Tax authorities don’t need TCS to catch evaders4 min read 22 May 2023, 11:45 AM IST
Robust audit trails are already available for any transaction under the liberalised remittance scheme. What’s missing is diligent scrutiny of them by the income tax department
The RBI’s liberalised remittance scheme (LRS) has been seeing a bit of a drama of late. First, the government announced that it was bringing credit card spending under the ambit of the LRS. It also imposed a 20% tax collected at source (TCS) on foreign currency payments made through credit cards.
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