As per Union Budget 2023, Income Tax Collection at Source (TCS) of 20% is applicable from Oct 1, 2023 on all international hotel bookings resulting in foreign currency remittance outside India under Liberalised Remittance Scheme (LRS) of RBI. TCS is a mode of income tax collection. It is neither a cost nor an additional tax. You can immediately adjust TCS credit against income tax payable and excess, if any, can be claimed as refund.
How to claim your TCS?
Verify your TCS credit
TCS credit would automatically reflect in your Form 26AS on quarterly basis..
Claim your credit
TCS can be adjusted against the income tax payable on any other income such as interest, rent, capital gains, etc.
Claim Refund
In case there is no income tax payable, you can claim the refund of the TCS amount at the time of filing your IT return.
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