WANT TO TRAVEL ABROAD? What if you have to shell out a few lakhs more upfront? Well, guess what, that’s just what you may have to do if you wish to travel abroad in a few months.
This is a result of the increase in tax collected at source (TCS) on some foreign transactions, like foreign tour packages, to 20 per cent (from the current 5 per cent) that Union Finance Minister Nirmala Sitharaman announced in the Budget for 2023-24.
According to Amit Singhania, Partner at Shardul Amarchand Mangaldas & Co, the government appears to have calculated that a person travelling abroad must fall in the 20 per cent income-tax bracket, which means they must earn ₹12–15 lakh a year.
WHAT IS TCS?
It is a tax collected at source (TCS) by the agent from the buyer on booking tour packages, or any other remittance abroad.
HOW DOES IT AFFECT YOUR TRAVEL?
If you spend ₹10 lakh on a foreign tour package after October 1, your TCS will almost double to around ₹1 lakh.
WHICH TRANSACTIONS ARE AFFECTED?
TCS applies to several foreign transactions, including on education loans, medical treatment and foreign tour packages.
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