#Wave invoicing overseas generator#
#Wave invoicing overseas Offline#

'The definition of what constitutes a tour package under the law is not entirely clear. Thus, TCS can be avoided up to the amount of Rs 7 lakh when booking online via an international travel website,' said Ankit Jain, Partner, Ved Jain & Associates.Ģ) Separate booking and payments can help you save TCSĪnother point you must note is that a TCS of 20 per cent is imposed on overseas tour packages. In this instance, TCS will not be charged for transactions up to a limit of Rs 7 lakh as it would be levied by a credit card company.

However, a potential exemption could be found when using a credit card to book through an international tour operator. In both scenarios, TCS is typically applied. One could either book through an Indian travel agent by making a domestic payment or utilise an international travel website with an international credit card. 'When planning international travel, the chosen method of booking could influence the applicability of TCS. Do keep in mind the threshold is Rs 7 lakh. On May 19, 2023, the finance ministry said that no TCS will be levied on individual payments using international debit or credit cards of up to Rs 7 lakh in a financial year from July 1, 2023. But, if you book a tour package offered by international websites and pay for it through an international debit and credit card, there will not be any TCS if the payments are within the threshold of Rs 7 lakh. Here are the 3 ways to avoid 20% TCS during your next international tripġ) Use the Rs 7 lakh limit of international debit or credit cardĪs you can see, you have to bear the cost of a hefty amount of TCS if you book your foreign trip through domestic travel agents or online portals. Similarly, if you load a forex card before your trip to spend it overseas, a TCS of 20 per cent will be levied on it. Even if you purchase foreign currency from an authorised dealer for your international holiday, you have to pay a TCS of 20 per cent.

#Wave invoicing overseas Offline#

So, if you are booking a foreign tour package from an offline or online travel agent in India and paying in rupees, even then the travel agent will deduct the TCS. Keep in mind that when it comes to overseas tour packages, the responsibility of collecting and remitting TCS is with the travel agent or the authorised dealer.

#Wave invoicing overseas generator#

Mutual Funds Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletter