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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Mar 10, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by KL on Feb 02, 2023Hindi

Money

can Tax Collected at Source at the time of Foreign remittance be deducted from my tax liability. For example, if my tax liability in a financial year is , Rs . 287000 and TCS in that financial year is Rs 96000. can I have tax liability reduced by 96000? Please clarify. Thanks a lot

Ans: Yes you can

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello Tejas, My childr is currenly studying in the US. I have made two remittances overseas, for her tution and maintenance fee, during the finacial year 2022-23. A certain percentage of the amount has been deducted as tax, by the bank. The bank has also issued a certificate for this deduction. This I think is refundable under the current RBI remittance rule. How can I seek a refund of this amount from the income tax department. Thank you

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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