If your foreign exchange crossed ₹10 lakh in a financial year, TCS was collected on the amount above it. It is tax paid in advance, credited to your PAN.
Check that it is credited
- Log in to the income-tax e-filing portal.
- Open your Annual Information Statement (AIS) or Form 26AS.
- Look for the TCS entry from the bank or money changer, with the amount and date.
It usually appears after the collector files its quarterly TCS return.
Claim it
When you file your income-tax return, the TCS is shown in the taxes-paid section. It is set off against your tax for the year; if it is more than your tax, the excess is refunded.
If it is missing
Ask us for the TCS certificate (Form 27D) and check that your PAN on the invoice is correct.
Avoid TCS where the law allows
- Education payments from an eligible education loan have no TCS.
- Company-paid business travel is not your LRS, so no TCS on you.
Use our TCS calculator before you buy.
