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UPSC Key-29 June, 2023: What you should read in the news today

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Centre blinks on forex credit card: No tax at source for transactions below Rs 7 lakh

Now, with Friday's decision, the 20 per cent TCS rate is likely to be levied on card transactions beyond Rs 7 lakh.

India , Foreign-exchange-management-current-account-transaction , Foreign-exchange-management-act , Foreign-exchange-management-current-account-transactions , Tax-collection , Liberalised-remittance-scheme , Foreign-exchange-management , Current-account-transactions , Reserve-bank , Frequently-asked-questions , Finance-ministry

Govt. Brings International Credit Card Spending Under LRS, 20% TCS Payable

By including credit card transactions in the $250,000 Liberalized Remittance Scheme (LRS) limit, the government has moved to amend the Foreign Exchange Management (Current Account Transaction) Rules...

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Changes in FEMA rules: Debit, credit cards to have parity

Changes in FEMA rules: Debit, credit cards to have parity
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20% TCS on Credit Card Usage Outside India: What are the Changes & Why Have they Been Made?

Explained: The finance ministry on Thursday said the changes in FEMA rules, which brings overseas international credit card spending under RBI's liberalised remittance scheme

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International credit card spends abroad will now attract 20% TCS: How cardholders may be hit

Credit card spends outside India have been brought under the ambit of the LRS — under which all resident individuals, including minors, can remit up to $2,50,000 (approximately Rs 2.06 crore) abroad per year without prior approval from the RBI

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International credit card payments up to Rs 7 lakh will not attract TCS, clarifies Govt

The clarification comes days after the ministry's decision to bring international credit card spending under the RBI's liberalised remittance scheme and the consequent levy of 20 per cent TCS evoked sharp reactions from experts and stakeholders.

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International credit card spends outside India will attract 20% TCS: How cardholders may be impacted

Experts said the changes for the credit card spends are expected to add to the compliance burden of banks and financial institutions.

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Changes in FEMA rules to bring parity in treatment of overseas spending via debit, credit cards

Changes in FEMA rules to bring parity in treatment of overseas spending via debit, credit cards
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