What is the percentage of TCS announced to be levied on international credit card spending?
10%
20%
25%
30%
Correct Answer :
B. 20%
The government has amended rules in 2023 under the Foreign Exchange Management Act (FEMA) to impose a higher rate of 20% Tax Collected at Source (TCS) on international credit card expenditures outside India under the Liberalized Remittance Scheme (LRS).
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