Bharatiya Janata Party (BJP) on Wednesday issued a three-line whip to its Lok Sabha MPs asking them to be present in the House tomorrow and support the Finance Bill 2020 during the ongoing Budget session of the Parliament.
"The Finance Bill 2020 has proposed an amendment to Section 206C to levy 5 per cent tax collection at source (TCS) on overseas remittance and for the sale of the overseas tour package," Ministry of Finance had said in February.
Section 206C deals with tax collection at source and the government is gradually widening its ambit to include more transactions.
The 2016 budget had imposed one per cent TCS on the purchase of cars costing over Rs 10 lakh. This was done to ensure that those who are purchasing costly cars should not get away without disclosing their real income and paying income tax.