🚨🚨🚨Big Update! Payments by an individual using their international Debit and or Credit Cards up to 7 Lakh per FY will be excluded from the LRS limits and hence will not attract any TCS upto 7 lakhs. This has been clarified by Ministry of Finance by issuing clarification on 19th May 2023.
Hence proved, if you want to live in India then you should be either poor who survives on subsidy or rich business man with a lot of black money. If you are middle class then try to move out of India. Not worth paying taxes to useless government like this.
@@vijaymaddula7009 How would you feel if someone told you that they will take 20% of what you spend abroad and then give it back to you 1-2 years later, without paying you any interest. This is how long it takes to get a refund.
another blunder from nirmala tai. how can goverment let such a incompetent person run finance ministary. Remember her first budget which had to be all undone.
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🚨🚨🚨Big Update!
Payments by an individual using their international Debit and or Credit Cards up to 7 Lakh per FY will be excluded from the LRS limits and hence will not attract any TCS upto 7 lakhs.
This has been clarified by Ministry of Finance by issuing clarification on 19th May 2023.
If we have 2 cards for instance from. Different. Banks, will i have 14 lakhs limit? (7lakh *2 cards)
Hence proved, if you want to live in India then you should be either poor who survives on subsidy or rich business man with a lot of black money. If you are middle class then try to move out of India. Not worth paying taxes to useless government like this.
My Vote against this tax next year. I will throw them out. Its a joke to implement these changes.
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We can claim it back while filing the income tax
@@vijaymaddula7009 How would you feel if someone told you that they will take 20% of what you spend abroad and then give it back to you 1-2 years later, without paying you any interest. This is how long it takes to get a refund.
You can show to company .. every month your tax will be reduced.. no need to wait for 1 year
@@srinivassahu9597 Are you delusional. Accounts dept. Will never reduce tax due to this TDS.
Nice teaching skills , very polite and humble 😊🤩🥰
another blunder from nirmala tai. how can goverment let such a incompetent person run finance ministary.
Remember her first budget which had to be all undone.
Tax terrorism by this ... GOVT
Sir, I am web-developer.
I need to buy themes, plugins, server etc. (mainly in USD) using my Credit Card. Will there be tax?!!
Yes if you are using personal credit card
If you are claiming it as a business then no, if as an individual then yes
@@aum8136 Individual.
Tax the business.... why make individual more poor!
@@ayan.debnath rich gets richer poor gets poorer 😊
@@aum8136 ALL kind of taxes on us ONLY!
This *government* is completely *illogical* and *erratic*
What about the claim process at the end of the financial year ? Will it automatically offset the tax to be paid or we have to show some proofs ?
This TCS is equivalent to TDS, it will get adjusted against our Tax Liability and balance will get refunded after filling ITR..
U have to claim for refund
Ye sarkar pagal hogayi h..
Hi Sirji, what if we are using AWS cloud services online, usme kya impact aayenga
Sir u told about credit card, but if i buy anything in usd from my debit card then, how much tcs?
I am laughing now at all those people who were getting happy that Indian rupee will now be accepted at foreign airports and countries 😂😂😂
Sir
What about transactions 7 lakh limit??
Can I use my credit card till 7 lakh for making international purchases sitting in india??
Sir is this applicable on Corporate International Credit Cards as well?
Yes
Sir agar me india se koi flight book karta hu kisi bhe website se jese make my trip ya ibibo international flight to kya uspe bhe 20% lagega?
No
Excellent information sir
Hello Sir, does this apply to NRIs as well using NRE accounts to remit money back to foreign country ?
are you remitting money using credit card?
@@aum8136 no. Bank transfer via nre account.
No, LRS apply only to Residents. NRI need not have to worry..
@CA Yogesh Katariya thank you Yogesh Sir !
Not applicable for NRI
That exemption of 7 lacs is still there for TCS in FY. ?
No
Yes
Yes
If a foreigner use international card in india, are those transactions also subjected to TCS?
Check ur country tax regulations
Is exemption of rs7lacs still there
Yes
Hatao re Narinder ko.😂😂😂
If i spent money abroad if i am on a visit then also i will be charged ?
Yes
Yes
Wow modi wow.... His power is hindu Muslim war and nothing else
If u cross threshold limit of 7 lacs yearly
Ek saal Tak Paisa bhi rakhegi aur uspe koi byaaj bhi ni waah Modi Modi ji waah
But TCS 20% will apply after 7 lac limit crossed Right ?
No limit has been abolished now
Yes after threshold limit of 7 lacs
Yiu are giving half information.. didnt say snything about claim .. who it impact on our total tax ..
It’s like our TDS .. Will get adjusted against existing tax liability , if any, and balance will be refunded..
Will try to make a video on that also, thanks for driving our attention to that point..
Karnataka repeat people, no other choice for middle class
Modi sab adaani ko de dega bhagao
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