TCS on foreign travel- perceive with Udaipur Tax Consultants

The experienced Chartered Accountants in Udaipur and Udaipur Tax Consultants breaks it down. Discover how your income tax return will reveal overseas trips.

Information about your foreign travel expenses will be visible in your IT return.

1. No TCS will be levied on sending money abroad under LRS (Liberalized Remittance Scheme) up to Rs 7 lakh. If it is more than Rs 7 lakh, there will be 5% TCS on education and medical.
2. If the money is sent through education loan, then 0.5% TCS will be charged.
3. If there is any purpose other than these then 20% will be charged.
4. At the same time, for foreign travel, as before, 5% TCS will be charged to the tour operator on payment up to Rs 7 lakh and 20% on more than that.
5. This will not be applicable on payments made abroad through International Credit Card.

Effect: Information about going abroad will be visible in the income tax return form of the taxpayer through TCS. This will allow monitoring. New TCS reporting rules for foreign travel in ITR form – top CA in Udaipur analyzes impact

Heading abroad? Best income tax consultant in Udaipur explains how TCS on foreign travel expenses means your trips will now show in IT returns. Rates vary from 0.5% to 20%