Rule 7 of FEM( Current Account Transactions) Rules 2006 with respect to use of international credit cards outside India has been omitted by notification dated 16th May 2023
Credit Cards payments on foreign tours have been brought under the ambit of LRS scheme available with resident individual with Annual cap of USD 250000. This may ensure TCS Compliances as per changes made in budget 2023.
by Deepanshu Joshi | May 18, 2023 | Income Tax | 0 comments
