20% tax on foreign spending, travel via international credit cards - Explained I TCS, LRS New Rules

Описание: TCS Hike for Foreign Remittance & Travel: Are you planning to travel abroad for a holiday? Did you know that there are new TCS rules for foreign remittances under the Liberalised Remittance Scheme (LRS) and for spends made through international credit cards? In this week’s episode of TOI Wallet Talks, Russell Gaitonde, Partner at Deloitte India takes us through the fine print. One thing that you must note is that holidaying abroad is definitely going to become more expensive from July 1, 2023! What are the new rules that you must know? And, what’s the provision for claiming a refund on TCS? Watch the video to get answers to all this as Russell Gaitonde breaks it down for us.

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0:00- Intro
0:35- What is the new rule for increasing TCS on LRS & international credit card transactions?
1:50- Does the increase in TCS also apply to debit cards?
2:18- How does this impact overseas education, medical travel or family holidays?
5:17- How does the Rs 7 lakh threshold on international credit cards work?
6:02- What are the common best practices you think people should take care of?
7:31- How does the refund mechanism work on TCS?

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