Debit-credit card spending up to 7 lakh tax deductible? Know what the government disclosed

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PIB Fact Check: Trinamool Congress spokesperson Saket Gokhale claimed that the annual Rs. Cannot confirm expenditure less than 7 lakhs. PIB has termed Gokhale’s statement as false. He said that this claim of Trinamool Congress spokesperson is completely false. He also said that regardless of how much people spend abroad, TCS will be taxed at 20 percent.

The government on Friday (May 19) announced that there will be no tax on foreign spending up to Rs 7 lakh in a year using debit or credit cards. The government said this in response to public queries on the Centre’s earlier announcement to levy TCS on all expenses.

What was Saket Gokhale’s claim ,

PIB also tweeted a screenshot of Gokhale’s post and said it was a “false” claim. He claimed that banks cannot verify that you have spent less than Rs 7 lakh in a year. The PIB said the Liberalized Remittance Scheme (LRS) monitors an individual’s expenditure with the help of the RBI.

 

 

Gokhale attacked the Modi government

Gokhale was granted bail by the Gujarat court on May 6 in the money laundering case. After this, he targeted the Modi government and said that the new relaxation of seven lakh rupees on spending abroad is ‘an excuse’. Gokhale faces charges of money laundering related to the crowd-funding initiative, for which he was arrested by the Enforcement Directorate (ED) in January this year.

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