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Funding my foreign firm: Can I avoid TCS?
Mint Hyderabad
|March 25, 2025
I have incorporated an IT company abroad. I want to transfer money to my own account abroad and give a loan to my company outside India. Can I avoid TCS by doing this?
—Name withheld on request.
Tax collected at source, or TCS applies to all remittances under the Liberalised Remittance Scheme (LRS) according to the Income Tax Act, 1961. LRS allows a resident individual to remit up to $250,000 per fiscal year (April-March) for various purposes, including current account transactions (foreign travel, education) and capital account transactions (investments, property purchase abroad).
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