TCS levy: Credit card holders may have to file declaration with banks

The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS or for other purposes on which a 20 per cent Tax Collection at Source (TCS) would be levied, they added.

TCS levy: Credit card holders may have to
The tax department will issue a detailed FAQ on modalities for levy of TCS at the specified rate, image- Pexels

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