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Important changes w r t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)

New Delhi: In the Budget this year, certain changes were announced to the system of Tax Collection at Source (TCS) on payments under the Liberalised Remittance Scheme (LRS) and on overseas tour program packages. These were to take effect from 1st Jul

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Credit Card Usage Abroad Won t Attract Tax Collected At Source, Increased TCS Rates To Apply From 1 October: Govt

Credit Card Usage Abroad Won t Attract Tax Collected At Source, Increased TCS Rates To Apply From 1 October: Govt
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Implementation of increased tax on credit card payments on foreign tours postponed amid outcry [details]

The Finance Ministry on Wednesday said that there will be no change in tax collection at source (TCS) for all purposes under the liberalised remittance scheme (LRS) for overseas travel tour packages, regardless of the mode of payment, for amounts up to Rs 7 lakh per individual per annum.

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Tax Alert! Increased TCS rates to apply from 1st October, 2023

Tax Alert! Increased TCS rates to apply from 1st October, 2023
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Govt postpones implementation of increased tax on credit card payments on foreign tours

The Finance Ministry on Wednesday said that there will be no change in tax collection at source (TCS) for all purposes under the liberalised remittance scheme (LRS) for overseas travel tour packages, regardless of the mode of payment, for .

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