Remittance TCS Calculator (LRS)

Calculate TCS on foreign remittances under LRS. Covers education, travel, investment, and gift remittances. Find your TCS liability and how to claim it back.

LRS & TCS on Foreign Remittance Calculator

Tax Collected at Source on foreign remittances under LRS

Remittance amount Rs 15L
Rs 10KRs 2Cr
Rs
Purpose
Prior LRS remittances this FY Rs 0

Remittances already made in the current financial year before this transaction

Rs 0Rs 50L
Rs
TCS payable
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collected by bank upfront
Total you pay
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remittance + TCS
TCS credit in ITR
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adjustable vs tax
Remittance amount---
Prior LRS this FY---
Total LRS this FY---
Taxable base (above Rs 7L)---
TCS rate---
TCS payable---
ITR credit (refundable)---
Remittance vs TCS
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Rates and regulations are indicative. Verify current rules with your bank, SEBI, or tax advisor before transacting.

TCS comparison by remittance purpose
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ThriftRupee Insight

TCS on LRS (above Rs 7 lakh/year) is NOT an additional tax — it is an advance tax credit. If your total income tax liability for the year is, say, Rs 1 lakh, and you paid Rs 80,000 TCS on remittances, you only owe Rs 20,000 at filing. But TCS locks up your money until you file returns — at 20%, sending Rs 10 lakh abroad means Rs 2 lakh held by the government until you file ITR. Plan remittances carefully to manage this cash flow impact.

LRS & TCS on Foreign Remittance Calculator

Calculate TCS on foreign remittances under LRS. Covers education, travel, investment, and gift remittances. Find your TCS liability and how to claim it back.

Frequently asked questions

What is TCS under LRS and who pays it?▼
TCS (Tax Collected at Source) under LRS is collected by the bank at the time of remittance. The bank acts as TCS collector. Rates from October 2023: 20% on all LRS remittances above Rs 7 lakh/year, except education loans (0.5% above Rs 7L) and medical treatment (5% above Rs 7L). TCS is reflected in Form 26AS and can be claimed against income tax liability.
What is the LRS limit for foreign remittance?▼
The Liberalised Remittance Scheme (LRS) allows resident individuals to remit up to USD 250,000 per financial year for permitted transactions including education, travel, maintenance of relatives abroad, gifts, investment in foreign assets, and medical treatment. TCS applies above the Rs 7 lakh threshold within this USD 250,000 limit.
Can I avoid TCS on foreign remittances?▼
TCS cannot be avoided if your LRS remittances exceed Rs 7 lakh in a financial year. However, you can claim TCS as credit against your income tax liability. If your income tax liability is less than the TCS paid, you get a refund when filing your ITR. TCS does not apply to: current account transactions not under LRS (like importing goods for business), or credit card expenses abroad (though this is under review by RBI).

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