News Muncher - searching for tcs

1 month, 1 week ago

Avoid common mistakes that people make with NRI transactions

Non-resident Indians receive or send money to India quite often, and usually open a non-resident ordinary or non-resident external bank account, or both. View Full Image Graphic: Pranay Bhardwaj "A resident individual can transfer INR funds into an NRO account online – subject to the maximum INR transfer limit set in your netbanking – or offline. To transfer funds from …

Money Indian Transfer Shah Resident Funds Nri

4 months, 4 weeks ago

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

Live Mint

In the recent past, did you make a remittance outside India under the LRS scheme for your child’s education or book an overseas tour package? They will be able to claim TCS credit against the TDS deduction on their salary. Proposal for allowing credit of all TCS and TDS paid During her Budget 2024 speech, the Finance Minister proposed that …

Finance India Salary Tax Credit Itr Individuals

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 …

India Tax Credit Card Budget 2024 Tcs Union Budget

1 year, 2 months ago

Tax collection at source: Who issues a TCS certificate and when?

Live Mint

Tax collection at source, or TCS, is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. Starting Oct 1, 2023, the Government of India introduced TCS rate of 20 percent on foreign remittances of more than …

Tax Tan Rate Tcs Tax Collection Lrs Collection Account

1 year, 4 months ago

How HNIs can invest abroad without the LRS limit or TCS

Live Mint

Why do ordinary Indians find it difficult to invest outside the country? Overseas investments made by LLPs would be out of its individual partners’ balance sheet / personal wealth, and hence, the structuring of such LLP needs to be undertaken with care. View Full Image Mint Since this LLP is registered as an ‘Indian entity’ as per the Reserve Bank …

Tax Gift Indian Investments Income Odi Route

1 year, 4 months ago

What is tax collection at source on foreign remittances under LRS? An explainer

Live Mint

In the Budget 2023, government rolled out a higher tax collection at source of 20 percent on outward remittances under the Liberalised Remittance Scheme The higher tax rate was supposed to come into effect from July 1 onwards, but on June 28, 2023, a finance ministry notification clarified that the higher rates will come into force when the threshold is …

Tax Credit Card Rate Higher 20 Percent Tcs 5 Percent

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

1 year, 5 months ago

How to get 5% TCS for remittances beyond ₹7 lakh

Live Mint

The ministry of finance on 28 June deferred the applicability of increased TCS, or tax collected at source, rate of 20% on overseas tour packages and remittances under the Liberalised Remittance Scheme for a further period of three months, from 1 July to 1 October. Before the budget announcements, a uniform TCS rate of 5% was applicable on all kinds …

Treatment Foreign Rate Lakh Overseas Limit Remittances

1 year, 5 months ago

No TCS for credit card transactions abroad; higher TCS rates deferred until October 1. Details here

Live Mint

In a significant turn of events, the Ministry of Finance has reversed its earlier decision and announced that credit card transactions conducted abroad will be exempt from the tax collected at source on foreign transactions. The Ministry of Finance decided to postpone the implementation of TCS on credit card transactions abroad to provide banks and card networks with sufficient time …

Tax Credit Card Rate Rates Tcs 5 Percent

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 …

Ministry Cat Icc Tcs Notification Lrs Fem

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 …

International Credit Card Ministry Cat Lrs Fem

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 …

Credit Credit Cards Ministry Overseas Tcs Lrs Tcs Rates

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, 6 months ago

ITR filing: Sending money outside India? Know the new income tax rule

Live Mint

Every overseas remittance made under the liberalised remittance scheme would be subject to a 20% tax collected at source starting 1 July 2023, with the exception of those sent for medical and educational expenses, for which a 5% TCS will be imposed after the threshold of ₹7 lakh is exceeded annually. Starting 1 July 2023, Tax Collected at Source on …

India 2023 Hdfc Bank Tcs Lrs Financial Year Itr Filing

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 …

India International Credit Payments Indian Fake News Credit Cards

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

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

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 …

Credit Credit Cards Cent Lakh Spend Lrs 20 Tcs

1 year, 7 months ago

Govt clarifies payments abroad for up to ₹7 lakh will not be taxed

Hindustan Times

The government issued a clarification on Friday stating that a 20% Tax Collection at Source will be applicable only to overseas credit card transactions exceeding ₹7 Lakh. Previously, on Thursday, the government announced the inclusion of credit card transactions in foreign currency under the LRS and the implementation of a 20% TCS starting July 1, 2023. These are credit card …

Tax Credit Currency Credit Cards Card Foreign Lakh

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 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

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

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 …

India Tax Credit Indian Credit Card Foreign Exchange Credit Cards

1 year, 7 months ago

Tax on foreign card spends: A bolt from the blue

Live Mint

What is this tax on foreign spending? Spending on a corporate credit card for business purposes is technically spending on the ‘current account’ and should not fall under LRS. The finance ministry also supported this position in a tweet on 18 May by giving the example of an employee on a business trip —which would not come under LRS. However, …

Tax Card Tcs Lrs

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Articles for Lrs, search results for tcs

Avoid common mistakes that people make with NRI transactions

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

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

Tax collection at source: Who issues a TCS certificate and when?

How HNIs can invest abroad without the LRS limit or TCS

What is tax collection at source on foreign remittances under LRS? An explainer

Explained | The changes to the Liberalised Remittance Scheme

How to get 5% TCS for remittances beyond ₹7 lakh

No TCS for credit card transactions abroad; higher TCS rates deferred until October 1. Details here

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

International Credit Card Spends Excluded from Remittance Scheme: Finance Ministry

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

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

ITR filing: Sending money outside India? Know the new income tax rule

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

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

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

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

Govt clarifies payments abroad for up to ₹7 lakh will not be taxed

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

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

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

Experts criticise decision to tax credit card usage in foreign countries

Tax on foreign card spends: A bolt from the blue