Question
Foreign currency payments such as digital subscriptions
to publications or goods bought on foreign e-commerce sites through international credit cards will count toward an individual's Liberalized Remittance Scheme (LRS) account and attract _____ tax collected at source (TCS).Solution
Foreign currency payments such as digital subscriptions to publications or goods bought on foreign e-commerce sites through international credit cards will count toward an individual's Liberalised Remittance Scheme (LRS) account and attract 20% tax collected at source (TCS). Â Â Â Â Â However, if these purchases are made in Indian rupees, they will not be counted against LRS and face any TCS. Â Â Corporate cards given to employees for official expenditure overseas will also not attract TCS, as these expenses are covered under residual current account transactions outside the LRS.
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