In this update episode, Adhitya Srinivasan speaks with J.B. Mohapatra, former CBDT Chairman, on the recent clarifications that have been released by the Government of India on the Tax Collection at Source (TCS) on transactions under the Liberalised Remittance Scheme (LRS).
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Useful Links:
Episode 2 – ‘20% TCS on overseas credit card transactions’: https://open.spotify.com/episode/5ThAvLk9YaComDw2Zm96CN?si=qkH4Z3s8Qg-nXTiArPNl4Q
MoF Press Release dated 28 June 2023: https://pib.gov.in/PressReleasePage.aspx?PRID=1936105
CBDT Circular dated 30 June 2023: https://incometaxindia.gov.in/communications/circular/circular-10-2023.pdf
Income Tax Act, 1961: https://incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
#tax #TCS #LRS #CBDT #creditcard
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Time Stamps:
(00:00) Intro
(00:54) Recap
(03:14) New Clarification
(05:04) Summary
(07:21) Legislative Amendment
(08:56) Monsoon Session Amendment
(09:27) Rationale behind the Clarification
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