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Travel agents in crisis mode with more tax compliance and travellers who are self-reliant | India News

India News: A recent survey by Hansa Research reveals that 71% of Indians prefer planning their holiday trips independently, signaling a decline in the use of tra

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tour operators: Travel firms urge govt to defer TCS on overseas trips

Travel firms and operators in India are seeking a deferment of the October 1 deadline for a 20% tax collected at source (TCS) on spending above Rs 7 lakh on overseas tours. They argue that there is no proper mechanism to monitor spending across multiple sources, and that the responsibility for tracking these expenses should lie with the banking system rather than travel operators.

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TCS: Travel agents body calls for abolishing TCS ahead of its implementation from Oct 1

The Travel Agents Association of India (TAAI) has appealed to the Indian government to abolish or defer the implementation of the new Tax Collection at Source (TCS) on foreign remittances until the next fiscal year. The TCS, which has been raised from 5% to 20% on foreign remittances under the Liberalised Remittance Scheme, will be applicable to international travel and other remittances.

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Travel agents body calls for abolishing TCS

As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.

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TAAI appeals to FM for abolishing TCS ahead of its implementation on October 1

TAAI appeals to FM for abolishing TCS ahead of its implementation on October 1
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