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of <h1>Income-tax Act Section 206C amended: Tax collection rules for overseas tours and expenses updated effective July 1, 2023.</h1> Section 206C of the Income-tax Act is amended as follows: In sub-section (1G), the word 'twenty' is replaced with 'five' effective from July 1, 2023. The phrase 'and is for the purposes of education or medical treatment' is removed from the first proviso, also effective from July 1, 2023. From October 1, 2023, the word 'five' is replaced with 'twenty' in the second proviso, and the phrase 'is for the purposes of' is changed to 'is for purposes other than.' A new clause mandates a 20% collection on overseas tour packages exceeding seven lakh rupees annually, effective October 1, 2023. A transitional provision applies from July 1 to October 1, 2023, adhering to the rules as of April 1, 2023.
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