is 20% TCS applicable on only international tour packages?
If we book international flights or hotels individually, is TCS applicable?
If we book international flights or hotels individually, is TCS applicable?
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20% TCS on all international transactions done using a credit card
- Thread starter TechnoFino
- Start date
It is very easy for forex, debit account and credit card as you can easily or already tied to pan card. Just check the forex transactions against pan and check ITR status. Send notice to them or after first transaction, start charging them higher rate. Or to enable forex transactions, check previous year ITR filing status and determine rate of TCS.
With software and AI, all of it is possible and it needs will to implement.
As per estimates overall overseas spends/LRS were 1.27L Crore in a year, then India govt has in effect taken an interest free 25K Crore loan for the year saving maybe 1500 crores per year to the exchequer.
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What about NRI credit cards?
Hi. What are NRI credit cards. Can you tell a bit more?
all this is fine only if credit cards were issued by income tax dept...but they are issued by banks and banks dont have itr info of anyone....and banks are the one who'll charge and deposit the tcs on your behalf.......
as far as cross verifying the data with card spends is concerned...banks will have to give this data for every intl transaction to the dept...this has privacy implications for individual customer where such reporting is otherwise not required....only if you pay 10L to your card account in a FY, it is reported to ITD.
Blind fanatics neither help themselves nor help people around. People are expressing their anger here. Even in this "learned" forum ,people cannot tolerate this and abusing.imagine the plight of illiterate people.
It says all CC transactions so applicable.
Feeling blessed 🙏🏼
Well it is over and above the transaction value, so why even stop at 100, could even have charged 200% TCS. Really blessed that it is only 20% 😋
They can't charge 200% when max slab is 30/40%
Can you help me understand this as I am not well versed? As far as I know, you can't get a credit card without PAN and if you're spending more than 10 lacs then you get reported to IT dept by the bank. How are these people spending lacs on CC without IT department noticing?
The more you look in to the Abyss, The Abyss looks into you.
incl cc within this framework is rbi's suggestion to govt...coz it was being misused and dollars being sent outside of india breaching the LRS limit....this tcs is been introduced so that ppl who book foreign tours in india will have their tax deducted and deposited with ITD....you can pay for these tours via any medium....debit card, credit card, cash etc....purpose being if you can afford a foreign tour and if your itr doesnt support your expenses...then where is the money coming from....pay tax and then go anywhere you want...
its same like airport security checks...the govt knows you'll not hijack the plane but still you have to go thru it...
So why not apply the rule with threshold if LRS was being broken? Why does it have to be done for everyone even for people who spend a low amount?
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