TCS rate to be hiked from July 1 for international credit card usage: Explained

Описание: The finance ministry recently amended rules under the Foreign Exchange Management Act (FEMA) to bring international credit card spending under the Liberalised Remittance Scheme (LRS). Put simply, credit card spending in a foreign currency will now be a part of LRS's annual limit of $2,50,000 per person. Further, it will be subject to tax collected at source (TCS).

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