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Tax waived on annual forex spends up to ₹7 lakh: Finance Ministry

The government, on May 19, blinked on its plan to levy a 20% tax on overseas credit card spending from July 1, in the face of a furore from taxpayers as well as businesses, and decided to exempt any payments by an individual using their international debit or credit cards up to ₹7 lakh per financial year from the levy. …

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Government to review oil export tax based on forex rate, oil prices every fortnight

The government will review the just introduced windfall tax on domestically produced crude oil and fuel exports every two weeks based on foreign currency rates and international oil prices, but no levels have been fixed for its recall, top officials said on July 4. Revenue Secretary Tarun Bajaj said the $40 per barrel level of oil prices being talked about …

Should 5% tax on foreign transfers discourage you from investing in US stocks?

The Union Budget 2020 introduced a tax collected at source on forex transactions. A 5% TCS will be applicable on all remittances above ₹7 lakh under RBI’s Liberalized Remittance Scheme. For instance, if you remit ₹10 lakh in a financial year, TCS will apply to the excessive ₹3 lakh at a rate of 5%, and thus will incur a tax …

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