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. …
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 …
