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.
Bu hikaye Business Today India dergisinin August 20, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today India dergisinin August 20, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
