KunjanPSD Posted May 19 Report Share Posted May 19 11 minutes ago, dante77 said: 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. Dude, all justifications are nonsense. There are N number of ways to handle this. CCs are already linked to PAN, they could have just made the issuers report to IT about any such txns, already happens via SFT. My forex txns show up in 26AS. Could have charged 1% TCS. Heck, you can just make PAN mandatory for International travel while booking. This helps no one except hawala travel agents. I know some of them who are already saying that this will bring more biz to them especially (people who used black cash will continue and more people will convert to them). This FM and anyone around her have been the most shortsighted people ever. Seriously, many countries have solved this and here we are making lives of tax payers sweet. 1 Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 Tag those bhakts. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 A twist in the tale. Don't know about legitimacy. This seems like they wanted to increase TCS to 20% and post 7L, but they went beyond so that when they rollback, it's a sigh of relief. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 They were definitely going to make slight roleback. This was planned. Quote Link to comment Share on other sites More sharing options...
rushab oswal Posted May 19 Report Share Posted May 19 Accha hua kabhi toh suni Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 2 minutes ago, rushab oswal said: Accha hua kabhi toh suni Itna kuch fayda tab bhi nhi hai. Many businesses use CC for hosting cost and like MMT, if even INR txns settled in forex will be reported under LRS, this 7L will not go a long way. Brilliant move by them to calm the public down. I will keep Magnus for actual forex txns and will do the rest on some other card. Quote Link to comment Share on other sites More sharing options...
abhi90 Posted May 19 Report Share Posted May 19 6 minutes ago, KunjanPSD said: Itna kuch fayda tab bhi nhi hai. Many businesses use CC for hosting cost and like MMT, if even INR txns settled in forex will be reported under LRS, this 7L will not go a long way. Brilliant move by them to calm the public down. I will keep Magnus for actual forex txns and will do the rest on some other card. Why are they imposing TCS on spends, income thode hi hai saalon Quote Link to comment Share on other sites More sharing options...
achilles Posted May 19 Report Share Posted May 19 9 minutes ago, KunjanPSD said: I will keep Magnus for actual forex txns and will do the rest on some other card. LOL wait till they change it from each card to each PAN This is so dingy. And why 7L, what's the working on that number? Where are the derivative equations? Quote Link to comment Share on other sites More sharing options...
blitzkreiig Posted May 19 Report Share Posted May 19 So will they charge 20% and we'll have to claim refunds. How else will merchants get to know whether we're above or below that 7L limit. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 10 minutes ago, achilles said: LOL wait till they change it from each card to each PAN This is so dingy. And why 7L, what's the working on that number? Where are the derivative equations? Lol, if they had the tech to consolidate txns across PAN such that each issuing entity (Banks etc) can check against the accumulated amount, they wouldn't have applied TCS in the first place. Banks already have this system ongoing, same will be replicated for CCs. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 9 minutes ago, blitzkreiig said: So will they charge 20% and we'll have to claim refunds. How else will merchants get to know whether we're above or below that 7L limit. Banks will charge, not the merchants. Same happens even now. Just like Fi/Niyo/Banks do it today. 1 Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 18 minutes ago, abhi90 said: Why are they imposing TCS on spends, income thode hi hai saalon Roadblock na kar pane ka jurmana. Quote Link to comment Share on other sites More sharing options...
KnackChap Posted May 19 Report Share Posted May 19 Didn't do anyone favours by rolling it back. 7 lakh is still a meagre amount though. Although there is some truth to the tax evasion and stuff. I exchanged some INR and the price at official (white) forex exchangers is 1-1.5 rs lower than the ones in black market. Used to be other way around few years ago. Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted May 19 Report Share Posted May 19 1 hour ago, KunjanPSD said: They were definitely going to make slight roleback. This was planned. 1 hour ago, KunjanPSD said: A twist in the tale. Don't know about legitimacy. This seems like they wanted to increase TCS to 20% and post 7L, but they went beyond so that when they rollback, it's a sigh of relief. 7L is quite a low limit IMO. Just my corporate travels easily go twice or thrice that amount, and since even the corporate CC is linked to my PAN, I think I will eventually get f**ked when trying to spend for personal reasons. 1 hour ago, KunjanPSD said: Itna kuch fayda tab bhi nhi hai. Many businesses use CC for hosting cost and like MMT, if even INR txns settled in forex will be reported under LRS, this 7L will not go a long way. Brilliant move by them to calm the public down. I will keep Magnus for actual forex txns and will do the rest on some other card. 49 minutes ago, achilles said: LOL wait till they change it from each card to each PAN This is so dingy. And why 7L, what's the working on that number? Where are the derivative equations? So is it 7L per card or 7L per PAN ? I thought it's the latter ? Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 13 minutes ago, Bird Bird Bird said: 7L is quite a low limit IMO. Just my corporate travels easily go twice or thrice that amount, and since even the corporate CC is linked to my PAN, I think I will eventually get f**ked when trying to spend for personal reasons. So is it 7L per card or 7L per PAN ? I thought it's the latter ? Should be PAN but I really don't think they will have a PAN level system in place. Should be bank level, just like SFT on CC which reports spends over 10L for each bank. But who knows. Maybe for business txns they will exclude Corporate CCs as they have mentioned that biz txns will not be levied TCS but the onus of the verification of business nature will come across banks (most likely). Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted May 19 Report Share Posted May 19 4 minutes ago, KunjanPSD said: Should be PAN but I really don't think they will have a PAN level system in place. Should be bank level, just like SFT on CC which reports spends over 10L for each bank. But who knows. Maybe for business txns they will exclude Corporate CCs as they have mentioned that biz txns will not be levied TCS but the onus of the verification of business nature will come across banks (most likely). So everything will come on banks. And we know how wonderful they are. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted May 19 Report Share Posted May 19 38 minutes ago, Bird Bird Bird said: So everything will come on banks. And we know how wonderful they are. Axis Quote Link to comment Share on other sites More sharing options...
hazard12345 Posted May 24 Report Share Posted May 24 do CC also require OTP for payments (amazon etc.) ? Quote Link to comment Share on other sites More sharing options...
SuperT Posted May 24 Report Share Posted May 24 4 minutes ago, hazard12345 said: do CC also require OTP for payments (amazon etc.) ? Yes Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted May 28 Report Share Posted May 28 Cheq has started charging money to pay CC bills. WTF ! Quote Link to comment Share on other sites More sharing options...
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