The Changes that will take effect in the Tax Collected at Source provisions is discussed below:

Sl No.	Particulars	Authorised Dealer	Overseas Tour Program	Seller of Goods
1	Who has to deduct?	An authorised dealer, who receives an amount, for remittance out of India from a buyer,	A seller of an overseas tour program package	A seller whose turonver during the financial year immediately preceding the financial year is more than ten crore Rupees, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year from a buyer.
2	From Whom to deduct?	A person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India	A buyer, being the person who purchases such package	A buyer who purchase goods and pays  consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year.
3	Any Exemption / Limit?	The amount or aggregate of the amounts being remitted by a buyer is less than seven lakh rupees in a financial year and is for a purpose other than purchase of overseas tour program package	Nil	Goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year.
4	When to Deduct?	At the time of debiting the amount payable by the buyer; or At the time of receipt of such amount from the said buyer, by any mode, whichever is earlier,	At the time of debiting the amount payable by the buyer; or At the time of receipt of such amount from the said buyer, by any mode, whichever is earlier,	At the time of receipt of such amount
5	Rate of TCS?	A sum equal to 5% on amount above seven lakh rupees in normal cases A sum equal to one half per cent of the amount or aggregate of the amounts in excess of seven lakh rupees remitted by the buyer in a financial year, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E, for the purpose of pursuing any education	A sum equal to five per cent of such amount as income-tax	A sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income-tax:
6	Instances where TCS not applicable?	(i)  liable to deduct tax at source under any other provision of this Act and has deducted such amount; (ii)  the Central Government, a State Government, an embassy, a High Commission, a legation, a commission, a consulate, the trade representation of a foreign State, a local authority as defined in the Explanation to clause (20) of section 10 or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein.	(i)  liable to deduct tax at source under any other provision of this Act and has deducted such amount; (ii)  the Central Government, a State Government, an embassy, a High Commission, a legation, a commission, a consulate, the trade representation of a foreign State, a local authority as defined in the Explanation to clause (20) of section 10 or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein.	(i) if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount. (ii) (A) the Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; or (B) a local authority as defined in the Explanation to clause (20) of section 10; or (C) a person importing goods into India or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein;

Disclaimer: The posts made in this platform is for serving as an informative guide and is meant for general guidance and no responsibility for loss arising to any person acting or refraining from acting as a result of any material contained in posts made by us in this platform will be accepted by us. Users are requested to verify the validity of content before taking informed decisions.