No TCS on payments using international Debit or Credit cards upto Rs 7 lakh per financial year under Liberalised Remittance Scheme (LRS)
The Ministry of Finance has issued a clarification on applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS.
As per the Press release dated 19th May 2023, 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.
CBDT has extended the due date for furnishing Return of Income for Assessment Year 2026-27 (FY 2025-26) in respect of…
Denying the accumulation of u/s 11(2) merely on grounds of a procedural delay in filing Form No. 10 is unsustainable…
Engagement of 05 Young Professionals CAs in the Office of Central Registrar of Cooperative Society on contractual basis The office…
Immunity u/s 270AA(2) in respect of a single transaction can not be denied to one assessee when the penalty was…
ITAT deleted addition u/s 69A towards jewellery found in search in view of Indian traditions, CBDT Instruction and High Court…
Documents obtained post search and information obtained from the public domain not incriminating material. Documents obtained by AO post search…