Thursday, Nov 30, 2023

Liberalised Remittance Scheme Lrs

TCS Rates: I-T Department Clarifies On Combined Threshold, Tour Packages

The Income Tax Department clarified the confusion surrounding Rs 7 lakh threshold for Tax Collected at Source (TCS) on Liberalised Remittance Scheme (LRS) transactions.

01 July 2023

Linking TCS With TDS: How Will It Help Taxpayers?

The government considers linking tax calculated at source (TCS) with tax deducted at source (TDS) to dispel concerns about separate tax collections.

27 May 2023

20% TCS FAQs answered by Finance Ministry

Confused About 20% TCS On International Credit Card Spends? All Your FAQs Answered Here 

The new 20% TCS on international credit card spending comes as these spends have also been proposed under the ambit of LRS. Here are all your FAQs answered on TCS based on Finance Ministry's clarifications

19 May 2023

Credit Card

New TCS Rule: No 20% TCS On Overseas Credit Card Spending, Foreign Remittances Up To Rs 7 Lakh

The Finance Ministry extended the timeline to implement the increased proposed TCS rates with effect from 1 October instead of 1 July this year

29 June 2023

Finance Ministry

No TCS On Overseas Spending Of Up To Rs 7 Lakh Via Debit, Credit Cards: Finance Ministry

Currently, overseas medical treatment and education expenses up to Rs 7 lakh a year is exempt from TCS. A 5 per cent levy is charged on expenses exceeding Rs 7 lakh

20 May 2023

Finance Bill 2023: Govt To Look Into Pension Issue, Bring Tax On Credit Card Payments For Foreign Trips Under LRS 

Union Finance Minister Nirmala Sitharaman said the government is considering several representations concerning pension, bringing tax collection at source for credit card payments for foreign trips under the Liberalised...

24 March 2023

Credit Cards

Clarification On Applicability Of TCS On Overseas Credit Card Spends Soon: Official

Finance ministry joint secretary (Tax Policy and Legislation) Raman Chopra said the government would soon issue a clarification on the mode of applicability of the TCS provision

09 June 2023