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Opening FCAs at GIFT City now easy for residents
The launch of FCAs in GIFT City marks a crucial advancement in bolstering financial accessibility and versatility for Indian citizens
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International credit card spends may come under LRS
Banks are getting ready to integrate their systems with RBI’s to capture card spend data of customers during personal foreign tours
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Foreign assets in ITR: Declare when in doubt
Some of the assets that are causing confusion are stock options overseas that are yet to be exercised, retirement schemes in the US and other countrie
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New TCS rates from Oct 1, 2023
The government has deferred implementing the 20% TCS rate on LRS for other purposes till October 1, 2023. For now, credit card spends overseas has bee
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20% TCS on international card payments dropped
The Finance Ministry has also deferred to October 1, the implementation of a higher TCS of 20 per cent on expenditures made under LRS and overseas tou
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Govt studying readiness for TCS from July 1
A few banks have raised questions and concerns about the level of preparations that the stakeholders need to smoothly implement the new directive
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No TCS on international credit card payment under Rs 7 lakh
To avoid procedural ambiguity, it has been decided that any payments using international debit or credit card up to Rs 7 lakh per financial year will
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Higher TCS on foreign travel via cards
Citizens are already paying 20% TCS on foreign remittances made by other mode of payment like debit card or net banking
