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Will Budget 2024 reduce 20% TCS for taxpayers, levy TCS on credit card forex payments?

Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is exceptionally high and almost punitive to the citizens who need to make foreign payments, say experts. Earlier, TCS used to be applicable at 5% when you cross the threshold of Rs 7 lakh for certain transactions.

Budget 2024 Expectations: Bring credit cards under new TCS regime to bring parity with forex cards, says BookMyForex com CEO

Says secured credit cards that require a minimal amount of FD are now used as forex or travel cards and function exactly like forex prepaid cards with no document or TCS requirements

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