To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards up to Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS,
The Union government tweaked the imposition of 20 per cent Tax Collection at Source (TCS) on transactions through international credit cards and debit cards under the Liberalised Remittance Scheme (LRS) from July 1 by clarifying that the applicability will only be after a limit of Rs 7 lakh has been
The Government has clarified that international debit or credit card payments of up to Rs 700,000 by an individual per year will be excluded from the Liberalised Remittance Scheme limits. This means that such transactions will not attract the Tax Collected at Source (TCS). , Economy News, Times Now