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June 07, 2023
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Avid traveller and making International expenses through digital mode?

In continuation of recent amendment followed by our previous post on International creditcard (ICC) transactions being included under the ambit of LHS

Applicable from 1st July 2023, any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS.

In simple words, earlier ICC payments were excluded from the LRS limit of $2,50,000 but now if the payment exceeds INR 7 Lakhs, then the amount above INR 7 Lakhs will come under the LRS and will attract TCS provisions.

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