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Finance Bill 2020 has amended Tax collection at Source (TCS) provisions in order to widen and deepen its tax base by including remittance under liberalised remittance scheme, sale of overseas tour packages and sale of goods. This change shall come in force from 1st October 2020. Under this new changes TCS is required to be collected at the time of receipt OR debiting the amount whichever is earlier.

New TCS Provisions

Sl.No.

Section

TCS Nature of Goods

1

Section 206C(1G)(a)

Foreign Remittance through Liberalised Remittance Scheme, Education loan taken under 80E and Remitted out of India

3

Section 206C(1G)(b)

Sale of overseas tour package

4

Section 206C(1H)

Sale of any goods [Except goods on which TCS is applicable as per section 206C(1), 206C(1F) and 206C(1G)]


How to configure new TCS updates in Tally

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