Tcs on foreign payment

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

Mitul Pujara

Pujara and Co

320, Shivalik Satyamev, Sardar Patel Ring Rd, Bopal, Ahmedabad, Gujarat 380058