TCS Charge in foreign transactions

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Mint has released this article on TCS. As per this, the 7 lac limit is not applicable for forex card or forex currency purchase or overseas investment

 

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

Effective from May 16, 2023, all international transactions made using credit cards will now fall under the Liberalized Remittance Scheme (LRS). Furthermore, a 5% Tax Collected at Source (TCS) will be applicable on all international transactions until July 1, 2023. #FEMA 2000 rule no 5 & 7...

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