20/05/2023
* Clarification regarding the applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS.
* 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.
Source - Ministry of Finance
19/05/2023
19/05/2023
05/04/2023
02/04/2023
31/03/2023
28/03/2023
21/03/2023
19/03/2023
09/03/2023
05/03/2023