Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS https://www.taxtmi.com/news?id=26534 Payments by individuals using international debit or credit cards up to an annual threshold of Rs 7 lakh will be excluded from LRS limits and will not attract TCS; beneficial TCS treatment for education and health payments will continue and the Foreign Exchange Management (Current Account Transactions) Rules, 2000 will be amended to implement this exclusion. en-us Sat, 20 May 2023 09:25:47 +0530 Sat, 20 May 2023 09:25:47 +0530 TaxTMI RSS Generator Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS https://www.taxtmi.com/news?id=26534 Payments by individuals using international debit or credit cards up to an annual threshold of Rs 7 lakh will be excluded from LRS limits and will not attract TCS; beneficial TCS treatment for education and health payments will continue and the Foreign Exchange Management (Current Account Transactions) Rules, 2000 will be amended to implement this exclusion. News - Sat, 20 May 2023 09:25:47 +0530 https://www.taxtmi.com/news?id=26534