![]() ![]() The GBP is fourth most traded currency in the forex market preceded by the USD, Euro, and Yen. Other regions that use GBP as their official currency are Jersey, Guernsey, the Isle of Man, Sourth Georgia, the South Sandwich Islands, the British Antarctic territory, and Tristan da Cunha. It is the world’s oldest currency still in circulation right from the time of its inception. Generally known as the Pound, GBP is the official currency of the United Kingdom. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit. ![]() In the event of cancellation of services and refund of amount, Tax collected at source under section 206C(1G) of the Income Tax Act, 1961 shall not be refunded. The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit. 7,00,000 in a financial year for remittance out of India under the Liberalised Remittance Scheme of the Reserve Bank of India. Further TCS under section 206C(1G)(a) of the Income-tax Act, 1961 at the rate of 5% will be collected if the aggregate amount exceeds Rs. Tax Collection at Source (TCS) at the rate of 5% will be levied under section 206C(1G)(b) of the Income Tax Act on outbound tour services. This blocked rate will be valid for 2 working days.
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