International credit card spend exempted under RBI's remittance scheme within annual limit
Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.
TCS for these cases, when it crosses USD 250,000 per fiscal, will be now at 20 per cent from July 1, against the earlier 5 per cent. Image Courtesy: Pixabay