The Union Budget 2020 had announced a 5% TCS (tax collected at source) on all foreign tour packages, and other foreign remittances exceeding Rs.7 lakh. However, I have been told by Niyo executives that TCS will be charged irrespective of the amount. Can someone please explain me why is it so?
Thats the rule set by DCB bank which Niyo’s Global Card is tied up with. They deduct for every transaction but revert the amount back to card after 12 days or so IF the limits are under 7 lakhs, although it sounds pretty weird.
There was a backlash by many users , not sure if that’s impacted them to change their rules but for now it remains as explained above.
Many users have already registered complaint for this weird implementation of TCS by DCB. Still didn’t receive any feedback regarding changing this process for transactions under ₹7L.
Do give details about TCS Refund of Cancelled Order / Cancelled Transactions (For above ₹7L Category).
I wish you could give a relevant reply for my query.
Moreover, it is sad to say that this is not the 1st time you are giving irrelevant replies. I suggest you to go through my message again thoroughly.
Hey Alan! We’ve noted your feedback & ensure to provide you with the best of our services. In regards to TCS, please be informed that the total transaction amount (Transaction+TCS) will be reversed if the transaction is cancelled irrespective of the 7 Lakh limit.
Thanks for the exact information provided.
What will be the timeline for the refund of amount (Transaction + TCS) for cancelled transactions?