Tax Collected at Source

Explained: Why Credit Card Spends Overseas Won’t Be Taxed At Source

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[ad_1] The finance ministry issued a clarification on the matter through a series of tweets. (Representational) New Delhi: While credit card spends overseas will not attract tax collected at source now as such transactions have been kept outside the liberalised remittance scheme, any international transaction conducted from India will attract the levy.  Users or consumers … Read more

No TCS On Foreign Remittances Up To Rs 7 Lakh, Higher Rates From October 1 – News18

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[ad_1] The changes were expected to take place from July 1. The transactions conducted via international credit cards while abroad will not be counted under the Liberalised Remittance Scheme and will not be subject to TCS even after October 1. There will be no change in the higher Tax Collected at Source (TCS) rate on … Read more

Here’s What Experts Say About Changes Made In LRS For Credit Cards

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[ad_1] Under the LRS, all resident individuals are allowed to remit up to USD 2,50,000 per financial year. New Delhi: Tax Collected at Source (TCS) for spending through international credit cards under RBI’s Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be … Read more