Back to Canada Portalremittance Compliance
LRS TCS Remittance Calculator
Estimate bank TCS collections on outward money transfers from India to Canada.
What is LRS TCS? Under the Reserve Bank of India (RBI) Liberalised Remittance Scheme, outward remittances from India to Canada are subject to Tax Collected at Source (TCS). TCS is not a final tax sink; it is an advance tax payment that can be claimed as a credit in your Indian ITR or refunded. However, it locks up liquidity at the bank level.
Transfer Parameters
Note: 10 Lakhs = 10,00,000 INR
TCS Cost Breakup
TCS to be Collected by Bank
₹60,000 INR
TCS Rate: 20%Total Financial Cost Breakup
| Principal Transfer Amount | ₹10,00,000 INR |
| TCS Collection | +₹60,000 INR |
| Total Bank Debit Cost | ₹10,60,000 INR |
How to Claim Refund: Ensure your PAN card is linked to the remittance. The bank will upload the TCS to your Form 26AS. You can adjust this amount against your Indian income tax liability or claim a full refund by filing your annual Indian ITR (Form ITR-1 or ITR-2).