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    Question

    To avoid any procedural ambiguity, the Ministry of

    Finance has decided that any payments by an individual using their international Debit or Credit cards upto _____ per financial year will be excluded from the LRS limits and hence, will not attract any TCS.
    A Rs.2 lakh Correct Answer Incorrect Answer
    B Rs.4 lakh Correct Answer Incorrect Answer
    C Rs.7 lakh Correct Answer Incorrect Answer
    D Rs.9 lakh Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    To avoid any procedural ambiguity, the Ministry of Finance has decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS.      Existing beneficial TCS treatment for education and health payments will also continue.

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