No more TCS on international payments on Credit Card & Debit card upto 7 Lakhs
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Credit card and debit card users have good news! They will no longer have to pay Income Tax TCS (Tax Collected at Source) of 20% on international payments up to 7 lakh. The Finance Ministry issued a clarification on May 19th stating that international payments up to 7 lakh will not be covered under the LRS (Liberalized Remittance Scheme).
This 7 lakh limit applies to all spending made on your international debit and credit cards and should be counted as an aggregate of all the payments.
However, if you make any payments to an Indian travel website or travel agent after 1st July 2023, you will still be required to pay TCS. Travel agents are now opposing this decision. Let's see how the government responds to their concerns.
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