Tax on Source (TCS) on credit cards

[Hitman_107]

Does tax collected on source TCS gets applied on transactions done on credit cards for international payments? I have a world safari card with 0 markup so was wondering how TCS works in credit cards. Coz in Niyo Global TCS is deducted but they refund it back since the overall amount spent is less than 7lacs..

So can someone shed some light on this topic.

@TechnoFino @bhavyegoel @anirban.choudhury @Subhankar

 

[luciferlucifer is verified member.]

Does tax collected on source TCS gets applied on transactions done on credit cards for international payments? I have a world safari card with 0 markup so was wondering how TCS works in credit cards. Coz in Niyo Global TCS is deducted but they refund it back since the overall amount spent is less than 7lacs..

So can someone shed some light on this topic.

@TechnoFino @bhavyegoel @anirban.choudhury @Subhankar

Mostly no

 

[thanix]

Does tax collected on source TCS gets applied on transactions done on credit cards for international payments? I have a world safari card with 0 markup so was wondering how TCS works in credit cards. Coz in Niyo Global TCS is deducted but they refund it back since the overall amount spent is less than 7lacs..

So can someone shed some light on this topic.

@TechnoFino @bhavyegoel @anirban.choudhury @Subhankar

This will be applicable from 1 July onwards for credit cards. 20% TCS is proposed with lesser rate for education and medical I think. No exemption of 7L and it is from first dollar. IT department is yet to provide operational guidelines which I think will come in June.