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New Delhi, The onus of deducting <keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword> should be banks, in case a person makes an overseas hotel booking using the e-commerce portal of tour operators, said a senior official of MakeMyTrip, a leading online travel service provider. MakeMyTrip Group Vice President-Taxation Tajinder Singh said, in case a tour package is booked from the e-commerce portal, the company will take an undertaking from its customers, on whether the total amount remitted abroad so far has exceeded the threshold of Rs 7 lakh in the fiscal year. The government has said that from October 1, a 5 per cent <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) will be levied on tour packages up to Rs 7 lakh in a fiscal. The rate will go up to 20 per cent for spending beyond the threshold. Currently, 5 per cent TCS is levied on overseas tour packages irrespective of spending. Singh said TCS collection on overseas tour spendings has two aspects -- one where a tour package is booked using the e-commerce portal and secondly, when the customer uses the portal to make a standalone hotel booking. He said in case of tour packages booked from an e-commerce website, the company will seek a declaration from customers about the total money remitted so far in a fiscal year. In case of standalone hotel booking, he said it will fall in the category where authorised dealer banks would be responsible for taking this declaration from customers. "We have been talking to banks that for these declarations, banks will have to come up with their own facility and infrastructure where they would be able to directly use the KYC data available of their customers to collect the information directly from customers. That is where we are pushing it to the banks to do the compliances at their end. "It is the compliance of the banks. Banks are liable to collect the TCS from customers who are remitting outside India. The compliance is on banks, but because we are intermediaries we will have to pitch-in somewhere and facilitate this," Singh said. The government's decision on levying higher TCS on overseas tour packages beyond Rs 7 lakh would impact outbound tourism. "A lot of customers would be looking at the higher TCS rate as a cost... The higher cash outflow at the time of booking might pinch a lot of customers and they might curtail their expenditure," Singh added.

Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip

<keyword id="434999" type="General" weightage="50" keywordseo="hyundai-motor-group" source="Orion">Hyundai Motor Group</keyword> said on Monday it will utilise 7.8 trillion won ($5.9 billion) worth of reservation money held by its overseas operations to push forward the group's planned investments in domestic electric vehicle (EV) plants. <keyword id="70910" type="General" weightage="80" keywordseo="hyundai-motor" source="Orion">Hyundai Motor</keyword>, its smaller affiliate <keyword id="6372046" type="General" weightage="80" keywordseo="kia" source="Orion">Kia</keyword> and auto parts maker <keyword id="596" type="General" weightage="100" keywordseo="hyundai" source="Orion">Hyundai</keyword> Mobis will receive $2.1 billion, $3.3 billion and $200 million, respectively, from their operations in the US and Europe in the form of dividends, the group said in a statement. Hyundai Motor said it will also receive dividends from its Indian operations, reports Yonhap news agency. "The dividends from their overseas operations will help the three companies cut back on bank loans, which will enhance their financial status and will allow them to make an aggressive investment (in EV plants)," the statement said. The group's overseas operations, including Hyundai Motor America, Hyundai Motor India, <keyword id="17681423" type="General" weightage="50" keywordseo="hyundai-motor-manufacturing-czech" source="Orion">Hyundai Motor Manufacturing Czech</keyword>, Kia America, Kia Europe and Kia Slovakia SRO, posted improved earnings results in the 2021-2022 period despite the COVID-19 pandemic. Hyundai Motor plans to complete a 150,000-unit-a-year EV plant in its main Ulsan plant, 299 kilometers southeast of Seoul, by 2025. In April, Kia began the construction of a 150,000-unit-a-year EV plant inside its existing factory in Hwaseong, just south of Seoul, with a goal to start production in late 2025. In the same month, the Korean automotive group announced it will invest 24 trillion won in its domestic EV plants and other EV projects by 2030. The three affiliates will collectively make the investment to help the group become the world's No. 3 EV maker in terms of sales by 2030. The companies plan to spend most of the planned investments in expanding their existing EV production lines, developing future mobility parts and technologies, establishing EV infrastructure and exploring new EV business opportunities. Hyundai Motor and Kia plan to release a total of 31 battery-powered EV models by 2030, including the Kia EV9 this month and the Hyundai IONIQ 7 next year. Hyundai Motor and Kia have set a combined sales goal of 7.52 million units this year, up 9.8 percent from the 6.85 million units they sold last year. The two together form the world's third-largest carmaker by sales after Toyota Motor Corp. and Volkswagen Group. On top of the domestic EV plants, the group is building a 300,000-unit-a-year EV and battery plant in the U.S. state of Georgia, with a goal to start production in the first half of 2025. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/stock-markets-snap-two-day-falling-streak-it-oil-shares-advance/articleshow/100937567.cms">Stock markets snap two-day falling streak; IT, oil shares advance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/with-international-travel-on-the-rise-indian-aviation-regulator-eases-norms-for-carriers/articleshow/100937433.cms">With international travel on the rise, Indian aviation regulator eases norms for carriers</a>

