No TCS on Overseas Spending with International Debit/Credit Cards Upto Rs 7 Lakhs per FY
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- By Chetan Kulasri
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- Last Updated on 22 May, 2023
Latest from Taxmann
Press Release, dated 19-05-2023
In response to concerns regarding the applicability of TCS to small transactions under the Liberalized Remittance Scheme (LRS) starting from July 1, 2023, the Ministry of Finance (MoF) has decided to exclude payments made by individuals using their international debit or credit cards up to Rs 7 lakh per financial year from the LRS limits. This exclusion ensures that these transactions will not be subject to TCS.
The Finance Ministry has clarified that the existing beneficial TCS treatment for education and health payments will continue. The necessary changes to the Rules (Foreign Exchange Management (Current Account TransactionsRules), 2000) will be issued separately.
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