Thank you for providing this information. I would like to confirm if it is advisable to pay my foreign university fees using a credit card(Indian). Additionally, I would like to inquire whether the transaction should be completed before July 1st to qualify for a TCS of only 5%
wait so if i pay 7L for education, then use my credit card abroad, is the card and money spent on education categorized separately? or will using the card immediately incur a 20% tcs as i've already spent 7L?
@@sharujohn yep, unfortunately 7L limit is across all things combined. so if you spend all 7 lacs on A, then try to purchase B, you will have to give TDS on B
Is TCS applicable for international credit card transactions if my spends are less than 7 lakhs.
very informative
Thank you for providing this information. I would like to confirm if it is advisable to pay my foreign university fees using a credit card(Indian). Additionally, I would like to inquire whether the transaction should be completed before July 1st to qualify for a TCS of only 5%
wait so if i pay 7L for education, then use my credit card abroad, is the card and money spent on education categorized separately? or will using the card immediately incur a 20% tcs as i've already spent 7L?
Have you got any clarity about this.
@@sharujohn yep, unfortunately 7L limit is across all things combined. so if you spend all 7 lacs on A, then try to purchase B, you will have to give TDS on B
If I spend money from my account in foreign account, is TCS applicable.
Name is enough The Times of India
This will affect every Indian living abroad
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