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Save 15% TCS on Foreign Trip #moneywithabhi #personalfinance #incometax #TCS #tds #travel #tax
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Save paying additional 15% tax to your travel agent till June 30 on your Foreign Trip.
Follow @abhishekaneja for content related to Money, Finance and Tax
If you are planning to travel to an international destination ✈ you will have to pay more to get the Foreign Exchange 💵. Finance Minister has considerably increased the rate of tax collection at source (TCS) in the Budget 2023 from 5% to 20%.
Let's take an example:
If you are planning to purchase an international tour package for Rs. 1 Lakh, at present the amount collected as income tax (TCS) by the tour operator from you at the time of booking will be Rs. 5000 and this will be increased to Rs. 20000 after the amended provision of the Finance Act 2023 becomes applicable from 1st July 2023
What will happen to the TCS?
Just like TDS and Advance Tax, TCS is considered as payment of income tax. The person from whom the TCS is collected can claim the credit of the income tax paid as TCS to the Forex dealer or Tour operator as TCS under section 206C(1G) at the time of filing of his Income Tax Return. In this case, it's important to obtain the TCS Certificate (Form 27D) from the Tour operator/ Forex dealer and it is also advisable to check the availability of tax credit in Form 26AS to avoid any problems in claiming the income tax credit later at the time of filing ITR.
Save this video and share it with your friends who are planning an international trip.
Follow @abhishekaneja for content related to Money, Finance and Tax
#money #Finance #personalfinance #incometax #tds #TCS #advancetax #savetax #taxsaving #travel #internationaltravel #tour #Budget #budget2023 #lrs #dubai #Singapore #Malaysia #touroperator #foreigntrip #Finance101 #travelabroad
#youtubeshort #youtubeshorts #viral #creator
Follow @abhishekaneja for content related to Money, Finance and Tax
If you are planning to travel to an international destination ✈ you will have to pay more to get the Foreign Exchange 💵. Finance Minister has considerably increased the rate of tax collection at source (TCS) in the Budget 2023 from 5% to 20%.
Let's take an example:
If you are planning to purchase an international tour package for Rs. 1 Lakh, at present the amount collected as income tax (TCS) by the tour operator from you at the time of booking will be Rs. 5000 and this will be increased to Rs. 20000 after the amended provision of the Finance Act 2023 becomes applicable from 1st July 2023
What will happen to the TCS?
Just like TDS and Advance Tax, TCS is considered as payment of income tax. The person from whom the TCS is collected can claim the credit of the income tax paid as TCS to the Forex dealer or Tour operator as TCS under section 206C(1G) at the time of filing of his Income Tax Return. In this case, it's important to obtain the TCS Certificate (Form 27D) from the Tour operator/ Forex dealer and it is also advisable to check the availability of tax credit in Form 26AS to avoid any problems in claiming the income tax credit later at the time of filing ITR.
Save this video and share it with your friends who are planning an international trip.
Follow @abhishekaneja for content related to Money, Finance and Tax
#money #Finance #personalfinance #incometax #tds #TCS #advancetax #savetax #taxsaving #travel #internationaltravel #tour #Budget #budget2023 #lrs #dubai #Singapore #Malaysia #touroperator #foreigntrip #Finance101 #travelabroad
#youtubeshort #youtubeshorts #viral #creator
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