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A new TCS nature of goods has been introduced under Section 206C(1G)(b) where a seller of an overseas tour package receiving any amount from buyers purchasing the package is liable to collect TCS from the buyer and remit it to the department.

The table below will give you all the information related to TCS on Sale of Overseas Tour Package.

Name

Sale of Overseas Tour Package

Section Code

206C

Payment Code

Yet to be provided by the department
Note: As the Payment Code is not yet notified by the department this field will be left blank and the same will not be printed on ITNS Challan 281.

Rate of Tax

With PAN/Aadhaar – 5%
No PAN/Aadhaar – 10%

Threshold Limit

NA

Effective From

01-10-20

Note: Standardized terms with explanation

  • Overseas tour program package: Any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses of travel or hotel stay or boarding or lodging or any other expenditure of similar nature of in relation thereto.

Record Sales Invoice for Tour Packages

While receiving amount for the overseas tour packages sold the travel agency should collect TCS duty @ 5% from the buyer. The sales invoice will appear as shown below:

Record Receipt Voucher for Tour Packages

You also use receipt voucher to record the amount received on sale of overseas tour package and collect TCS. The  receipt voucher appears as shown below:

TCS Duty Payment

The TCS duty payment is to be made to the department on or before 7th of next month. You can record TCS duty payment transaction and see its effect in ITNS Challan 281 print.

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