TCS deduction and filing
9 months ago
I bought foreign tour package in 11/2022 and paid it in EMI till 01/2023. Tour operator asked me to send a email reply on affidavit that 5% TCS is my responsibility and didn't deduct it. What to do?
A.Dear client,
Understand the TCS Provisions: Familiarize yourself with the TCS provisions under the Income Tax Act and ascertain whether the tour package you purchased falls under the purview of TCS.
Review the Tour Package Agreement: Check the terms and conditions of the tour package agreement to see if it mentions anything about TCS or tax responsibilities.
Seek Clarification from the Tour Operator: Reach out to the tour operator and seek clarification on why they did not deduct TCS and what their expectations are regarding your responsibility for the tax.
Consult a Tax Professional: If you are uncertain about the TCS implications or your tax obligations, consider consulting a tax professional or a chartered accountant who can guide you on the applicable tax laws and help you understand your responsibilities.
Keep Records: Maintain proper documentation of all communications with the tour operator, including emails and any agreements or affidavits provided by them.
Comply with Tax Laws: If it is determined that TCS is applicable to your foreign tour package purchase, ensure that you comply with the tax laws by paying the required TCS amount.
Report the Transaction: If you find that TCS was applicable but not deducted, you may need to report the transaction in your income tax return and pay the TCS amount.
Understand the TCS Provisions: Familiarize yourself with the TCS provisions under the Income Tax Act and ascertain whether the tour package you purchased falls under the purview of TCS.
Review the Tour Package Agreement: Check the terms and conditions of the tour package agreement to see if it mentions anything about TCS or tax responsibilities.
Seek Clarification from the Tour Operator: Reach out to the tour operator and seek clarification on why they did not deduct TCS and what their expectations are regarding your responsibility for the tax.
Consult a Tax Professional: If you are uncertain about the TCS implications or your tax obligations, consider consulting a tax professional or a chartered accountant who can guide you on the applicable tax laws and help you understand your responsibilities.
Keep Records: Maintain proper documentation of all communications with the tour operator, including emails and any agreements or affidavits provided by them.
Comply with Tax Laws: If it is determined that TCS is applicable to your foreign tour package purchase, ensure that you comply with the tax laws by paying the required TCS amount.
Report the Transaction: If you find that TCS was applicable but not deducted, you may need to report the transaction in your income tax return and pay the TCS amount.
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