____________ is the new relaxation in TCS rules for international debit and credit card transactions in India ?

(a) 10 percent TCS on all international transactions

(b) Exemption from TCS for transactions up to Rs 7 lakh per financial year

(c) 20 percent TCS on all international transactions

(d) Exemption from TCS for transactions up to Rs 5 lakh per financial year

Ans.(b)

Sol. The Indian government has relaxed the TCS rules and individuals conducting international transactions using debit or credit cards up to Rs 7 lakh per financial year will be exempt from the 20 percent TCS levy.