Tax_intro

20/05/2023

* Clarification regarding the applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS.

* Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023.

* To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS.

* Existing beneficial TCS treatment for education and health payments will also continue.

* The necessary changes to the Rules (Foreign Exchange Management (Current Account Transactions Rules), 2000) will be issued separately.

Source - Ministry of Finance

19/05/2023

Credit

19/05/2023

Credit Nikhil Kanodia

05/04/2023

Credit -

02/04/2023

Credit -

31/03/2023

Credit - CA Mahendra Chaudhary

28/03/2023

21/03/2023

19/03/2023

09/03/2023

05/03/2023

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