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.
Order not in conformity of Faceless Assessment Scheme 2019 if not est? - ITAT remands the case in view of…
Extension of the validity of FCRA registration certificates till 30.09.2024 Home Ministry has decided to extend the validity of FCRA…
Provisions of section 68 to 69B applicable only if assessee is required to maintain books of accounts under provisions of…
When show cause notice proposed addition u/s 68 as unexplained cash credits, in assessment order addition can not be made…
AO directed to pass order u/s 148A(d) after considering belated reply filed by assessee after supply of legible copies of…
AO converted limited scrutiny into complete scrutiny without obtaining permission and in violation of CBDT Instruction - ITAT quashed Assessment…