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5 important tax changes that come into effect from October 1

Times Now News, New Delhi, 1 October 2020 - A slew of changes to direct and indirect taxes announced by the government earlier are set come into effect from October 1. New tax rules pertain to foreign remittances, GST e-voicing, import duty on TV parts, TCS on sale of goods, TDS on e-commerce.

The new provisions will help the government gather data on cross-border fund flows and transactions. Here are changes that kick in from October 1

Foreign remittances

If you intend to buy a foreign tour package in the near future, please note that a 5% Tax Collected at Source (TCS) will be deducted, subject to conditions. However, all other foreign remittances above Rs 7 lakh will be subject to this 5% tax beginning October 1. This will not be applicable to those transactions where the tax has already been deducted at source.

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Source: https://www.timesnownews.com/business-economy/personal-finance/article/5-important-tax-changes-that-come-into-effect-from-oct/660869

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