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Planning an international trip? How 20% TCS from next month will impact your foreign travel plans
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₹7 lakh a year through international credit and debit cards will be subject to TCS levy at the rate of 20 per cent effective 1 October 2023. Yes, taxpayers can claim a TCS refund in your Income Tax Return.
“Individuals will see a higher bill on their cards, potentially blocking money for several months until a return is filed/refund is claimed and tax already collected is adjusted. Taxpayers may now have to keep track of these TCS entries in their Form 26AS," said Archit Gupta, Founder, and CEO, Clear.
Read more on livemint.comAbout this in other media
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20% TCS from October 1: No TCS on credit card but forex card could save more during international trips; know how economictimes.indiatimes.com /1 year ago
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