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?
![Icon](https://imgak.mmtcdn.com/mima/images/mobile/tcsCardIcon.png)
Verify your TCS credit
TCS credit would automatically reflect in your Form 26AS on quarterly basis..
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Claim your credit
TCS can be adjusted against the income tax payable on any other income such as interest, rent, capital gains, etc.
![Icon](https://imgak.mmtcdn.com/mima/images/mobile/tcsRecivingIcon.png)
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.