New TCS on Overseas Tour Package & Foreign Remittance I Income Tax I CA Satbir Singh

Join Membership and Get Exclusive Videos and Posts for Members only https://www.youtube.com/channel/UCDy5n4YEOg6daXPT-P-eESA/join #TravelAgent #foreignTour #SendmoneyOutsideIndia Amendment of section 206C. . In section 206C of the Income-tax Act,–– (I) after sub-section (1F), the following sub-sections shall be inserted, namely:–– ' (1G) Every person,–– (a) being an authorised dealer, who receives an amount, or an aggregate of amounts, of seven lakh rupees or more in a financial year for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India; (b) being a seller of an overseas tour program package, who receives any amount from a buyer, being the person who purchases such package, shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to five per cent. of such amount as income-tax: Provided that the provisions of this sub-section shall not apply, if the buyer is,–– (i) liable to deduct tax at source under any other provision of this Act and has deducted such amount; (ii) the Central Government, a State Government, an embassy, a High Commission, a legation, a commission, a consulate, the trade representation of a foreign State, a local authority as defined in the Explanation to clause (20) of section 10 or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein. Explanation.––For the purposes of this sub-section,–– (i) “authorised dealer” means a person authorised by the Reserve Bank of India under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 to deal in foreign exchange or foreign security; (ii) “overseas tour program package” means any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto Members Only Video Playlist https://www.youtube.com/playlist?list=PL-DdSi94kMoPBMSiyKrdxgjdY8NGDQMEo Learn GST with CA Satbir Singh on Unacademy https://unacademy.com/user/casatbirgill-2113 TaxHeal Mobile App Download : https://play.google.com/store/apps/details?id=com.taxheal Subscribe Taxheal by Email : https://feedburner.google.com/fb/a/mailverify?uri=TaxHeal&loc=en_US Daily GST News Taxheal : https://www.youtube.com/playlist?list=PL-DdSi94kMoNNveKGgU-I8Zbn6MAP9LER DISCLAIMER ******** This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.