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TCS ON INTERNATIONAL TRANSACTION
HDFC Bank alerts clients on card swipe for overseas dealsIn recent times many resident individuals, banking with various financial institutions, have used cards to carry out international capital ...24 Apr, 2026, 06.39 AM IST- A tip-off, a covert op, and a bust: Inside the TCS Nashik sexual abuse caseA tip-off led police to launch a covert operation inside a TCS Nashik unit, with officers posing as staff to monitor workplace conduct. The...14 Apr, 2026, 05.36 PM IST
- TCS on credit card and forex card under RBI LRS lacks parity: What experts suggest Budget 2026 do?Foreign spending by Indians faces a tax anomaly. While forex and debit cards incur Tax Collected at Source (TCS) under LRS, international c...29 Jan, 2026, 11.23 AM IST
- Planning to remit more than $250,000? The RBI plans to keep a close watchBanks have requested the Reserve Bank of India to integrate with its Centralised Information Management System for real-time limit verifica...04 Nov, 2024, 02.46 PM IST
- Banks seek integration with RBI platform to monitor LRS limitsBanks in India have sought the Reserve Bank's approval for integration with its Centralised Information Management System (CIMS) to enable ...03 Nov, 2024, 10.53 PM IST
- ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can doIncome tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to ...02 Jul, 2024, 03.01 PM IST
- Will Budget 2024 reduce 20% TCS for taxpayers, levy TCS on credit card forex payments?Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is e...29 Jan, 2024, 01.32 PM IST
- 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...01 Oct, 2023, 12.48 PM IST
- New 20% TCS from October 1, 2023: Be ready for a cash crunch if you invest in international stocks, cryptocurrency; how to reduce TCS impactTCS on foreign remittances from October 1, 2023: The Budget 2023 hiked TCS on foreign remittances of more than Rs 7 lakh through the LRS to...01 Oct, 2023, 11.27 AM IST
- 300% hike in TCS from July 1, 2023: How it will impact foreign investments, international trips, credit card spends abroadGet ready to shell out more from next month as Budget 2023 has increased Tax Collection at Source (TCS) on foreign remittance through the L...14 Sep, 2023, 11.59 AM IST
- What are the new TCS rates for foreign remittances applicable from October 1, 2023Here is the rate you will be charged for foreign remittances under LRS below and above Rs.7 lakh.10 Jul, 2023, 06.30 AM IST
- No TCS on foreign remittances of up to Rs 7 lakh, credit card spending overseas; higher rates to kick in from October 1TCS on foreign remittances: There will be no tax collection at source (TCS) on foreign remittances of up to Rs 7 lakh per financial year, s...06 Jul, 2023, 02.48 PM IST
- No TCS on debit card, credit card forex payments of up to Rs 7 lakh from July 1, 2023: GovtThe Ministry of Finance on Friday, May 19, clarified that no TCS will be levied on individual payments using international debit and credit...22 May, 2023, 04.20 PM IST
- No TCS on overseas spending up to Rs 7 lakh per year by credit or debit cards: GOIThe Government of India on Friday has announced that individuals making payments using their international debit or credit cards, up to Rs ...19 May, 2023, 08.11 PM IST
- Credit card forex payments under LRS: You have to pay 20% TCS on these transactions from July 1, 2023Credit card spending in a foreign currency will now be a part of LRS's annual limit of $2,50,000 per person. Further, it will be subject to...19 May, 2023, 06.14 PM IST
- What is LRS and which transactions come under it? Govt's FAQs on 20% TCS on international credit card spendsOn May 16, 2023, the Ministry of Finance issued a notification mentioning to omit rule 7 of the Foreign Exchange Management (Current Accoun...19 May, 2023, 12.14 PM IST
- 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...17 May, 2023, 09.06 PM IST
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