No TCS on LRS transactions upto Rs 7 lakh via international debit, credit cards

Deal Cadet

The government has on Friday relaxed the rules that mandated 20 percent Tax Collected At Source (TCS) on international transactions using debit or credit cards. It said that any international transaction done by an individual using his/her debit or credit card upto Rs 7 lakh will not attract the 20 percent levy. Such transactions, the government has clarified, will be exempt from the $250,000 per annum Liberalised Remittance Scheme (LRS) limits. This relaxation does not extend to international transactions charged to institutional or corporate credit cards.

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