Hyundai to utilise $5.9 billion in overseas operations' money for EV investments

The government on Wednesday proposed to hike the <keyword id="9215522" type="General" weightage="20" keywordseo="tcs-rate" source="Orion">TCS rate</keyword> to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (<keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tcs" meta.entityname="Tata Consultancy Services Ltd." meta.entityid="8345" meta.seoname="tata-consultancy-services-ltd">TCS</keyword>) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for <keyword id="148355" type="General" weightage="20" keywordseo="overseas-travel" source="Orion">overseas travel</keyword> perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other than travel and medical is likely to cause resentment and hardship amongst the middle class and HNIs. "This is especially true since many students aspire for foreign education and the cost of education and living is usually met by parents through LRS, the blanket rate of 20 per cent on all residuary remittances would mean that foreign remittance for education / maintenance is likely to be costlier owing to the 20 per cent TCS," Agrawal said. Deloitte India Partner Neeru Ahuja said TCS on overseas tour packages or liberalized remittance scheme for remittance of funds out of India has been proposed to be increased from 5 per cent to 20 per cent. "Despite the TCS being creditable in the hands of taxpayers, the same shall lead to higher cash outflow at the first instance in the hands of taxpayers," Ahuja said. Tax and consulting firm AKM Global, Tax Partner Amit Maheshwari said, "TCS has been proposed on any foreign payment without any threshold. "This would pose challenges for people intending to go for foreign travel and who wish to invest in overseas stocks as it will increase their immediate outlay," Maheshwari said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/life-insurance-stocks-fall-up-to-10-after-budget-pushes-for-new-tax-regime/articleshow/97526113.cms">Life insurance stocks fall up to 10% after Budget pushes for new tax regime</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-blow-to-hnis-claiming-huge-deductions-for-expensive-houses/articleshow/97525649.cms">Budget blow to HNIs claiming huge deductions for expensive houses</a>

Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

<ul><li>The box office collection of Prabhas’ last two releases, Saaho and Radhe Shyam, were much below expectations. </li><li>If it’s able to manage a good opening, <keyword id="9776044" type="General" weightage="20" keywordseo="adipurush" source="Orion">Adipurush</keyword> may be able to breach the ₹350-crore lifetime earnings mark, says Elara Capital. </li><li>Small and medium budget films continue to struggle, as their success in North and South circuits has dropped sharply. </li><li>The first quarter of FY24 has gotten off to a slow start, with no surprises except for The Kerala Story and Hollywood movie, Fast X. </li></ul>After an average performance of his last two movies, South superstar Prabhas might see a good run at the box office with his upcoming release Adipurush, say analysts. The movie, based on the mythological epic Ramayana, is expected to bring in opening day collections of ₹50-60 crore for the dubbed versions. The Hindi original is also expected to clock in ₹20 crore, predicts a research report by Elara Capital. As <a href="https://www.dnaindia.com/bollywood/report-adipurush-overseas-advance-booking-bulldozes-past-rs-6-crore-mark-prabhas-om-raut-kriti-sanon-saif-ali-khan-3047559">per media reports</a>, its advance bookings have been creating buzz, especially in overseas markets like Canada and Australia. If it’s able to manage a good opening, this big budget movie will be able to breach the ₹350- crore lifetime earnings mark – unlike Prabhas’ earlier movies Saaho and Radhe Shyam whose collections at ₹280 crore and ₹150 crore, respectively, were way below expectations “The film may surpass our estimates based on good content and word-of-mouth. Ticket prices are expected to be premium, around 20% higher than the average ticket prices on a pan-India level,” says Karan Taurani and Rounak Roy of Elara Capital. Adipurush will be released across India on June 16 in Hindi, Telugu, Tamil, Kannada and Malayalam. It also stars Saif Ali Khan and Kriti Sanon, and is directed by Om Raut who had delivered the superhit movie, Tanaji. Small budget films not bringing in the moolah In spite of a few recent hits like Pathaan, The Kerala Story, Kantara and more, movie theatres have been struggling to bring back footfalls to match the pre-Covid levels. “Small and medium budget films continue to struggle as frequency of content becoming successful has dropped sharply in the North and South circuits,” the research report from Elara, which tracks PVR, says. Vicky Kaushal and Sara Ali Khan's latest release Zara Hatke Zara Bachke has minted ₹37.4 crore in its first week, according to trade analyst Taran Adarsh. The movie, directed by Laxman Utekar, saw a decent opening, garnering ₹5.49 crore on the first day of its release. In spite of the positive surprise that the movie delivered, Elara believes that the momentum was driven by the Buy-One-Get-One-Free (BOGO) offer. It reduces distributor-producer share to approximately 30% from 50% earlier. “It makes film production economics unviable; while it is a good promotional activity to propel audiences back into the cinema halls to drive frequency, good and consistent content is the only big driver for improved occupancy levels,” say Taurani and Roy in their note. A slow start to FY24 The first quarter of FY24 has gotten off to a slow start in terms of box office, with no surprises except for The Kerala Story and Hollywood movie, Fast X. Hindi film box office collections for the first quarter are expected to be 20% lower than what they were pre-Covid. As compared to the same quarter last year, the drop is expected to be sharper at 30%, the research firm predicts. For context, the same time last year had hit movies like Rajamouli’s RRR, Karthik Aryan’s Bhool Bhulaiyaa 2 and Yash’s KGF 2. The second quarter of FY24 is expected to see many big movie releases like Karthik Aryan’s Satyaprem, Sunny Deol’s Gadar 2, Ranveer Singh’s Rocky Aur Rani Ki Prem Kahaani, Akshay Kumar’s OMG 2, Ranbir Kapoor’s Animal and Shah Rukh Khan’s Jawan. “Q2FY24 may be the best quarter even if half of these films report a healthy box office collection. Woes persist for exhibitors as Hindi content recovery is important to drive advertising growth, which remains under pressure,” the Elara report opines. The number of Hindi films lined up for release however remains lower than pre-Covid levels — by 30-35%.

