The Union Budget 2023-24 proposed to increase the Tax Collected at Source (TCS) rate on overseas tour packages and funds remitted under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. The notification in this regard was issued by the Finance Ministry on May 12, 2023.
The new TCS rates will come into effect from July 1, 2023. This means that if you use your credit card to make a purchase in foreign currency outside India, you will have to pay a TCS of 20 per cent on the amount spent.
The TCS will be collected by the credit card issuing bank and will be paid to the government. The TCS amount can be claimed as a deduction while filing your income tax return.
The increase in TCS rates is expected to raise additional revenue for the government. It is also expected to discourage people from making unnecessary foreign currency transactions.
The following are some of the key points to note about the new TCS rates:
💳The TCS will be applicable on all credit card transactions in foreign currency, irrespective of the amount.
💳The TCS will not be applicable on credit card transactions for education and medical purposes.
💳The TCS will be collected by the credit card issuing bank and will be paid to the government.
💳The TCS amount can be claimed as a deduction while filing your income tax return.
💳The new TCS rates are likely to have an impact on people who frequently travel abroad or who make online purchases in foreign currency. It is important to be aware of the new rates and to plan your finances accordingly.
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