Finance Ministry Clarifies TCS Collection to Small International Debit/Credit Card Transactions under LRS

Finance Ministry - TCS Collection - Small International Debit or Credit Card Transactions - LRS -Taxscan

Following the Frequently Asked Questions (FAQs), the ministry clarified the Tax Collection at Source (TCS) collection for modest foreign debit/credit transactions under the Liberalised Remittance Scheme on May 19, 2023. The implementation of Foreign Exchange Management (Current Account) Transactions Rules, 2023 has raised many questions for the taxpayers. From July 1st 2023, international credit card…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader