tcs new rules on overseas tour package for the financial year 2026-2027
TCS on Overseas Tour Package
Earlier:
- Below 7Lakhs: 5%
- Above 7Lakhs: 20%
WEF: 01.04.2026:
- Uniform 2% flat
TCS full form and definition in Taxation.
TCS full form is Tax Collection at Source
Tax Collected at Source (TCS) is a tax collection mechanism under Section 206C of the Income-tax Act, 1961, under which specified sellers are required to collect tax from buyers, licensees, or lessees at the time of specified transactions. The tax collected is then deposited with the Central Government. It is collected on notified goods and specified transactions at the prescribed rates and can generally be claimed by the buyer as a tax credit while filing their income tax return, subject to applicable provisions.
source:
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