Adipurush’s opening box office collection projections show Prabhas is back

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (<keyword id="447038" type="General" weightage="100" keywordseo="lrs" source="Orion">LRS</keyword>) of the Reserve Bank, to ensure that such expenses do not escape <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> (Tax Collection at Source). While moving the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> is being requested to look into this with a view to bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon, she added. The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh. <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) is an income tax, collected by the seller of specified goods, from the buyer. TCS is a concept where a person selling specific items is liable to collect tax from a buyer at a prescribed rate and deposit the same with the government. The LRS, introduced in 2004, initially permitted an outflow of USD 25,000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions. LRS permits Indians to freely remit up to USD 250,000 (about Rs 2.05 crore) per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI. The rules clearly mention that one can remit foreign exchange (forex) only for any permissible current account transactions or capital account transactions or a combination of both. If one wishes to invest abroad in shares, property etc, the LRS rules will define them as capital account transactions. Only certain capital account transactions are allowed under LRS rules such as opening a bank account abroad i.e. a Foreign Currency Account, purchasing real estate property overseas, for making investments overseas which includes investing in shares, mutual funds, and debt instruments amongst others. Authorised dealers, such as banks, enable such transactions between residents and their overseas dependents, using only PAN cards for verification. Besides remittances, LRS can also offer foreign exchange services to Indian citizens for medical expenses or travelling. However, corporates, partnership firms, HUFs, and charitable trusts are not eligible to use the LRS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/canva-just-got-a-major-ai-upgrade-with-new-features-like-magic-eraser-text-to-image-and-moreheres-what-they-do/articleshow/98965377.cms">Canva just got a major AI upgrade with new features like Magic Eraser, Text to Image, and more–here’s what they do</a>

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

<keyword id="143" type="General" weightage="50" keywordseo="Bollywood" source="Orion">Bollywood</keyword> stars <keyword id="1671" type="General" weightage="80" keywordseo="shah-rukh-khan" source="Orion">Shah Rukh Khan</keyword>, <keyword id="598" type="General" weightage="20" keywordseo="deepika-padukone" source="Orion">Deepika Padukone</keyword> and John Abraham's latest action entertainer '<keyword id="12756474" type="General" weightage="100" keywordseo="pathaan" source="Orion">Pathaan</keyword>' has zoomed past the fabled Rs 1,000 crore gross worldwide becoming the first Hindi film to breach this milestone in phase one of its release. 'Pathaan', on its fourth Monday, saw a solid jump again at the box office. It collected Rs 1.25 crore net in India (Hindi - Rs 1.20 crore, All Dubbed versions - Rs 0.05 crore). 'Pathaan' has now recorded $45.94 million in the overseas territories alone, while net collection in India stands at Rs 516.92 crore (Hindi - Rs 498.95 crore, Dubbed - Rs 17.97 crore)! The total worldwide gross is an incredible Rs 1000 crore (India gross - Rs 623 crore, overseas - Rs377 crore). The film, directed by Siddharth Anand also stars Ashutosh Rana and Dimple Kapadia.

