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CREDIT CARD TCS
Quote of the Day by Thomas Jefferson: 'Never spend your money before you have earned it. ' Finance lessons from one veteran American diplomat and ex US PresidentQuote of the Day by Thomas Jefferson: Never spend your money before you have earned it is one of the most popular and widely used quotes at...15 Apr, 2026, 03.52 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
- RuPay debit, credit card: This RuPay card will get you up to Rs 3,000 cashback in every transaction in these countriesRuPay-JCB debit and credit card customers can now get a 25% cashback on in-store purchases in eight countries. This is a limited-period off...30 Apr, 2024, 03.02 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
- Debit card or credit card: Which one should you use on international trip to save on forex, ATM charges, TCS?Debit card vs credit card: The first thing to keep in mind is that using a debit card means spending the money in your account. Credit card...18 Dec, 2023, 12.59 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
- 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...29 Jun, 2023, 03.45 PM IST
- 3 ways to avoid the 20% TCS on overseas tour packages effective July 1, 2023Starting from July 1, 2023, a tax collected at sources (TCS) of 20 per cent will apply to overseas tour packages. If you are planning to ta...27 Jun, 2023, 02.00 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
- Sending money abroad for education? Pay 20% TCS from July 1 if you don't do thisBudget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per...16 Jun, 2023, 12.58 PM IST
- Clarity needed on TCS levy on credit card payments, distinction between biz/personal visits: Tax expertsEY India, National Tax Leader, Sameer Gupta said since the object of the increase in TCS rate on LRS transactions is to address cases of di...22 May, 2023, 08.54 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
- 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
- Govt move to impose 20% TCS on credit card spends abroad leaves holidayers in a fixThe government's decision to include international credit card spends of individuals when they travel overseas under the overall Liberalize...19 May, 2023, 11.56 AM IST
- 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 ...19 May, 2023, 11.51 AM 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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