Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 1 hour ago, Bird Bird Bird said: How are they doing this ? Hasn't the govt mandates that TCS is only after 7L threshold ? Won't there be court cases against them since they are not following threshold ? Govt. has not mandated anything. They just released a provision. TDS/TCS are obligations casted on the payer/recipient to deduct/collect the taxes of another. It has nothing to do with their own taxes. But they are liable in case of default as if it is their own tax. In case, banks gets the 7 Lakh limit wrong, they are liable for the tax not collected along with interest. So they take a safe position & collect since the remitter can claim a refund. Completely Bank's choice and Govt. knew that this would happen and just played smart. I will still raise such scenarios to the grievance departments and also to RBI. Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 I think Govt. has played a fast one here. The changes to implement the 7L threshold were supposed to be issued separately but I can't find any such notification in the gazette. Unless I am wrong, Govt. is effectively stepping back from their own words by just delaying the notification. Quote Link to comment Share on other sites More sharing options...
achilles Posted June 22, 2023 Report Share Posted June 22, 2023 Yeah I got that email. Yeah I’ve already crossed the non-existent threshold. Yeah it’s idiotic and it sucks. Still, if it made any sense for any reason. Can someone shine this light? I can’t really.. see the reason. Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 Retweet/Like/Comment/Share. Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 3 minutes ago, achilles said: Yeah I got that email. Yeah I’ve already crossed the non-existent threshold. Yeah it’s idiotic and it sucks. Still, if it made any sense for any reason. Can someone shine this light? I can’t really.. see the reason. Reason: Babus smoked new maal. Quote Link to comment Share on other sites More sharing options...
El Tigre Chino Posted June 22, 2023 Author Report Share Posted June 22, 2023 Have a question- If I load up a forex card before 30th June, will I still get the 20% TCS docked when I do a transaction post 1st July? If I were to have 10k loaded up before the end of the month would it be as good as having the ability to spend 8k or full 10k next month? Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 8 minutes ago, El Tigre Chino said: Have a question- If I load up a forex card before 30th June, will I still get the 20% TCS docked when I do a transaction post 1st July? If I were to have 10k loaded up before the end of the month would it be as good as having the ability to spend 8k or full 10k next month? No. TCS is applied during payment or when the funds are purchased. Since you have already purchased and loaded forex, you won't be levied TCS. Can't say if banks and babus think otherwise. Quote Link to comment Share on other sites More sharing options...
El Tigre Chino Posted June 22, 2023 Author Report Share Posted June 22, 2023 Interesting. Any recommendations for a good forex card? This BookMyForex seems to be getting recommended online Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 Communication from ICICI states that DC/CC int. spends till 7L will be exempted from TCS. Although there is no guarantee without a notification from MOF but looks like market leaders like HDFC are lagging. Not surprised. Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 37 minutes ago, El Tigre Chino said: Interesting. Any recommendations for a good forex card? This BookMyForex seems to be getting recommended online BMF is good, pricing especially. 1 Quote Link to comment Share on other sites More sharing options...
dante77 Posted June 22, 2023 Report Share Posted June 22, 2023 57 minutes ago, KunjanPSD said: Communication from ICICI states that DC/CC int. spends till 7L will be exempted from TCS. Although there is no guarantee without a notification from MOF but looks like market leaders like HDFC are lagging. Not surprised. ICICI sent me a mail for 'Nil' Threshold for business and Leisure. Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 9 minutes ago, dante77 said: ICICI sent me a mail for 'Nil' Threshold for business and Leisure. When did they send it? The one I got is from around 15th June. Can you upload? Quote Link to comment Share on other sites More sharing options...
dante77 Posted June 22, 2023 Report Share Posted June 22, 2023 48 minutes ago, KunjanPSD said: When did they send it? The one I got is from around 15th June. Can you upload? Yeah. June 15, same. I guess it is the same one then! But June 15 was literally last week lol. Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 22, 2023 Report Share Posted June 22, 2023 (edited) 24 minutes ago, dante77 said: Yeah. June 15, same. I guess it is the same one then! But June 15 was literally last week lol. Doesn't mention NIL in the one I have. Mentions the following: "International spends on both Debit Card and Credit Card of up to 7 lakh will be exempted from LRS and TCS will not be applicable" Also, received communication from HSBC as well. Mentions 7L threshold. HDFC has really gone mad unless all the banks are going to turn as well. Axis also sent an email without any mention of threshold on May 26th. I hope these two banks get it straight. Edited June 22, 2023 by KunjanPSD Quote Link to comment Share on other sites More sharing options...
dante77 Posted June 22, 2023 Report Share Posted June 22, 2023 (edited) 25 minutes ago, KunjanPSD said: Doesn't mention NIL in the one I have. Mentions the following: "International spends on both Debit Card and Credit Card of up to 7 lakh will be exempted from LRS and TCS will not be applicable" Also, received communication from HSBC as well. Mentions 7L threshold. HDFC has really gone mad unless all the banks are going to turn as well. Axis also sent an email without any mention of threshold on May 26th. I hope these two banks get it straight. Yeah. The last one says the same. Tour packages cost 20%. So I guess it is fine Yayyy! Edited June 22, 2023 by dante77 Quote Link to comment Share on other sites More sharing options...
rushab oswal Posted June 23, 2023 Report Share Posted June 23, 2023 17 hours ago, dante77 said: Yeah. The last one says the same. Tour packages cost 20%. So I guess it is fine Yayyy! Dont get it ? oversease tour package will be paid via cc only na? so lagega ya nae lagega? Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 23, 2023 Report Share Posted June 23, 2023 (edited) SBI implementing 7L threshold as well, received communication. Response from HDFC: "not received any update on process related to TCS on LRS through credit card dates as of now" Not sure what it actually means, hopefully HDFC will implement the threshold as well. Edited June 23, 2023 by KunjanPSD Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 23, 2023 Report Share Posted June 23, 2023 1 hour ago, rushab oswal said: Dont get it ? oversease tour package will be paid via cc only na? so lagega ya nae lagega? Language is ambiguous but if paid via cc, will come under the threshold. But, it is likely that the Indian tour operators will charge TCS on their end for international tour packages. MMT has already said that they will. Best will be book directly via airlines. Gonna get my mom a CC now. Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 26, 2023 Report Share Posted June 26, 2023 Reply from HDFC: "We wish to clarify that we have not received any update on process related to TCS on LRS through credit card dates as of now from the law by GOI & RBI for bringing credit cards spent within the ambit of LRS. Once updated received communication will be sent from bank end to all customers" Quote Link to comment Share on other sites More sharing options...
Mr_Mediocre Posted June 28, 2023 Report Share Posted June 28, 2023 Quote Link to comment Share on other sites More sharing options...
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