Tag: lrs
Budget 2024: Higher TCS of 20% on certain foreign remittances via LRS can be reduced to 5%
Budget 2023 introduced a high Tax Collected at Source (TCS) rate, of 20%, on certain foreign remittances through the Liberalised Remittance Scheme (LRS). It has…
Forex spend tax: FAQs awaited on many aspects
(This story originally appeared in on Jun 30, 2023) NEW DELHI: Anil Singh’s daughter studies at a design school in Europe and shares an apartment…
Overseas spending using credit card won’t attract TCS
Overseas credit card spending and transfers upto Rs 7 lakh under the Liberalised Remittance Scheme will not face tax collected as source, the finance ministry…
tcs: Using prepaid forex cards? Still no clarity on 20% TCS
(This story originally appeared in on May 27, 2023) CHENNAI: At a time when tour operators are flagging the move to levy 20% tax collected…
tcs: Clarity needed on TCS levy on credit card payments, distinction between biz/personal visits: Tax experts
Tax experts on Monday sought clarity on the applicability of TCS on foreign payments of over Rs 7 lakh made via credit cards, saying it…
tcs: No TCS on overseas spending up to Rs 7 lakh per year by credit or debit cards: GOI
The Government of India on Friday has announced that individuals making payments using their international debit or credit cards, up to Rs 7 lakhs per…