https://www.taxtmi.com/article/detailed?id=11428 The 16.05.2023 amendment removes the exception for international credit card use and includes such transactions within the Liberalized Remittance Scheme, requiring resident individuals to comply with LRS limits and authorised-dealer procedures. Correspondingly, remittances under LRS attract Tax Collection at Source (TCS) under section 206C(1G) as amended; authorised dealers and specified sellers must collect TCS at the point of debit or receipt, subject to prescribed thresholds and exemptions clarified by the Ministry. Employer-paid business travel expenses remain outside the LRS framework. en-us Wed, 24 May 2023 10:44:15 +0530 Wed, 24 May 2023 10:44:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11428 The 16.05.2023 amendment removes the exception for international credit card use and includes such transactions within the Liberalized Remittance Scheme, requiring resident individuals to comply with LRS limits and authorised-dealer procedures. Correspondingly, remittances under LRS attract Tax Collection at Source (TCS) under section 206C(1G) as amended; authorised dealers and specified sellers must collect TCS at the point of debit or receipt, subject to prescribed thresholds and exemptions clarified by the Ministry. Employer-paid business travel expenses remain outside the LRS framework. Articles Income Tax Wed, 24 May 2023 10:44:15 +0530 https://www.taxtmi.com/article/detailed?id=11428