Is TCS applicable on tour package?
Ans: Yes, all the Sellers (including an Individual or HUF) irrespective of their Turnover in the Previous Year are liable to collect TCS. Hence all those Sellers of Overseas Tour Programme Package who are liable to collect the Tax must apply for Tax Deduction and Collection Account Number (TAN).
How can I pay TCS on tour package?
The TCS so collected by the Tour Operator for sale of overseas tour package needs to be deposited by the tour operator with the Union Government within the prescribed time. The tax so deposited will be available as tax credit to the buyer against this annual income tax liability.
What is TCS in tourism?
According to CA Hari Das Bhat, Partner, GMJ & Co, levying TCS is government’s move to bring people travelling abroad under tax net. … A travel agent’s duty is to collect tax from overseas tour package (OTP) buyer and pay to the government.
What is TCS tax in travel?
4. WHAT IS THE RATE OF TCS? Tax shall be collected by seller of an overseas tour programme package @ 5% if buyer has furnished his PAN, otherwise tax shall be collected @ 10% in accordance with section 206CC.
How do I claim TCS on foreign remittance?
If you’re unable to adjust the TCS amount, you can claim a refund to your account directly. Any TCS paid for foreign remittance will be reflected in the Form 26AS of the remitter. You will get a TCS certificate from the financial institution or Forex Company who collected the tax.
Is TCS applicable on flight tickets?
No. Simple sale of air tickets will not attract TCS unless or until it is a complete package itself. If the person has bought overseas a tour package now but will be travelling after 01.04. 2020.
What is TCS percentage?
The rate is notified by the CBIC in Notification no. 52/2018 under CGST Act and 02/2018 under IGST Act. This means for an intra-state supply TCS at 1% will be collected, i.e 0.5 % under CGST and 0.5% under SGST. Similarly, for a transaction between the states, the TCS rate will be 1%, i.e under the IGST Act.
What is long form of TCS?
Tax Collected at Source (TCS) is a tax payable by a seller which he collects from the buyer at the time of sale of goods. Section 206 of the Income Tax Act mentions the list of goods on which the seller should collect tax from buyers.
How can I claim my TCS amount?
Any GST portal user can click on ‘TDS and TCS credit received’ tile available on return dashboard after logging in. This can help them to claim or reject the credit of TDS and TCS deducted or collected by their corresponding Government deductor or e-commerce operator.
What is TCS in Maldives?
Starting October 1, if you are travelling abroad for leisure or work, be prepared to shell out an additional 5% as TCS (Tax Collected at Source).
Are TCS holiday homes free?
TCS has tie ups with these hotels and the stays are completely free of cost, except the food bills incurred and they aren’t scamming through this because there isn’t any other money involved.