Your payment instruction includes an ‘Authorization Letter’ which is typically the second page of the payment instruction PDF. Please show this letter to your bank which authorizes Convera to accept payments on behalf of your institution.
Yes, TCS paid can be adjusted against tax payable by filing the income tax returns (ITR) in India subject to applicable income tax provisions. The TCS remittance from the bank’s side will be reflected in Form 26AS of the Pan card holder.
When completing your payment, documentation will be requested and verified to assess TCS.
- ICICI Bank
- Collection of TCS is managed by branch staff at ICICI. They will complete a PAN look up, ask for a loan sanction letter, and then apply TCS, if applicable. ICICI will remit the tax to the appropriate authorities.
- Convera Agent
- Collection of TCS is managed by branch staff at the Convera Agent location. They will complete a PAN look up, ask for a loan sanction letter, and then apply TCS, if applicable. Each Agent will remit the tax to the appropriate authorities.
- INR bank transfer NEFT/RTGS
- Our banking partner in India is responsible for collecting the TCS amount, which will be displayed on your payment instructions and added to the amount due. You must remit the full amount (amount owed to your Institution and TCS). Our banking partner in India will withhold the amount of TCS payable and remit those funds to the appropriate authority and your institution will receive the full amount owed.
Under LRS, payers can send up to Rs 7 lakh per year without being subject to TCS for education tuition or fees. If international payment crosses the threshold of Rs 7 lakh and is financed by a loan from any approved financial institution, a TCS of 0.05 percent will be levied. The Rs 7 lakh threshold for LRS is a combined threshold, applicable to TCS on all LRS transactions, regardless of the purpose of the remittance. Any international payment beyond Rs 7 lakh for education purposes, not obtained through a loan, will carry a TCS tax rate of 5 percent.
Tax Collected at Source (TCS) is an income tax collected on international money transfers falling under the Liberalized Remittance Scheme (LRS) given in Section 206C of the Income Tax Act 1961. The LRS is a scheme that allows a resident individual to send money internationally up to USD 250,000 every financial year. TCS came into effect from October 1, 2020. For further details, please refer to the RBI directions here.
Payers from India can send their payment using a Money Transfer Agent (Thomas Cook, Paul Merchants, or Ebix). After selecting your preferred Agent during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘proceed to pay’ and will be presented with payment instructions to complete your transfer.
Next, you must visit the agent location detailed in your payment instructions to complete your payment. Documentation required includes a student passport, an institution admission letter, and proof of current address.
Your payment is typically delivered to your institution within five business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.
India residents can complete their payment in INR by transferring funds via RTGS/NEFT to Convera (25,000 USD limit applies). After selecting ‘bank transfer NEFT/RTGS’ during checkout, you will be prompted to provide the required student and payer information. Please note that you must provide your PAN card and government issued ID during checkout. Once completed, you will select ‘proceed to pay’ and will be presented with payment instructions to complete your transfer.
Next, you must complete your transfer using your payment instructions. Please note that TCS tax will be levied when using this option at the time of payment. Convera is unable to validate whether the sender of the funds has already hit the Rs 7 lakh limit.
Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. LINK. Please allow at least 24 hours after completing your payment for the status to update.
ICICI is supported for India residents. You are not required to have an ICICI bank account to use this option. After selecting ICICI during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘proceed to pay’ and will be presented with payment instructions to complete your transfer.
Next, you must visit an ICICI branch in person to complete your transfer. If you are a non-ICICI account holder, you must transfer your funds to the ICICI Bank pooled account which will be detailed in your payment instructions. You must bring the following to your local ICICI Bank branch to complete your transaction: Completed Retail Outward Remittance Application, proof of identity (ex. passport, voter ID), your PAN card, and a copy of your sanction/disbursement letter (if your fees are funded by a loan).
Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.”
Payers from India can send their payment using a credit or debit card issued by Visa or Mastercard. After selecting a credit or debit option during checkout, you will be prompted to provide the required student and payer information, once completed you will select ‘proceed to pay.’
You will be asked to enter your card details. As part of 3D secure, which is a fraud protection measure for online card transactions, you may be requested to complete two-factor authentication prior to your payment being authorized.
Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.
Please note individual card limits may apply, please contact your card issuing bank for more information.
Depending on your institution, Convera offers the below payment methods for payers whose bank account is in India:
- Visa or Mastercard Credit or Debit Card
- Bank transfer via ICICI, INR Bank Transfer NEFT/RTGS, Paul Merchants, Ebix, or Thomas Cook
When completing your payment, you will be able to view all available payment options based on your institution and be able to compare price and speed of settlement.