/TCS-Refund-Cover-Image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/09\/TCS-Refund-Cover-Image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/09\/TCS-Refund-Cover-Image.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/09\/TCS-Refund-Cover-Image.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":6034,"url":"https:\/\/www.extravelmoney.com\/blog\/hdfc-remitnow-international-money-transfer\/","url_meta":{"origin":3089,"position":5},"title":"HDFC RemitNow Overseas Money Transfer: Factors to Consider","author":"Ann Mariya Job","date":"July 25, 2024","format":false,"excerpt":"Are you planning to do your foreign remittance from India? RemitNow, the online foreign outward remittance portal of HDFC Bank is a dynamic platform to consider.\u00a0 RemitNow can be accessed by HDFC account holders on their HDFC NetBanking website or mobile app. Hence, you can skip the tiring bank visits\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"Man sending money abroad online in his laptop by referring to his card details. 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