Tcs On Credit Card

Payments made by using international credit cards (ICC) during overseas visits will not attract Tax Collected at Source or TCS, as per the latest notification issued by the Finance Ministry.

The government on Wednesday said overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme (LRS) and hence, would not attract TCS.

The government has said the claim by a Trinamool Congress spokesperson that banks can't verify whether people have spent less than Rs 7 lakh a year is false.

The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

Payments made by using international credit cards (ICC) during overseas visits will not attract Tax Collected at Source or TCS, as per the latest notification issued by the Finance Ministry.

The government on Wednesday said overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme (LRS) and hence, would not attract TCS.

The government has said the claim by a Trinamool Congress spokesperson that banks can't verify whether people have spent less than Rs 7 lakh a year is false.

The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.