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How 20% TCS on overseas credit card spends while abroad affects users

While the Union government has justified the hike in the tax collected at source on overseas credit cards claiming it mainly affects the rich, it is being criticised for burdening the middle class.

Lok sabhaBimal jainNirmala sitharamanWhile the finance ministryWhile the unionUnion finance ministryMinistry of finance finminindiaForeign exchange management actForeign exchange management current account transactionsIncome tax departmentForeign exchange management current account transactions amendmentReserve bankLiberalised remittance schemeTax collectedForeign exchange managementCurrent account transactions

And we want INR to replace USD : 20% TCS on foreign spending via credit cards sparks outrage on Twitter

20% TCS: Twitter users went as far as dubbing govt's move to impose 20% TCS on international credit card usage as 'tax terrorism'

Deepak shenoySaket gokhale saketgokhaleRamesh srivatsAveek mitraGurmeet chadhaSairam krishnanBasant maheshwariBasant maheshwari bmtheequitydeskPortfolio management servicesForeign exchange management actForeign exchange management current account transactionsReserve bankTax collectedFinance ministryCurrent account transactionsComplete circle

Startups stare at compliance nightmare, possible short-term cash flow crunch over 20% TCS rule

Startups and businesses generally allow employees to use corporate credit cards for business travel, international travel expenses including accommodation and food, and for other foreign spends like subscriptions.

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Political donations pe kabhi TCS nahi lagne waala : Ashneer Grover slams 20% TCS on international credit card usage

Spending with international credit cards will also attract a higher rate of Tax Collected at Source (TCS) at 20 per cent, effective July 1, 2023.

Ashneer groverNirmala sitharamanUnion budgetThird unicornLiberalised remittance schemeTax collectedFinance minister nirmala sitharamanGold taxIncome tax actIncome tax return20 tcsNternational credit card usage0 tcs trendForeign travelOreign travel to get expensiveOreign travel to get expensive from july 1

Are taxpayers unwittingly giving an interest-free loan to the govt?

For the period from the date of tax deduction till the end of the year, the taxpayer does not get any interest at all.

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