LUCKNOW: The tax department will soon come out with a clarification in the form of FAQs to distinguish between expenses incurred on personal visits and business trips for levy of 20 per cent TCS on overseas credit card spends from July 1, a senior official said on Friday.
Following a notification which brought credit card spends under LRS, concerns have been raised on how personal and business expenses would be segregated by the banks who will be required to deduct the TCS on such expenses.
Finance ministry joint secretary (Tax Policy and Legislation) Raman Chopra said the government would soon issue a clarification on the mode of applicability of the TCS provision.
This story is from the June 10, 2023 edition of Millennium Post Delhi.
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This story is from the June 10, 2023 edition of Millennium Post Delhi.
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