20% TCS on all international transactions done using a credit card

[vigo]

Next year ______________ hai. 2025 se ................................

Wait! 2025 se Likely Inheritance Tax!!!!

 

[Deleted member 9785]

Wait! 2025 se Likely Inheritance Tax!!!!

capital gains ~ 25-30% too. BTW people will be shocked to know that there is 40% inheritance tax in UK above above £325,000 or 3.4 crore. Just imagine when this happens in India, the govt will swoop 40% of our life savings after tax when we give to our children

 

[roshancc]

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.

If this is the kind of regulation that the FM madam think is a good idea, I think the minute minority of us will deliberate if it's an even better idea to not press the Lotus symbol next year, though it certainly won't matter their vote share.

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% 😋

Like they tax Lambo and Ferraris

 

[roshancc]

can I buy ms office key from this website & is it legit?

yup

 

[Anil_Singh]

Mere jaise normal log zyada se zyada 2-3 lakh hi international transactions (domains, hosting etc) karenge 1 saal me. So, I think I am safe now. 😌

 

[thanix]

I thought this was already settled by the SC and you did not need to withhold tax any further in many cases (unless the tax treaty says you have to)

Indian Supreme Court rules on taxability of software payments

taxnews.ey.com

Yeah companies can fight the case till supreme court. Way back in 2019, One of the embedded system software seller told me on the face in a not very good way when I negotiated hard about selling software to Indian companies.

How can normal people do that?

 

[Anil_Singh]

 

[vigo]

capital gains ~ 25-30% too. BTW people will be shocked to know that there is 40% inheritance tax in UK above above £325,000 or 3.4 crore. Just imagine when this happens in India, the govt will swoop 40% of our life savings after tax when we give to our children

Yeah and the smart ones already have planned for it!

 

[roshancc]

Roll Back is here , I'm glad they rolled it back with Minimum Threshold of 7L .

 

[roshancc]

Yeah companies can fight the case till supreme court. Way back in 2019, One of the embedded system software seller told me on the face in a not very good way when I negotiated hard about selling software to Indian companies.

How can normal people do that?

Indian Prices are calibrated with purchasing power parity Books Games Software are priced according to Indian Buying power except few exceptions .

 

[thanix]

Sanity restored - Tweet by ministry of finance after the backlash. No TCS till 7L in all modes...

 

[typhoon]

govt ch***a hai ekdum, first bring out random rules then backtrack!!

Its not rolling out the rules, it just a news to calm public.

 

[avinash2711]

Backlash impact :
Any payments by an individual using their international Debit or Credit cards upto Rs 7 lakhs per financial year will be excluded from the LRS limits and hence, will not attract any (TCS) Tax Collected at Source: Govt of India Existing beneficial TCS treatment for education and health payments will also continue: GoI

thank you for this. I saw an article few mins back and got confused as what i heard yesterday and what i read today are contradicting. Now I am clear. This Govt is indeed a random law generator.

 

[makman]

Sanity restored - Tweet by ministry of finance after the backlash. No TCS till 7L in all modes...

Please help me understand how does the bank know that I have exceeded 7L spends for starting to charge TCS?I can see they can track specific card's spends but not individuals other cards, right?

 

[amit]

7L per PAN no? or Per bank account?

 

[MilesMax]

How is this 7L calculated in the first place? Per PAN or Per account or Card etc?
I have already used 4L in Foreign remittance on IND Money. That is through net banking.
That means I only have 3L left for all the foreign expenses this year to not be charged TCS?

 

[iNokia]

How is this 7L calculated in the first place? Per PAN or Per account or Card etc?
I have already used 4L in Foreign remittance on IND Money. That is through net banking.
That means I only have 3L left for all the foreign expenses this year to not be charged TCS?

According to the rules it should be per pan.

 

[gurbina]

This is gonna be a huge pain, I know some banks just charge TCS upfront like DBS.

Haven't tried other banks other than DBS or Axis for foreign spends.

 

[MilesMax]

This is gonna be a huge pain, I know some banks just charge TCS upfront like DBS.

Haven't tried other banks other than DBS or Axis for foreign spends.

True, I use DCB Bank's Niyo Global Card. Even there they charge TCS upfront and refund after 14 days.

We wouldn't even know if the 7L is breached or not. If we don't get the refund then it's probably breached.

 

[indcreditcard]

These rules are becoming increasingly confusing