When I remit money abroad through AU Bank, how does the bank know how much of my LRS limit I've already used this year, and how is TCS applied once I cross ₹10 lakh?
1 Answers
AU Bank's portal links with the RBI's CBS data to automatically fetch your utilised LRS limit for the current financial year. If your total remittances cross the ₹10 Lakh threshold, the bank's system will automatically calculate and deduct the 20% TCS at the time of the transfer. (You can claim this TCS back when you file your ITR)
Related: Worthify's LRS remittance calculator, check how much of your LRS limit a transfer uses, and any TCS.
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