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Credit Card - Help & Recommendations


El Tigre Chino
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58 minutes ago, achilles said:

 

Only if forex is on the books. Many places offering cash exchanges. No LRS. No vanda. 

A local dealer recently quoted 84 for USD in white and 85 in black.

People who want to keep txns hidden, will gladly take this over reporting and TCS.

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Thanks guys, will use it for super discounts now :fear1:

 

2 hours ago, KunjanPSD said:

Indian Tax-payers: Can't create roadblocks, can't do dharnas.

 

Govt: Phas gya yeh toh.

In very simple words, if I swipe my Credit Card in another country, let's say Dubai. It is gonna charge me forex markup (2% for my card) which is non refundable plus 20% TCS which is refundable at the time of ITR? 

 

 

So, 1 lakh will be 1 lakh 22 Thousand Rs at that time? 

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Just now, dante77 said:

Thanks guys, will use it for super discounts now :fear1:

 

In very simple words, if I swipe my Credit Card in another country, let's say Dubai. It is gonna charge me forex markup (2% for my card) which is non refundable plus 20% TCS which is refundable at the time of ITR? 

 

 

So, 1 lakh will be 1 lakh 22 Thousand Rs at that time? 

Yup.

And Govt. will thank you for giving them an interest free loan as a loyal tax payer.

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23 minutes ago, KunjanPSD said:

Yup.

And Govt. will thank you for giving them an interest free loan as a loyal tax payer.

L*** le le ye mera. Cash leke jaonga ab. And no investment in foreign via card. Although cash is PITA, it is better than paying 20% upfront. 

 

In fact, won't even plan to go for a vacation in foreign anymore, at least for now. Good thing I travelled Dubai already with my wife and my reliable HDFC Regalia CC charged 2%, which I was fine with. They had card machine everywhere, even in their taxis lol. 

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17 minutes ago, dante77 said:

L*** le le ye mera. Cash leke jaonga ab. And no investment in foreign via card. Although cash is PITA, it is better than paying 20% upfront. 

 

In fact, won't even plan to go for a vacation in foreign anymore, at least for now. Good thing I travelled Dubai already with my wife and my reliable HDFC Regalia CC charged 2%, which I was fine with. They had card machine everywhere, even in their taxis lol. 

Bus yehi chahati thi government. Interest free loan and reduce international travel.

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1 hour ago, KunjanPSD said:

A local dealer recently quoted 84 for USD in white and 85 in black.

People who want to keep txns hidden, will gladly take this over reporting and TCS.

 

Yeah, it used to be a bit lesser in black. Might go higher now. I mean..  who's running the govt. finance dept, Byju's? 

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3 minutes ago, achilles said:

 

Yeah, it used to be a bit lesser in black. Might go higher now. I mean..  who's running the govt. finance dept, Byju's? 

Ministry of finance has released some clarifications and looks like it has been written by a 2nd grader.

It mentions that it will not affect txns done on CCs inside India, although I will take this with a bucketload of salt. Banks will just club all of the txns together.

More and more, I regret not taking overseas career options.

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3 minutes ago, blitzkreiig said:

Does this mean whenever I pay Play-Asia, I'll be paying 1.2x for an item.

Their clarification says that payments for goods/services while being in India will not attract TCS but in the same clarification they have mentioned multiple times that it will.

Assume the following: TCS applicable anywhere where you pay in forex or pay in INR to a foreign merchant.

Rest, we will know starting July 1st.

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I have seen some justification online and on chats. That it is done for tax evaders. But what if Tax evaders don't use credit/debit card and travel with cash from our exchange in India? 

 

Also, people who use credit card abroad mostly file ITR and pay proper taxes anyway. Those who evade taxes aren't gonna use CC. 

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