TCS Under Income Tax – Provisions Applicable from 01.10.2020

• September 1, 2020
• CA Chandan Agarwal's Office

Tax Collected at Source Under Income Tax – New Provisions Applicable from 01 October 2020

Introduction

Finance Act, 2020 introduced 3 new provision under Tax Collected at Source (“TCS”):

TCS on foreign remittance through LRS;

TCS on selling overseas tour packages; and

TCS on sales of any goods

TCS unlike TDS is required to be collected additionally along with consideration for certain transaction;

That is TCS is required to be collected by the payee;

Whereas, TDS is required to be deducted on certain payments made by the payer for certain transactions.

Read more on: https://taxguru.in/income-tax/tcs-income-tax-provisions-applicable-01-10-2020.html