20 pct tax deduction on foreign travel spending
Decision to add Credit card spend in forex under LRS and tax 20% is a criminal move. Anyone who travels abroad,uses credit cards for everything from food to stay. 20% additional cost will have many of us thinking twice about traveling abroad.
Is this move to encourage domestic tourism? more
Is this move to encourage domestic tourism? more
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Consideration abt following is required. 1. What's the upper limit of amount spent beyond which CST would be levied? 2. Will financially normal (financially middle class) be adversely affected? 3. Will it create a setback to unauthorizedly passing money abroad, especially to terrorists/adversaries/enemies of the nation? more
May 19
A very arbitrary move. You want to track, peg TCS at 1%. More than that is just harassment to public .... and public will speak through the ballot. more
May 19
Death by Taxes ๐ 1. Tax on Salary/Income 2. Tax on equity purchases (STT) 3. Tax on stock/MF dividends 4. Tax on LTCG 5. Tax on debt funds 6. Tax on savings + FD interest 7. GST on everything (incl insurance premium) 8. Now TCS on foreign spends Any others I've missed out? more
May 19
I had filed an RTI RBIND/R/E/23/01802 on 29-Mar-2023. But I've not gotten a response. They closed it saying consolidated response will be given by FED. Qn 1: What is the exact reason RBI banned SBM international transactions? When RBI initially banned all international transactions on 23 Jan 023, Other than a press release saying โthe action against the SBM Bank had been taken due to certain material supervisory concerns observed at the bankโ, RBI has not provided any information that can be understood by an average customer. Qn 2: Did RBI consider the costs and consequences general customers of the bank would incur due to its actions? My wife has travelled overseas on a student visa along with our 2-year-old daughter. She was using the card for all her transactions. She had no other means of income. I was paying for her expenses on my monthly salary. By blocking international transactions to serve your agenda and interests, you threw all of us to the wolves. Qn 3: Why forex sellers who charge a very high markup are not regulated? Forex sellers at airports and even a few banks indulge in quite a lot of mal-practices in terms of the exchange rate they offer and fee they charge. But RBI seems to target the innovative ones that lower costs for their customers. Qn 4: Why charge a 20% tax-collected at source from 1st July? If the objective of TCS is an audit trail, a 1% TCS would suffice. By planning to implement 20%, you are making ordinary people incur higher costs. The press release from you bureaucrats has proclaimed it will help Indian tour operators. The insurmountable amount of paper work and red tape has always been the primary obstacle for growth of enterprising businesses in our country. If you want to help out, stop taxing Liberalized remittance scheme. more
May 19
You said: '20% additional cost will have many of us thinking twice about traveling abroad'/ That is the whole point. The government perhaps wants to promote domestic tourism by curbing spending on international tourism. Switzerland's loss is Kashmiris gain. more
May 19
