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TCS OVERSEAS EXPENDITURE
Indians spend $3.2 billion overseas in August, driven by travel and educationIn August 2024, Indians spent $3.2 billion abroad, majorly on travel and education, despite a new 20% tax on remittances. Travel expenses a...- India's rich have found a 'loophole' to bypass spending limits abroadHigh net worth Indians are using corporate credit cards for personal expenses during overseas travels to avoid breaching the $250,000 annua...
- The tax tweaks that you need to be aware of if you're planning to study or travel abroadThe Indian government’s Budget 2024 proposed lowering Tax Deducted at Source (TDS) on salaries, helping individuals who have paid Tax Colle...
- Luxury goods above Rs 10 lakh like Louis Vuitton handbag, Bulgari jewellery etc. to attract TCS from January 1, 2025TCS on luxury goods, Budget 2024: The budget documents have proposed the levying of TCS (tax collected at source) on notified luxury goods ...
- Indians break records with $31.7 billion overseas spending in FY24; international travel biggest expenseThe Liberalised Remittance Scheme (LRS) witnessed Indians spending a record $31.7 billion overseas in FY24, up 17% from the previous year, ...
- Banks get ready to count int'l credit card spend in liberalised remittance schemeUnder the belief that reissuing the specific notification may not go against the model code of conduct, many banks are preparing to integra...
- LRS outflows fall sharply in October after TCS regime takes effectRemittances down 37% over September; shift to credit-card spending for international travel likely. In October, outward remittances under t...
- New 20% TCS rule from October 1, 2023: 4 tips to bring down TCS to zero during your next international trip20% TCS on overseas tour package: When you book, offline or online, overseas tour packages, offline or online, of more than Rs 7 lakh in a ...
- New TCS rules have kicked in: Here's what gets costlier and what remains sameStarting October 1, 2023, new tax collection at source (TCS) rates will affect various financial transactions, such as international travel...
- Higher TCS applies to overseas expenditure starting October 1: How will it affect your study abroad budget?Parents sending money for other living expenses will face the 20% TCS unless they can prove it is for educational purposes. To mitigate the...
- Govt clarifies how TCS will be applicable on flight tickets, hotel bookings during international trips, hostel expenses, other foreign remittancesEarlier this week, the ministry said that there will be TCS on foreign remittances of up to Rs 7 lakh per financial year. Further, it also ...
- TCS applicable on international remittance for education, medical treatmentThe Indian government has clarified that remittances for education and medical treatment expenses will cover associated costs like internat...
- Progressive rethink on the TCS frontRBI has in place measures to raise inward remittances, and a similar tightening of rules for outflow should suffice. Caution over conservin...
- Overseas spending using credit card won't attract TCSBanks and the Reserve Bank had flagged the difficulty in executing the TCS regime on credit cards to the government. The finance ministry o...
- Credit card holders may have to file declaration with banksFrom July 1, overseas expenses on credit cards exceeding Rs 7 lakh will be subject to a 20 per cent TCS. However, if such expenses is incur...
- Changes in FEMA rules: Debit, credit cards to have parity; business visits of employees exempted from LRSThe ministry said since credit card spending overseas has now been brought under LRS, such remittances would be liable to tax collected at ...
- Credit card spends in foreign currency to attract 20% TCSThe Finance Ministry has clarified that foreign currency payments such as digital subscriptions to publications or goods bought on foreign ...
- Credit card spends in forex under LRS now, travel industry bodies oppose moveEarlier, the use of credit cards for meeting expenses while traveling outside India was not included under LRS. As per the notification, ru...
- TCS has not received any tax scrutiny notice: Ratan TataTCS Chairman Ratan Tata said the company has not received any scrutiny notice from the I-T dept for claiming tax benefits on its onshore se...
- Spanco questions TCS' govt bid validityMOIA tender is for a Rs 100 cr project that aims to reduce exploitation of semi-skilled and unskilled Indians. 'IT cos should not do poachi...
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