Travelling abroad becomes costly!

Travelling abroad becomes costly!

New TCS Rule

New TCS Rule

Going on a foreign vacation will cost you more. From July 1, the Govt of India has proposed to increase the rate of TCS on foreign remittances. Read on for details

Going on a foreign vacation will cost you more. From July 1, the Govt of India has proposed to increase the rate of TCS on foreign remittances. Read on for details

At present, TCS on remittances made for booking overseas tour packages is 5% without any threshold limit.

At present, TCS on remittances made for booking overseas tour packages is 5% without any threshold limit.

The government has proposed to increase the rate of TCS on foreign remittances under the Liberalised Remittance Scheme to 20% from 5%.

The government has proposed to increase the rate of TCS on foreign remittances under the Liberalised Remittance Scheme to 20% from 5%.

Unlike TDS, where tax is deducted when one receives payment, TCS is collected on the expenses made.

Unlike TDS, where tax is deducted when one receives payment, TCS is collected on the expenses made.

However, the revised rate will not apply for remittances made for the purpose of foreign education and medical treatment

However, the revised rate will not apply for remittances made for the purpose of foreign education and medical treatment