Friday, June 23, 2023

BANKING

Indian banks are claiming that they do not yet have the requisite software to implement new rules relating to tax collection at source for foreign debit and credit card transactions, due to start from July 1. Rules issued by the Central Board of Direct Taxes last month require foreign card spending above INR700,000 ($10,874) to be counted towards the Liberalised Remittance Scheme and taxed at 20%. fn

from Banking/Finance-Industry-Economic Times https://ift.tt/vhsVrTB
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