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MC explains | 20% TCS on foreign spends: Credit card spends when overseas exempt for now, booking international flights, hotels separately can minimise tax impact - Vimarsana News

MC explains | 20% TCS on foreign spends: Credit card spends when overseas exempt for now, booking international flights, hotels separately can minimise tax impact

The government has clarified that standalone purchases of foreign flights or hotel stays are not considered as a purchase of an overseas tour package; they are covered under LRS.

Overseas use of international credit cards to be under RBI's remittance scheme - Vimarsana News

Overseas use of international credit cards to be under RBI's remittance scheme

According to a Finance Ministry notification, an Indian resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the RBI. Any remittance beyond that in foreign currency would require approval from the RBI.

'And we want INR to replace USD': 20% TCS on foreign spending via credit cards sparks outrage on Twitter - Vimarsana News

'And we want INR to replace USD': 20% TCS on foreign spending via credit cards sparks outrage on Twitter

20% TCS: Twitter users went as far as dubbing govt's move to impose 20% TCS on international credit card usage as 'tax terrorism'