achilles Posted May 18 Report Share Posted May 18 11 hours ago, Bird Bird Bird said: Isn't LRS applicable on forex as well ? Only if forex is on the books. Many places offering cash exchanges. No LRS. No vanda. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 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. Quote Link to comment Share on other sites More sharing options...
dante77 Posted May 18 Report Share Posted May 18 Thanks guys, will use it for super discounts now 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? Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 There needs to be an IVG meet-up for this. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 Just now, dante77 said: Thanks guys, will use it for super discounts now 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. 1 Quote Link to comment Share on other sites More sharing options...
dante77 Posted May 18 Report Share Posted May 18 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. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 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. Quote Link to comment Share on other sites More sharing options...
achilles Posted May 18 Report Share Posted May 18 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? Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 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. 1 Quote Link to comment Share on other sites More sharing options...
dante77 Posted May 18 Report Share Posted May 18 I wonder what happens when Debit card is used Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 (edited) 9 minutes ago, dante77 said: I wonder what happens when Debit card is used Same, it's under the same rule set and always was. Edited May 18 by KunjanPSD 1 Quote Link to comment Share on other sites More sharing options...
R3D_D3ViL Posted May 18 Report Share Posted May 18 (edited) So is this applicable on international transactions outside India or inside India as well? Edited May 18 by R3D_D3ViL Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 Bhakt nhi rukenge. My IQ dropped while replying to this person. Quote Link to comment Share on other sites More sharing options...
blitzkreiig Posted May 18 Report Share Posted May 18 Does this mean whenever I pay Play-Asia, I'll be paying 1.2x for an item. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 18 Report Share Posted May 18 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. Quote Link to comment Share on other sites More sharing options...
abhi90 Posted May 18 Report Share Posted May 18 9 hours ago, KunjanPSD said: There needs to be an IVG meet-up for this. Let's do it Quote Link to comment Share on other sites More sharing options...
abhi90 Posted May 18 Report Share Posted May 18 This is plain idiotic though Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 14 hours ago, abhi90 said: Let's do it No one else wants to. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 Khatam mamla. Quote Link to comment Share on other sites More sharing options...
dante77 Posted May 19 Report Share Posted May 19 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. Quote Link to comment Share on other sites More sharing options...
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