Read Anywhere and on Any Device!

Special Offer | $0.00

Join Today And Start a 30-Day Free Trial and Get Exclusive Member Benefits to Access Millions Books for Free!

Create Free Account

Quick and Easy Sign Up!

It takes less then 1 minute to sign up, then you can enjoy Unlimited eBooks.

Sign Up Browse

Read Anywhere and on Any Device!

  • Download on iOS
  • Download on Android
  • Download on iOS

Taxmann’s Analysis | Know the New TCS Provisions on LRS and Overseas Tour Packages

Taxmann
4.9/5 (13250 ratings)
Read Now Download Now ⏭ listen AudioBook
Description:Section 206C requires the collection of tax by the seller from certain transactions like the sale of alcohol, liquor, forest produce, scrap, and so forth. Sub-section (1G) of Section 206C requires tax collection on foreign remittances made under the Liberalised Remittance Scheme (LRS) and on the sale of Overseas Tour Program Packages (OTPP). The Finance Act 2023 has brought substantial changes in the provisions related to the collection of tax at source under section 206C(1G). It amended the provisions of Section 206C(1G) as follows (effective from July 01, 2023): ‣ The threshold limit of Rs. 7 lakhs in respect of remittance under LRS is to be removed; ‣ TCS rate in respect of remittance under LRS and on the sale of OTPP is increased from 5% to 20%; ‣ 5% TCS shall apply if remittance is for education or medical treatment [first proviso to Section 206C(1G)]; and ‣ Tax is to be collected when the remittance is for education or medical treatment and the aggregate of remittance exceeds Rs. 7 lakhs [second proviso to Section 206C(1G)]. In response to the comments and suggestions submitted by the Stakeholders, the Govt. has decided to change the TCS provisions. The Govt. has released a press release announcing several changes to Section 206C(1G). This article briefly analyses the changes introduced in Section 206C(1G) and the TCS rates applicable to various remittances.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Taxmann’s Analysis | Know the New TCS Provisions on LRS and Overseas Tour Packages. To get started finding Taxmann’s Analysis | Know the New TCS Provisions on LRS and Overseas Tour Packages, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.
Pages
10
Format
PDF, EPUB & Kindle Edition
Publisher
Taxmann Publications Private Limited
Release
2023
ISBN
lrs

Taxmann’s Analysis | Know the New TCS Provisions on LRS and Overseas Tour Packages

Taxmann
4.4/5 (1290744 ratings)
Read Now Download now ⏭ listen AudioBook
Description: Section 206C requires the collection of tax by the seller from certain transactions like the sale of alcohol, liquor, forest produce, scrap, and so forth. Sub-section (1G) of Section 206C requires tax collection on foreign remittances made under the Liberalised Remittance Scheme (LRS) and on the sale of Overseas Tour Program Packages (OTPP). The Finance Act 2023 has brought substantial changes in the provisions related to the collection of tax at source under section 206C(1G). It amended the provisions of Section 206C(1G) as follows (effective from July 01, 2023): ‣ The threshold limit of Rs. 7 lakhs in respect of remittance under LRS is to be removed; ‣ TCS rate in respect of remittance under LRS and on the sale of OTPP is increased from 5% to 20%; ‣ 5% TCS shall apply if remittance is for education or medical treatment [first proviso to Section 206C(1G)]; and ‣ Tax is to be collected when the remittance is for education or medical treatment and the aggregate of remittance exceeds Rs. 7 lakhs [second proviso to Section 206C(1G)]. In response to the comments and suggestions submitted by the Stakeholders, the Govt. has decided to change the TCS provisions. The Govt. has released a press release announcing several changes to Section 206C(1G). This article briefly analyses the changes introduced in Section 206C(1G) and the TCS rates applicable to various remittances.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Taxmann’s Analysis | Know the New TCS Provisions on LRS and Overseas Tour Packages. To get started finding Taxmann’s Analysis | Know the New TCS Provisions on LRS and Overseas Tour Packages, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.
Pages
10
Format
PDF, EPUB & Kindle Edition
Publisher
Taxmann Publications Private Limited
Release
2023
ISBN
lrs

More Books

Taxmann's Business Statistics

Taxmann's Business Statistics

4.4/5 (1,282,506 ratings)

Taxmann's Fundamentals of Business Statistics

Taxmann's Fundamentals of Business Statistics

4.2/5 (4,466 ratings)

Taxmann's Computer Applications in Business (Choice Based Credit System)

Taxmann's Computer Applications in Business (Choice Based Credit System)

4.1/5 (1,751 ratings)

Taxmann's Cyber Crimes & Laws

Taxmann's Cyber Crimes & Laws

4.5/5 (743 ratings)

Taxmann's Business Laws (CBCS) (B.Com.)(5th Edition December 2019)

Taxmann's Business Laws (CBCS) (B.Com.)(5th Edition December 2019)

4/5 (647 ratings)

Taxmann The 7 laws of Clearing CA Final

Taxmann The 7 laws of Clearing CA Final

4/5 (647 ratings)

Taxmann's Financial Accounting, Volumes 1 & 2

Taxmann's Financial Accounting, Volumes 1 & 2

4.7/5 (647 ratings)

Taxmann's Students' Guide to Income Tax Including GST: Problems & Solutions

Taxmann's Students' Guide to Income Tax Including GST: Problems & Solutions

4.6/5 (647 ratings)

Taxmann Companies Act 2013

Taxmann Companies Act 2013

4.9/5 (647 ratings)
loader