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TMI BlogWidening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit.X X X X Extracts X X X X X X X X Extracts X X X X ..... nce through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit. Section 206C of the Act provides for the collection of tax at source (TCS) on business of trading in alcohol, liquor, forest produce, scrap etc. Sub-section (1) of the said section, inter-alia, provides that every person, being a seller shall, at the time of debiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a, at the rate of five per cent. In non- PAN/Aadhaar cases the rate shall be ten per cent. • A seller of an overseas tour program package who receives any amount from any buyer, being a person who purchases such package, shall be liable to collect TCS at the rate of five per cent. In non-PAN/ Aadhaar cases the rate shall be ten per cent. • The above TCS provision shall not apply if t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be defined to mean 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 expense of similar nature or in relation thereto. Further, in order to widen and deepen the tax net, it is proposed to amend section 206C to levy TCS on sale of goods above specified limit, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f a foreign State, a local authority as defined in 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 conditions as prescribed in such notification. • No such TCS is to be collected, if the seller is liable to collect TCS under other provision of section 206C or the buyer i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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