New Delhi: Foreign travel is likely to be expensive from April 1 of the new year. This year, buying a foreign tour package from the new financial year and sending any money abroad can be expensive. If someone buys a foreign tour package or makes a foreign currency exchange in exchange for the Indian currency. 7 lakhs then Tax collection at source will have to be paid for more than Rs. In Budget 2020, the same central government has proposed amending section 206C of income tax to impose TCS. These foreign tour packages include tour packages from any one country or several countries outside India. These will include travel expenses, hotel accommodation, boarding, lodging, and all other expenses. After this proposal of the government, going to study abroad and going on holiday will be expensive.

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Such a transaction will be regulated under the RBI's Liberalized Remittance Scheme, if someone spends abroad for travel, education and other expenses. Under which the ceiling has been fixed at US $ 2.5 lakh in a financial year. According to the exchange rate of 70 rupees, this amount can be up to about 1.75 crores.

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The special feature of this rule is that under section 206C of the Income Tax Act, 1961, if an authorized dealer sends more than 7 lakh rupees in a financial year to fund abroad through LRS, then he will have to pay TCS at the rate of 5 percent. With this, TCS will be charged on any amount for foreign tour packages. If PAN or Aadhaar is not provided, then TCS will have to be given at the rate of 10 percent instead of 5 percent, according to the same media report, it can be claimed by filing income tax. According to the same experts, only those people who file ITR will get the refund.

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