A tax certificate is a document issued by the Government of India as confirmation the corresponding tax for a foreign currency transaction has been paid.
If you have selected to pay via Bank Transfer in INR, Flywire will request for the payer/bank account holder/loan borrower’s PAN details. The PAN (Permanent Account Number) of the payer will be used in determining TCS applicability.
Our local payment partner will assist to calculate and file the TCS with the local authorities and issue a quarterly TCS tax certificate to the payer’s email directly. The tax certificate can be used to claim the amount when filing your annual tax return.
You can find our local partner’s contact details in your payment instructions and you can contact them directly if you have any questions about the calculation of TCS or the certificate.