Question
To avoid any procedural ambiguity, the Ministry of
Finance has decided that any payments by an individual using their international Debit or Credit cards upto _____ per financial year will be excluded from the LRS limits and hence, will not attract any TCS.Solution
To avoid any procedural ambiguity, the Ministry of Finance has decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS. Existing beneficial TCS treatment for education and health payments will also continue.
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