TCS Levy Credit Card Users To File Declaration Soon
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy, sources said. The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism, to distinguish tax collection %, based on purpose of expense.
Tags: business, tax collection, Banks, Credit Card Holders, INDIAN MARKET
Courtesy: The Press Trust of India