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Articles for Lrs, search results for cards

Forex card vs debit card: Which helps save on markup fees?
1 month, 1 week ago

Forex card vs debit card: Which helps save on markup fees?

Live Mint  

When travelling abroad, travellers can choose between cash and card for payments. A forex card is cheaper because the markup charged on currency conversion is lower compared to what banks apply to debit cards when they are swiped outside India. Assuming the cardholder used a debit card on the Visa network, swiping the card for payments worth $500 would debit …

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Union Budget 2024: Overseas credit card spending above ₹7 lakh may be taxed 20%
5 months, 1 week ago

Union Budget 2024: Overseas credit card spending above ₹7 lakh may be taxed 20%

Hindustan Times  

The Union Budget 2024, which is scheduled to be presented on July 23 may bring overseas credit card spending above ₹7 lakh under the Liberalised Remittance Scheme, which means that the government would be able to collect a 20% tax on it, Moneycontrol reported, citing an unnamed government official. Expenses paid internationally using debit cards, forex cards, or other payment …

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Explained | The changes to the Liberalised Remittance Scheme
1 year, 5 months ago

Explained | The changes to the Liberalised Remittance Scheme

The Hindu  

The story so far: On June 28, the Finance Ministry in two announcements deferred the imposition of an increased 20% rate for Tax Collected at Source by three months to October 1, and said transactions made using international credit cards overseas would not fall under the purview of the Liberalised Remittance Scheme. To put things into perspective, while LRS designates …

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Payments using ICC on foreign visits to not attract TCS: Govt. notification
1 year, 5 months ago

Payments using ICC on foreign visits to not attract TCS: Govt. notification

The Hindu  

Payments made by using international credit cards during overseas visits will not attract Tax Collected at Source, as per a notification issued by the finance ministry on Friday night. Putting at rest the controversy over usage of ICC, the Ministry amended the Foreign Exchange Management Rules, 2000, on Friday to exclude ICC from the purview of the Reserve Bank's Liberalised …

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International Credit Card Spends Excluded from Remittance Scheme: Finance Ministry
1 year, 5 months ago

International Credit Card Spends Excluded from Remittance Scheme: Finance Ministry

News 18  

The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme. “The use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India” will not be covered under LRS, the notification said while inserting Rule …

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Overseas spending using credit cards not to attract Tax Collected at Source: Finance Ministry
1 year, 5 months ago

Overseas spending using credit cards not to attract Tax Collected at Source: Finance Ministry

The Hindu  

The government on Wednesday dropped plans to levy TCS on overseas payments made through international credit cards and said such expenses will be included in the Liberalised Remittance Scheme of the RBI. The Finance Ministry has also deferred by three months the implementation of a higher Tax Collected at Source rate of 20% on expenditures made under LRS and overseas …

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Overseas spending using credit cards not to attract TCS; check details
1 year, 5 months ago

Overseas spending using credit cards not to attract TCS; check details

Live Mint  

The government announced on June 28 that overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme and hence, would not attract TCS. In Finance Bill 2023, the government had increased the rate of TCS from 5 per cent to 20 per cent for remittance under LRS as well as for the purchase of overseas …

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Saket Gokhale spreads fake news about 20% TCS on credit cards
1 year, 7 months ago

Saket Gokhale spreads fake news about 20% TCS on credit cards

Op India  

On Saturday, Trinamool Congress spokesperson Saket Gokhale courted controversy after he spread disinformation about the 20% TCS, introduced by the Indian government, over the use of credit cards for international purchases. “Any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will …

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Spend up to ₹7 lakh abroad with your cards without worrying about TCS
1 year, 7 months ago

Spend up to ₹7 lakh abroad with your cards without worrying about TCS

Live Mint  

After backlash over 20% TCS on overseas credit card spending, the government on Friday announced that no tax will be charged on overseas spending of up to ₹7 lakh in a year using debit or credit cards. "To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards up …

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20% TCS on Credit Card Usage Outside India: What are the Changes & Why Have they Been Made?
1 year, 7 months ago

20% TCS on Credit Card Usage Outside India: What are the Changes & Why Have they Been Made?

News 18  

The Centre has changed the Foreign Exchange Management Act guidelines to include international credit card purchases made outside of India in the Liberalised Remittance Scheme. The finance ministry on Thursday said the changes in FEMA rules, which brings overseas international credit card spending under RBI’s liberalised remittance scheme, are intended to bring in parity in tax treatment of remittances using …

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No Tax On Foreign Credit Card Spend Up To Rs 7 lakh
1 year, 7 months ago

No Tax On Foreign Credit Card Spend Up To Rs 7 lakh

Deccan Chronicle  

New Delhi: The government on Friday clarified that any individual making payments using their international debit or credit cards, up to Rs 7 lakhs per financial year, will be exempted from the Liberalized Remittance Scheme limits and will not be subject to Tax Collected at Source. To avoid any procedural ambiguity, it has been decided that any payments by an …

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Experts criticise decision to tax credit card usage in foreign countries
1 year, 7 months ago

Experts criticise decision to tax credit card usage in foreign countries

Hindustan Times  

Taxpayers and experts sharply criticised the government’s decision from earlier this week to bring credit card transactions in a foreign currency under what is known as the liberalised remittance scheme, which will now involve a 20% levy as tax collected at source for most such payments, as a move that will hit people’s foreign travel budgets, constrain cash flows, and …

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'No tax on political donations': Ashneer Grover slams 20% TCS on international credit cards
1 year, 7 months ago

'No tax on political donations': Ashneer Grover slams 20% TCS on international credit cards

Hindustan Times  

After the Centre announced that an increased Tax Collected at Source rate of 20 per cent will be imposed on international credit card spending, former BharatPe MD Ashneer Grover slammed the new notification. Taking a jibe at the Indian government’s ‘interesting’ rule, Grover on Thursday said that instead of tax deduction, political donations enjoyed tax exemption. In a tweet, Ashneer …

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New rule for international credit card users: 20% TCS, LRS limits
1 year, 7 months ago

New rule for international credit card users: 20% TCS, LRS limits

Live Mint  

New rule for international credit card users: Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance scheme. Earlier, the usage of international credit cards for making payments for fulfilling expenses during travel outside India was not included in the LRS limit. Govt omits Rule 7 of the Foreign Exchange Management Rules, 2000 According …

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International credit card usage to come under RBI's LRS; 20% TCS to be charged July 1
1 year, 7 months ago

International credit card usage to come under RBI's LRS; 20% TCS to be charged July 1

The Hindu  

Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance scheme, under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the Reserve Bank, as per a Finance Ministry notification. The Ministry on May 16 notified the Foreign Exchange Management Rules, 2023, to …

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20% tax at source for offshore credit deals
1 year, 7 months ago

20% tax at source for offshore credit deals

Deccan Chronicle  

Mumbai: Come July 1, any payment made using a credit card to foreign vendors will be subjected to tax collected at source at 20 per cent irrespective of the amount paid. While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha the Finance Minister Nirmala SItharaman had said that cross-border credit card payments are currently not …

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RBI asked to monitor card spend under LRS
1 year, 9 months ago

RBI asked to monitor card spend under LRS

The Hindu  

Seeking to tighten the implementation of the increased 20% tax collection at source norm for foreign remittances introduced in Budget 2023-24, Finance Minister Nirmala Sitharaman on Friday said the RBI has been asked to monitor the use of credit cards for foreign travel purposes. “It has been represented that payments for foreign tours through credit cards are not being captured …

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