Home Posts tagged TCS
Top Stories Trade Associations Trade News
Speaking in the Lok Sabha today, the Finance Minister  stated, “It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) & they escape tax collection at source. The RBI is being requested to look into this with a view to bring credit card […]Continue Reading
Top Stories Trade Associations Trade News
IATO expresses its sincere gratitude to the Government for withdrawing completely 5 percent Tax Collection At Source (TCS) charged on sale of overseas tour packages to foreign tour operators. The same was earlier withdrawn only for individual foreign tourists but now on IATO’s representation, Govt. has announced removal of tax, both on individual foreign tourists […]Continue Reading
Top Stories Trade Associations
The Western Region Chapter of Travel Agents Federation of India (TAFI) organised an educative session on TCS (Tax Collected at Source) in Mumbai recently. The aim was to dispel doubts about the new law for outbound travel. Rajesh P. Shah, Partner, Jayantilal Thakkar & Co, who was one of the speakers at the event told […]Continue Reading
Domestic Top Stories Trade News
The Centre on Thursday said domestic tour operator is now not required to collect tax on sale of overseas tour packages to non-resident individuals visiting India. The Central Board of Direct Taxes (CBDT) has relaxed the provision of Tax Collected at Source of 5% under section 206C(1G) of the Income Tax Act, 1961. Section 206C […]Continue Reading
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