The story so far: On June 28, the Finance Ministry in two announcements deferred the imposition of an increased 20% rate for Tax Collected at Source (TCS) by three months to October 1, and said transactions made using international credit cards overseas would not fall under the purview of the Liberalised Remittance Scheme (LRS). Therefore, the latter would not be subjected to TCS.
The announcements comeas a temporary relief to taxpayers concerned about the impact of increased rates and enhanced purview of taxation.
