TCS on foreign spending

Glad LC manager took this up and we made lots of noise on various platforms including LC and the Govt has announced action (attached) that those spending under 7L per year abroad wont be subjected to this. But how will this limit be enforced. I spend 6.9 lac on one CC and then start using another CC how does bank/vendor know I am about to breach LRS limit and should pay 20% TCS on any spend greater than 10K? more  

View all 7 comments Below 7 comments
Tracking any spend through a card or multiple cards is a very easy thing. Why banks, even third parties have access to such information. That is why, teh whole idea of a TCS on foreign spends is devoid of any logic. I would advice against getting innovative and using multiple cards as that is foolhardy. The bank has enough time and opportunity to recover TCS from you if they want. In fact, an automated system will do that. more  
Shika: They can track with your Adhar number, phone, address etc. tracking is very easy these days more This is the explanation of TCS. Are you buying any of these items listed?? more  
govt is taxing salarid and middleclass in return nothing given , they are giving freeb,s to bpl for vote . govt is not able to get taxes from doctor running private practice ,surgeons , nushing homes who are sucking blood . private schools, private medical colleges taking crores os ruppees taking capitation fees. pleaders/lawers politicial doctors never show their income for tax more  
The number of doctors who earn slush money or private schools etc is rather limited. The government generally knows about most of these cases. The government can tackle these people if it wants to. The issue is that they will not act as most of them have bought the loyalties of the party in power. more  
TCS is a retrograde step. Taxing the expenditure from our already taxed income amounts to double taxation which against fundamental principles. This needs to challenged before SC more  
Post a Comment

Related Posts

    • Mobile Number portability problems

      Glad LC Manager took up this survey on mobile number porting

      By Shikha Chhabra
    • Cricket World Cup Tickets Scam

      BCCI or whosoever is selling online tickets via bookmyshow and other websites you are likely doing big scam. Ahmedabad match, capacity 135000, ticket was sold out within minute. However ...

      By Dinesh Shah
    • Regulating child access to social media OTT and online gaming

      Is the need of the hour. I am amazed at the fact that many of the mainstream media channels and papers are refraining from talking about it. Perhaps there is vested interest. Super glad ...

      By Sudesh Rai
    • Junk consumption soaring only bad to follow

      Varun Beverages sold 480 Cr Litres of Pepsi and other Beverages in FY23 Dominos India sold 6.7 cr to 7.83 cr Pizzas in FY23 Pizza hut India (Sapphire) sold abou...

      By Sudesh Rai
    • Are we going to have a rabies and dog bit epidemic

      LocalCircles Manager and members are doing excellent work in sensitising the Government to take dog bite menace seriously and on the other hand we have officers like District Magistrate Noida who a...

      By Radha Puri
    • Banking difficulties of people

      Thrilled to see LocalCircles banking difficulties survey in multiple english hindi news papers yesterday.

      By Shailesh Deshmukh
    • Appeasing minorities by giving vehicle subsidies

      Is a really wrong policy that is being deployed bh Karnataka Government. The only way such subsidies must be given is based on economic status (basis tax returns) and not caste. We all r...

      By SN Mittal
    • Kudos LocalCircles

      Great work on bank malpractices and escalating this issue to RBI. All members who have a loan need to save the attached notification in their mobile/computer. Your bank will now have to...

      By Shikha Jain
    • Need safety standards for commercial public events

      A lot of women who went to the AR Rahman concert this weekend had to face horror. Many, i mean a lot were groped and assaulted.

      By Sarita S
    • High costs of medical education

      It is costing anywhere between 1.5 crores to 4 crores for a medical specialisation MD degree. How many people in middle class have this kind of money in their banks which means only chi...

      By Sarita Ravichandran
    • G-20 India - Declarations

      Attached for all those who are interested. This circle has such knowledgeable people. We should discuss how these broad areas of consensus can be translated into real areas of actions on the ground

      By Ashima Gupta
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)