16/06/2023 10:00 AM | Click to read full article
Starting from July 1, 2023, a tax collected at sources (TCS) of 20 per cent will apply to overseas tour packages. At present, if you book a foreign tour package, you have to pay a TCS of 5 per cent. While you can claim a refund on TCS while filing your income tax return, your refund amount will be locked till the time your claim for refund is processed in the next financial year. However, did you know that you can prevent this avoidable outgo as there are ways of saving this additional cost?