https://www.taxtmi.com/news?id=26541 Tax Collection at Source under Section 206C(1G) applies to remittances under the Liberalised Remittance Scheme; Finance Act 2023 raised TCS rates for certain categories while preserving concessional treatment for education and medical remittances (including a lower rate for funds from institutional education loans). The May 16, 2023 omission of Rule 7 of FEM(CAT) Rules removes the exemption for international credit-card use abroad, bringing credit-card transactions within LRS accounting to prevent circumvention of remittance limits and to ensure uniform foreign exchange treatment. en-us Tue, 23 May 2023 16:01:16 +0530 Tue, 23 May 2023 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=26541 Tax Collection at Source under Section 206C(1G) applies to remittances under the Liberalised Remittance Scheme; Finance Act 2023 raised TCS rates for certain categories while preserving concessional treatment for education and medical remittances (including a lower rate for funds from institutional education loans). The May 16, 2023 omission of Rule 7 of FEM(CAT) Rules removes the exemption for international credit-card use abroad, bringing credit-card transactions within LRS accounting to prevent circumvention of remittance limits and to ensure uniform foreign exchange treatment. News - Tue, 23 May 2023 16:01:16 +0530 https://www.taxtmi.com/news?id=26541