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The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted,according to a senior official.The move also comes at a time when the g
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FAQ :
The government aims to align TCS with TDS to ensure that individual taxpayers' cash flow is not negatively impacted by these tax collections.
The 20% TCS on certain international spends is set to come into force from July 1st.
Yes, the government has exempted transactions up to £7 lakh from the 20% TCS, providing relief to small taxpayers.
TCS is the tax collected by a seller at the time of sale of goods or services, while TDS is the amount levied as tax by the government on income sources.
The Chief Economic Advisor has stated that the alignment and the exemption will ensure ordinary taxpayers do not see an impact on their cash flow.
Overseas medical treatment and education expenses up to £7 lakh a year are exempt from TCS. A 5% levy is charged on expenses exceeding £7 lakh, and for those with education loans, the rate is 0.5%.
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