TCS on Kailash Mansarovar Yatra

Rate of TCS Applicable on Overseas Remittance on Travel

Liability of an Individual to Pay TCS

TCS is a tax based on the basis of threshold limit of an individual. It is the responsbility of the Company to collect applicable TCS from travellers based on the eligibility and liability self declared by the traveller. Therefore this is the legal liability of an individual Indian resident to provide us a self-declaration for TCS rate applicable on him/her based on the total spend he/she may have done within the given financial year. The traveller or remitter must declare the percentage of TCS appliable and the amount of the TCS must be deposited through the Company.

TCS Adjustment in Tax Filling

TCS is not an extra fee or service charges livied by a tour company, but it is a Tax collected by the Tax Department through your tour booking source (Tour Operator). TCS is applicable on travel to any country outside India. As per the rule, TCS paid by the traveller on his international travel spent is to be deposited by the Company to their bank account linked to their PAN card. The travellers can claim a refund adjustment of the paid TCS when filling their Income Tax Return (ITR), if the tax paid is exceeding the tax libility of the individual for the given financial year.

How to avoid paying higher rate of TCS

As states above TCS @ 5% is applicable on the spent of maximum Rs. 10,00,000 on your foreign travel remittance. After this percentage for TCS payable by the traveller will be 20% on their foreign travel remittance exceeding Rs. 10,00,000. To avoid paying higher rate of TCS the simple method is to share travel expense and avoid paying form bank account of one single traveller. Instead pay from the amount in a way that the amount from each travellers account does not exceeds the threshhold limit of Rs. 10,00,000 as set by the tax department.