Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit.
1 February, 2020
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Tax Collected at Source expanded to cover overseas remittances, tour packages and sales-based collections with specified exemptions. Amendments expand Tax Collected at Source (TCS) under section 206C to require authorised dealers to collect TCS on specified overseas remittances under ... Summary
Tax Collected at Source expanded to cover overseas remittances, tour packages and sales-based collections with specified exemptions.
Amendments expand Tax Collected at Source (TCS) under section 206C to require authorised dealers to collect TCS on specified overseas remittances under LRS and sellers to collect TCS on sale of overseas tour packages, both with higher rates for non-PAN/Aadhaar cases and specified exemptions. Separately, sellers with turnover above a prescribed threshold must collect TCS on sale of goods above a set consideration limit, subject to notification-based exemptions and exclusions for certain government and diplomatic entities. Provisions take effect from 1 April 2020.
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