Shreyaa Kapoor Instagram – If exotic destinations like Bali, Maldives, or Dubai are on your bucket list, then you should know that the govt has increased the TCS from 5% to 20%!🙃
This means that from October, if you spend 4 Lakh on an overseas tour, you will be charged Rs.4,80,000 in total instead Rs. 4,20,000. 😅
While Tax experts have claimed the TCS to be “excessively high,” the govt has clarified that the 20% TCS is to target high-value discretionary spending. 🙌🏼
However, you can collect a TCS certificate from your bank and claim a refund when filing an ITR using form 26AS!🌱
Also note that while remittance for education (that exceeds 7Lakh) will only attract a TCS of 0.5%. But living/maintenance expenses, the source of which is not the education loan & sent by a parent to their child living abroad will attract a TCS of 20%. I have covered this already in a previous reel!🫡
What do you think about this decision? Comment below! 🙌🏼
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#traveltips #personalfinance #personalfinancetips #travelgram #taxtips | Posted on 03/Oct/2023 20:00:09
