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TCS ON MEDICAL EXPENSE
TCS on sending money abroad is 20% in many cases: Will Budget 2025 reduce this to 5%?Reduce TCS on LRS in Budget 2025: Following the amendments made in the Income Tax Act, TCS on sending money abroad in specified cases attra...16 Jan, 2025, 01.03 PM IST- 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...24 Jul, 2024, 04.17 PM IST
- 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 ...23 Jul, 2024, 03.52 PM IST
- TCS paid on foreign remittances, purchase of car can be used to lower TDS on salaryTCS on Foreign remittances: Budget 2023 raised TCS on most foreign remittances under LRS to 20%. The initial implementation was met with cr...23 Jul, 2024, 02.54 PM IST
- 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...02 Oct, 2023, 03.07 PM IST
- New 20% TCS rule from October 1, 2023: Know TCS rates on international trips, forex payments, debit, credit card, education, foreign investmentsStarting from October 1, 2023, all overseas outward remittances, except for medical and educational purposes, over a threshold limit of Rs ...25 Sep, 2023, 03.03 PM 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
- Sending money abroad for education? Watch out for these errors to avoid 20% TCSThe higher rate of TCS will not apply to education expenses incurred abroad. But parents must be careful about the fine details of TCS whil...08 Jul, 2023, 03.17 PM IST
- 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 ...04 Jul, 2023, 03.48 PM IST
- 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...20 Jun, 2023, 11.41 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
- 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
- New TCS rate from July: Sending money for children studying abroad to cost more for these expensesBudget 2023 increased tax collection at source (TCS) for foreign remittances under LRS from 5% to 20%. This will apply to foreign trips, se...18 May, 2023, 10.27 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
- Credit card payments on foreign tours may be brought under LRS to ensure compliance with TCSThe Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent ...15 May, 2023, 07.04 AM IST
- Budget 2023: Want to send money abroad? It will cost you more nowAs per the Budget proposal, banks remitting funds overseas will have to collect tax at source at 20% without the applicability of any thres...02 Feb, 2023, 10.13 AM IST
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