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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 …

India Tax Credit Credit Cards Cards Lakh Threshold
As 20% TCS on foreign remittances is set to kick in, we untangle its mystery here
1 year, 7 months ago

As 20% TCS on foreign remittances is set to kick in, we untangle its mystery here

Live Mint  

Travelling to an overseas destination or remitting money abroad is set to be attract a higher rate of tax with 20 percent TCS to kick in from July 1, 2023 onwards. It is, however, vital to note that those who are remitting money abroad for education and for medical treatment will continue to pay a lower rate for remittances in …

Education Expenses Tax Rate Tcs Medical Treatment Tax Collection
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 …

International Tax Credit Credit Cards Card Fema Cent
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 …

Credit Card Tcs Debit Lrs Financial Year Rs 7 Lakh