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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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20% TCS 'terrible policy, period': Experts cry foul over tax on foreign spending via credit card

While some explained how unnecessary the move is, others simply disregarded the decision saying, ....

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TCS at 20%: FinMin clarifies tax deduction on foreign spending via credit cards for payments up to Rs 7 lakh

The ministry also stated that existing beneficial TCS treatment for education and health payments will also continue. ....

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20% TCS update: FinMin says no tax collection on foreign spending via cards for payments up to Rs 7 lakh

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, ....

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TCS On Credit Card: Finance Ministry Issues Clarification, Defines LRS Limit; Check Update Here

The finance ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. ....

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