As per Govt rules, 5% TCS will be applicable on spends towards International Holiday packages for cumulative spends (within or outside WorldTripPlan) up to Rs 10 Lakhs in a financial year and @20% for incremental spends beyond Rs 10 Lakhs in the same financial year. TCS is neither a cost nor additional tax, it can be fully adjusted against income tax liability and excess, if any, can be claimed as refund. | ||
How to claim your TCS? | ||
Verify your TCS credit TCS credit would automatically reflect in your Form 26AS on quarterly basis. | Claiming your credit TCS can be fully adjusted against the income tax payable on any other income such as interest, rent, capital gains, etc. | Claim refund In case there is no income tax payable, you can claim the refund of TCS amount at the time of filing your IT return. |
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