How can I pay TCS on overseas tour package?
TCS is applicable irrespective of the mode of payment, be it cash, debit from the bank account, credit card, or intermediaries like PayPal. Residents or Non-Residents, companies or firms, all have to pay TCS on tour packages, if the booking is done from India.
How can I deposit TCS on tour package?
Q5. How and When Tax has to be collected? Ans: If the Buyer of the Overseas Tour Programme Package quotes Permanent Account Number (PAN) or Aadhar Card Number, TCS will be made @5%, or else @10%.
How do I pay my TCS travel agent?
Traveller or the person whose PAN is being used to remit money abroad has to pay TCS. For overseas education, the parent or the student has to pay TCS. When remitting, in addition to all documents, travel agent will give remittance company TCS challan and declaration.
Is TCS applicable on foreign remittance?
As per income tax laws, TCS will be applicable on foreign remittances under the Reserve Bank of India’s (RBI) LRS if the total amount remitted exceeds Rs 7 lakh in a financial year. So, if the remittance amount does not exceed Rs 7 lakh in a fiscal, then you will not have to pay TCS.
What is overseas tour package?
Overseas tour programme package means any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto. General Provisions.
Is TCS refundable?
Yes, TCS can be claimed as refund in bank account.
Is TCS on LRS refundable?
Similar to tax deducted at source (TDS), the tax paid under TCS can be claimed back fully or partially as a refund while filing income tax return if the total income is below the tax threshold limit for the year. It can also be adjusted against an individual’s overall income tax liability.
Can I claim TCS on LRS?
TCS at 5% shall be applicable on all forex transactions under LRS, exceeding INR 7 lakhs in a financial year (except for remittances towards overseas education made out of loan obtained from a financial institution, for which TCS at 0.5% will be applicable).
What is TCS on foreign remittance?
Learn everything about tax collected at source (TCS) on foreign remittances. Tax Collected at Source (TCS) is a form of income tax procured by the seller of certain goods from the buyer.
Is TDS applicable on tour package?
A TDS provision has been introduced on tour packages also. The seller of overseas tour packages shall collect TCS of 5 per cent from the buyer. There is no lower limit on this provision.