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
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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
May 21
Shika: They can track with your Adhar number, phone, address etc. tracking is very easy these days more
May 21
https://cleartax.in/s/tax-collected-source This is the explanation of TCS. Are you buying any of these items listed?? more
May 20
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
May 20
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
May 21
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
May 20
