Quick Summary
Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid an
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FAQ :
Payments made by individuals using international debit or credit cards up to £7 lakh per financial year will be excluded from the Liberalised Remittance Scheme (LRS) limits and will not attract Tax Collection at Source (TCS).
The clarification addresses concerns regarding transactions from July 1, 2023.
No, existing beneficial TCS treatment for education and health payments will continue.
Transactions up to £7 lakh using international debit or credit cards will be excluded from the LRS limits for the purpose of TCS.
The exemption is specifically for transactions up to £7 lakh per financial year. The article does not specify details for transactions exceeding this amount.
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