Are Credit cards subject to LRS scheme?

[CARDBITRAGE]

I need to make a few payments abroad and wanted to know if anyone had international spends in excess of Rs.700000 on their credit cards. If so, was TCS of 5% charged for amounts >Rs.7L. Also, are there any decent alternatives to Niyo Global that you guys can vouch for? Thanks in advance.

 

[Wealth is my birth right!]

I need to make a few payments abroad and wanted to know if anyone had international spends in excess of Rs.700000 on their credit cards. If so, was TCS of 5% charged for amounts >Rs.7L. Also, are there any decent alternatives to Niyo Global that you guys can vouch for? Thanks in advance.

Yes LRS and TCS applicable banks will monitor it
But 95% of card users won’t reach that figure

 

[Pr@k]

I need to make a few payments abroad and wanted to know if anyone had international spends in excess of Rs.700000 on their credit cards. If so, was TCS of 5% charged for amounts >Rs.7L. Also, are there any decent alternatives to Niyo Global that you guys can vouch for? Thanks in advance.

is than a monthly, Financial year or calender year limit?

 

[CARDBITRAGE]

is than a monthly, Financial year or calender year limit?

7L is the threshold for a particular FY. But I'm afraid this is only till 31 March 2022. After that TCS of flat 20% is charged. 🙁

 

[bimanpaul]

Govt clarifies payments abroad for up to ₹7 lakh will not be taxed

20% TCS rule update: No tax for international transactions up to ₹7 lakh through debit cards or credit cards

www.hindustantimes.com

 

[bimanpaul]

Govt clarifies payments abroad for up to ₹7 lakh will not be taxed

20% TCS rule update: No tax for international transactions up to ₹7 lakh through debit cards or credit cards

www.hindustantimes.com

 

[VGisHere]

TL;DR

yes, but exempt up to limit of INR 7L

 

[350modena]

TL;DR

yes, but exempt up to limit of INR 7L

Is there an issue on paying for an international booking for a parent on your card if payment is approx 70k INR? Airbnb is asking for PAN number so parents PAN I'll be putting.