TDS on Amount more than 10 lacs

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Hi All,

I wanted to ask, If TDS starts deducting when amount invested exceeds 10 lacs. what is the procedure, Can you guide

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@Deepak_Horizon_440 yes the TCS (not an additional tax but its a tax collected at source, in a way its an advance tax) starts after you cross 10L of remittances. The bank will deduct it from your account when you transfer

So say you initiate a transfer for 11L and the exchange rate is 88, the bank will transfer the full 11L or $12,500 and on will deduct 20% on the 1L, so INR 20k separately

You can treat this 20,000 as advance tax or claim as credit when you file or reduce your salary TDS if you get monthly income

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