Given that government has clarified that there would be no TCS on payments up to INR 7L in a financial year on payments done via CC/DC, so I’m wondering how do different banks keep a track of same?
Lets say a person remitted 7L via Bank A
Then went abroad and used up to 7L via Bank B DC
and further used 7L via Bank C CC!
so how do Banks A/B/C keep a track of same, and would in this case, Bank B and Bank C deduct TCS of 20%?
Lets say a person remitted 7L via Bank A
Then went abroad and used up to 7L via Bank B DC
and further used 7L via Bank C CC!
so how do Banks A/B/C keep a track of same, and would in this case, Bank B and Bank C deduct TCS of 20%?
