As per Finance Act, 2020, An authorized dealer (bank) receiving amounts from resident individuals has to collect 5% TCS, where the amount or the aggregate of the amount is Rs 7.0 lakh or more. The TCS covers all remittances made under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI). This TCS can be adjusted against the final tax liability of the person. You can get your monthly TDS reduced if it is a salaried individual or adjust against advance tax payment when the next instance falls due. Note: TCS provision will be applicable from October 1st 2020.