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TCS on LRS rules changed: TCS Rates, Limits for Credit Card, Foreign Tours, Medical, Education Here

TCS on LRS rules changed: TCS Rates, Limits for Credit Card, Foreign Tours, Medical, Education Here
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Date Extended; 20% TCS On Foreign Tour Spend From Oct, No TCS On Credit Card Spends

Currently, overseas tour packages and LRS spending above Rs 7 lakh attract 5 per cent TCS.

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Important changes w r t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)

New Delhi: In the Budget this year, certain changes were announced to the system of Tax Collection at Source (TCS) on payments under the Liberalised Remittance Scheme (LRS) and on overseas tour program packages. These were to take effect from 1st Jul

New delhiForeign exchange management current account transactionsInternational credit cardsForeign exchange management current account transactions amendmentTax collectionLiberalised remittance schemeIncome tax actFinance actForeign exchange managementCurrent account transactionsPress releaseCurrent account transactions rulesFrequently asked questions

Overseas spending using credit cards not to attract Tax Collected at Source: Finance Ministry

Overseas spending using credit cards not to attract Tax Collected at Source: Finance Ministry
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Sandeep jhunjhunwalaForeign exchange management current account transactionsNangia andersenLiberalised remittance schemeFinance ministryTax collectedForeign exchange managementCurrent account transactions rulesFrequently asked questionsFinance bill

TCS at 20%: FinMin clarifies tax deduction on foreign spending via credit cards for payments up to Rs 7 lakh

The ministry also stated that existing beneficial TCS treatment for education and health payments will also continue.

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