New provision of tcs introduced in budget 2020 shall be effective from 1st October 2020
Any payment exceeding 7 lacs need to undergo this procedure
Ad code bank shall collect additional 5% tcs from remitter and deposit in the pan of remmiter
This is major change with respect to rbi liberalized scheme and will bring more transparency to income tax department.
It will have significant impact on business working capital who avail services out of India and make outward remittance
Pujara and Co
320, Shivalik Satyamev, Sardar Patel Ring Rd, Bopal, Ahmedabad, Gujarat 380058