News Muncher - searching for come

11 months, 1 week ago

Bitcoin ETF approval: Indian investors too can participate - here’s how

The approval of spot bitcoin exchange-traded funds by the Securities Exchange Commission in the United States has paved the way for Indians to explore investment opportunities in crypto assets. It's important to highlight that participation in foreign stock and ETF markets by Indian investors is regulated by the Reserve Bank of India's Liberalised Remittance Scheme. “For Indian investors, the Bitcoin …

Indian Investors Indian Investors Lrs Etfs Bitcoin Etf

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 …

Rate Overseas 20 Per Cent Lrs Tcs Check

1 year, 7 months ago

Explained | Will all overseas spends come under the tax net?

The Hindu

The story so far: A proposal in the Union Budget to levy a higher tax on some types of remittances of funds abroad came into the limelight again this week after a notification was issued for its implementation from July 1. The Reserve Bank is being requested to look into this with a view to bring credit card payments for …

India Credit Payments Credit Card Credit Cards Ministry Foreign

1 year, 7 months ago

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

The Hindu

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. …

Tax Lakh Tcs Lrs

1 year, 7 months ago

20% TCS on international credit card: Govt issues five-point clarification

Live Mint

The Finance Ministry on Thursday issued a set of FAQs) on the Tax Collection at Source on foreign remittance through the Liberalised Remittance Scheme. The Union Budget 2023-24 had hiked TCS rates to 20%, from 5% currently, on overseas tour packages and funds remitted under LRS. Ans Section 206C of the Income-Tax Act 1961 provides for TCS is the business …

Education Tax Credit Card Rates Tcs Medical Treatment Lrs

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 …

India Credit Card Card Foreign Rbi Transactions Tcs

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 …

Credit 20 Per Cent Tcs Lrs

3 years, 7 months ago

Navigating the maze of cross-border remittances in covid-19 era

Live Mint

Covid-19 has transformed the way we work and live. Residency under the Indian tax and exchange control law Residency under the India tax and exchange control regulations is predominantly determined basis the number of days an individual is present in a country. During financial year 2020-21, the Central Board of Direct Taxes has issued some clarifications from a tax perspective …

India Financial Tax Indian Control Income Resident

Filters

Articles for Lrs, search results for come

Bitcoin ETF approval: Indian investors too can participate - here’s how

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

Explained | Will all overseas spends come under the tax net?

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

20% TCS on international credit card: Govt issues five-point clarification

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

20% tax at source for offshore credit deals

Navigating the maze of cross-border remittances in covid-19 era