Corporate tax alert has been saved
Corporate tax alert
Clarifications on TCS on LRS and purchase of overseas tour program
The Central Board of Direct Taxes (CBDT), vide Circular No. 10/2023 dated 30th June 2023, has extended the date of applicability of increased rate of Tax Collection at Source (TCS) under section 206C(1G) of the Income-tax Act, 1961
(ITA), from 1 July 2023 to 1 October 2023. Further, the CBDT has also issued certain clarifications in relation to the applicability of TCS on transactions covered under the Liberalised Remittance Scheme (LRS) and purchase of overseas tour program.
