Key Takeaways from latest CBDT Press Release

The Central Board of Direct Taxes clarifies that payments made by an individual using their International Debit or Credit Cards up to Rs. 7 lakh per financial year will not attract TCS.
Key takeaways from the press release:

  • The Government has decided to postpone the implementation of its  16th May 2023, e-gazette notification. This would mean that transactions through International Credit Cards while being overseas would not be counted as LRS and hence would not be subject to TCS.
  • The threshold of Rs. 7 Lakh per financial year per individual in clause (i) of sub-section (1G) of Section 206C shall be restored for TCS on all categories of LRS payments, through all modes of payment, regardless of the purpose.
  • Increased TCS rates will apply from October 1, 2023. 

Complete Circular attached here

UJA | Key Takeaways from latest CBDT press release

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