Good evening Anil, I have made a remittance of around Rs 30 lakh abroad for education of my ward partly through FlyWire and balance through my bank account. Tax has been deducted.
My question is which form shall I choose for filing my IT Return and where do I report the remittance? I am a retired PSU employee.
Thanks for your help.
Ans: Hi, whenever you make a foreign remittance, you are required to file a declaration form (Form 15 CA). This should be done every time you make a foreign remittance and can be submitted online through your e- filing portal. Since you have transferred above 30 lakh, TCS (tax cleared at source) of o.5% is applicable (since this is education purpose).
To claim the TCS credits, you can use the ITR that you normally use. If your income consists only of pension and interest and you have not more than one income from house property, you can use ITR-1.