Credit Card alert: FM Nirmala Sitharaman says payments on foreign tours will be brought under LRS

Credit card payments on foreign travels likely to come under tax net

According to the LRS, which was introduced in 2004, all resident individuals, including minors, are allowed to freely remit up to $250,000 per financial year

Credit Card alert: FM Nirmala Sitharaman says payments on foreign tours will be brought under LRS

"It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh.

Tax will have to be paid on credit card payments during foreign tours

New Delhi: There is essential information for the residents of India occurring overseas tour. Tax needs to be paid on bank card funds throughout overseas

Credit Card Payments On Foreign Tours To Be Brought Under Liberalised Remittance Scheme

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme of the Reserve Bank of India, to ensure that such expenses do not escape 'Tax Collection at Source.'While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, finance minister Nirmala Sitharaman said the Reserve Bank of India has been asked to look into ways to bring credit card payments on foreign tour…

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such