Ashneer Grover took a dig at the government’s new rule that implemented a higher 20% rate of TCS on International Credit Cards.
After the Central Government announced that there would be an increased 20% TCS on the expenses done on International Credit cards.
Former BharatPe MD Ashneer Grover slammed the new announcement, taking a dig at the new rule, Grover on Thursday said that instead of Tax Deduction, political donations tax exemption.
The Founder of Third Unicorn tweeted, “ 20% percent TCS on foreign travel card and LRS is really an interesting rule.T his is very interesting to that note that political donations never attract TCS of any type and there are some individuals and companies that enjoy tax rebate”
When the Union Budget 2023 was presented, Finance Minister Nirmala Sitharaman increased TCS Rates from the current 5 percent on the international tour packages and funds effective from July 1, 2023.
As per the old tax regime, any Indian Company that donates due to any political party registered in India can claim the deduction on the amount contributed Under Section 80GGB of the income tax act 1961.