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Govt postpones implementation of increased tax on credit card payments on foreign tours

FM said that there will be no change in TCS for all purposes under the LRS for overseas travel tour packages, regardless, mode of payment. ....

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Revenue department working on widening personal income tax base, using data red flags

The government is using Data Analytics, Big Data, Artificial Intelligence and Machine Learning to make the tax system more effective. ....

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Moneycontrol Daily: Your Essential 7

A daily round-up of the most interesting articles to help jump-start the day. ....

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Credit card usage for international travel to come under tax ambit

Spending in foreign exchange through international credit cards will be covered under the RBI’s liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorisation of the Reserve Bank, as per a Finance Ministry notification. The Union Budget 2023-24 hiked TCS […] ....

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Recent TCS changes will push people back to informal forex markets: Analysts

Legal experts have noted that businessmen who frequently travel abroad may cross the Rs 7-lakh limit easily, and upon crossing it may choose to source foreign exchange from informal markets. ....

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