Shah Rukh Khan's Pathaan grosses Rs 1000 cr worldwide

It's been seven days since Shah Rukh Khan's film '<keyword id="12756474" type="General" weightage="100" keywordseo="pathaan" source="Orion">Pathaan</keyword>' released and it seems it is in no mood to slow down at the box office as the action entertainer has raked in Rs 634 crores gross worldwide in just one week since its release on January 25. 'Pathaan', on its seventh day, registered Rs. 23 crores net in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (Hindi - Rs 22 crores, All Dubbed versions - Rs 1 crore), taking the India gross to Rs. 28 crores. The overseas gross on day 7 is at Rs. 15 crore. In 7 days, 'Pathaan' has recorded $29.27 million (Rs. 238.5 crores) in the overseas territories alone, while <keyword id="16322568" type="General" weightage="50" keywordseo="nett-collection" source="Orion">nett collection</keyword> in India stands at Rs. 330.25 (Hindi - Rs. 318.50 crores, dubbed - Rs. 11.75 crores). 'Pathaan' is part of Aditya Chopra's spy universe and has Deepika Padukone and <keyword id="6354967" type="General" weightage="50" keywordseo="john-abraham" source="Orion">John Abraham</keyword> in it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2023-24-key-points-fiscal-deficit-capital-expenditure-privatisation-borrowing-and-nominal-gdp/articleshow/97511933.cms">Budget for world's fastest growing economy: Key numbers to be watched</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-overtakes-gautam-adani-as-the-richest-indian/articleshow/97519749.cms">Mukesh Ambani overtakes Gautam Adani as the richest Indian on the Forbes Real-Time Billionaires List</a>

Pathaan's gross box office collections at ₹634 crore in 7 days

Filmmaker-actor Rohit Shetty's latest release 'Kantara' collected Rs 170 crore in India and Rs 18 crore overseas, for a worldwide gross of Rs 188 crore, becoming the second highest-grossing Kannada film of all time beating Yash-starrer 'KGF'. Due to the Diwali weekend, the film got a boost at the collections. The total box office collections of the film have reached Rs 170 crore. It will be crossing the Rs 200 crore mark before the end of the fourth week, according to pinkvilla.com. 'Kantara' has raked in Rs 111 crore approximately so far in Karnataka, with Rs 14 crore fourth weekend, which is double of the full fourth week of 'KGF 2'

Kantara beats KGF with its ₹188 crore box office collections

<ul class="summary-list"><li><keyword id="11909347" type="UNKNOWN" weightage="60" keywordseo="putin" source="Orion">Putin</keyword> signed a new decree on April 16 that requires Russian companies to remove their listings from overseas exchanges. </li><li>Now, billionaires won't be able to collect foreign-currency dividends from depository receipt programs. </li></ul>In a blow to <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s richest business people, President Vladimir Putin signed a decree on April 16 that requires Russian companies to remove their listings from overseas stock exchanges. The likes of Vladimir Potanin — Russia's richest man — will now have to adjust the ownership structure of their businesses, <a href="https://www.bloomberg.com/news/articles/2022-04-19/putin-calls-time-on-foreign-listings-in-fresh-blow-to-tycoons">Bloomberg</a> reported.That means <keyword id="13301343" type="UNKNOWN" weightage="60" keywordseo="russian-billionaires" source="Orion">Russian billionaires</keyword> who own the companies listed abroad won't be able to collect foreign-currency dividends from the depository receipts.Trading of depositary receipts on foreign exchanges also must cease within days, though the New York Stock Exchange, Nasdaq, London Stock Exchange and other top international bourses had already frozen Russian stocks after Putin launched his <keyword id="11904994" type="UNKNOWN" weightage="60" keywordseo="war" source="Orion">war</keyword> on <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> in February.In addition, the decree that Putin signed means foreign holders of the canceled receipts must receive normal shares placed in non-resident accounts in Russia. The ban on overseas listings is the latest blow to Russian billionaires, who have already been targeted by Western sanctions as well as Moscow's own capital controls that restrict the ability to move money abroad."The rights of shareholders who believe in Russia and have invested in the Russian market for many years and who cannot hold Russian shares directly, are being hurt," a tycoon told Russian news outlet Kommersant this month. "They have nothing to do with politics, and there is a risk that their property rights will simply be lost."Meanwhile, the UK's tax authority, HM Revenue and Customs, announced <a href="https://www.gov.uk/government/news/uk-to-revoke-moscow-stock-exchanges-recognised-status">Tuesday</a> that it would revoke the Moscow Stock Exchange's recognized status, piling on to the unprecedented sanctions the British government has placed upon Russia.

You Searched For "Overseas collections" and got 9 results

Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip

PTI

Hyundai to utilise $5.9 billion in overseas operations' money for EV investments

IANS

Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

PTI

Adipurush’s opening box office collection projections show Prabhas is back

Katya Naidu

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

PTI

Shah Rukh Khan's Pathaan grosses Rs 1000 cr worldwide

IANS

Pathaan's gross box office collections at ₹634 crore in 7 days

IANS

Kantara beats KGF with its ₹188 crore box office collections

IANS

Putin signs decree to remove Russian stocks from overseas exchanges in huge blow to the nation's billionaires

Phil Rosen

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