Another tax loophole closed: Govt explains the rationale behind new TDS-like move on remittances

Post an internal survey conducted by the Income Tax department that showed a large number of people sending out money and not filing income tax returns, it now imposes TCS on the same. The finance bill 2020 has proposed an amendment to section 206C to levy 5% TCS on overseas remittance and for sale of overseas tour package.

from Personal Finance News-Wealth-Economic Times https://ift.tt/2URmG9G