The Finance Act, 2020 has substantially expanded the provisions related to tax collected at source (TCS). Sub-section 1(G) and 1(H) was added to section 206C for collection of tax on overseas tour travel package, remittance of Forex under LRS and sale of goods in excess of Rs. 50 lakh. Now, the CBDT has amended Rule 31AA and annexure to Form 27EQ to incorporate necessary changes related to new TCS provisions.The Finance Act, 2020 has substantially expanded the provisions related to tax collected at source (TCS). Sub-section 1(G) and 1(H) was added to section 206C for collection of tax on overseas tour travel package, remittance of Forex under LRS and sale of goods in excess of Rs. 50 lakh. Now, the CBDT has amended Rule 31AA and annexure to Form 27EQ to incorporate necessary changes related to new TCS provisions.taxmann.com Latest Statutory HappeningsRead More
