12 December 2023
DEAR SIR I DEPOSITED 380000/ AS BOOKING AMOUNT FOR US TOUR IN FINANCIAL YEAR 19-20 TO TOUR OPERATOR.BUT I UTILISED THAT MONEY IN MAY 2023 AND COMPLETED MY TOUR. NOW I AM BOOKING FOR CANADA TOUR . AND TOUR OPERATOR IS ASKING ME TO SUBMIT TCS FORM . WILL THE AMOUNT OF 380000/WHICH I DEPOSITED IN FINANCIAL YEAR 19-20 BUT UTILISED MONEY IN MAY2023,WILL BE ADDED IN THIS TCS FORM?
15 January 2024
I think TCS impact will be from the time of booking and not deposit of money. When you book, offline or online, overseas tour packages of more than Rs 7 lakh in a financial year, you have to pay TCS at 20% from October 1, 2023. If the foreign tour packages cost up to Rs 7 lakh, TCS will be levied at 5%.
CAclubindia
