14/05/2023
LokSabha passes additional amendments to Finance bill : Credit cards under LRS now.
Any payment made with credit card to foreign vendors (such as for hotel and airline bookings, gaming, subscriptions to software/magazines/memberships etc.), will be subjected to TCS at 20% irrespective of the amount paid.
In every such case, individuals will need to claim a credit for such TCS in their tax returns.
Source: Financial express.
“LokSabha passes additional amendments to Finance bill : Credit cards under LRS now. Any payment made with credit card to foreign vendors (such as for hotel and airline bookings, gaming, subscriptions to software/magazines/memberships etc.), will be subjected to TCS at 20%…”