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TCS ON CREDIT CARDS
Indian travellers worry more about forex costs than visa queues: ReportIndian travellers are set to spend more overseas following a tax reduction. However, managing travel budgets is their biggest worry. Many s...- What happens when investors stop SIPs during crises–real investors, real panic, and the real cost of walking awayFrom a cancer diagnosis in Kolkata to a layoff in Bengaluru to Covid panic in Agra—real investors, real crises, and the real cost of walkin...
- 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 ...
- 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...
- 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...
- 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...
- 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...
- 20% TCS from October 1, 2023: How a forex card could save you more than a credit card during international tripsTCS on forex payments: From October 1, 2023, forex cards will attract at 20% if the user loads over Rs 7 lakh on the card in a financial ye...
- 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...
- 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 ...
- 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...
- 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...
- 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...
- 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...
- 20% TCS on international credit card spends: RBI's solution is like cutting off head to cure headache, says tax expertThe move to impose a 20% tax collected at source (TCS) on credit card purchases for international transactions, and the inclusion of credit...
- 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...
- 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...
- 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...
- 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 ...
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