personal finance

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


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).



READ SOURCE

Read More   OpenAI CEO Sam Altman shares the simple, 'most frequent advice' he gives people—it 'goes a surprisingly long way'

This website uses cookies. By continuing to use this site, you accept our use of cookies.