Credit card is thin rectangular piece of plastic card that financial services companies or bank allow to their customers to purchase goods and services on credit( loan) and then pay the amount with interest to bank.
As credit card use is allow only a limit given by a bank to their customer and given time to repay that amount with interest.
Credit card use is safest for people and they can purchase goods any time and whenever they required.
👇How to Apply for Credit Card In easy way Know from here
First of all you need to open bank account in any type of branch but it is secured.
For applying credit card you should have minimum value ranges between INR 20000 to INR 50000.
Credit Card requirement application given to your personal bank( in which you open an account).
After application bank verify account (that you have minimum limit amount or not).
Credit card can take 7 to 10 business days for processed, packaged and shipped.
👇For more information you can see from here
It will be expensive from 1 July so be alert
From 1 July 20% Tax Collected and Source (TCS) on Credit cards will be applicable. Central Government on 16 May under Foreign Exchange Management Act amended the rules.
After this Amendment the International Credit Card use out of India under Liberalize Remittance Scheme. This act monitor and regulated under the India Reserve Bank. For this restriction reduce the use of credit card.
Only 30 June TCS rate will be 5% allowed.
According to government notification all these changes is not applicable on India to Aboard goods and services purchase payments.
TCS in budget from 5% to 20%
Use of credit cards out of India is included in LRS. However, section-7 is removed.
According LRS scheme anyone Indians can spend in Aboard at least 2.50 lakh dollar.
On the Political Donations 80 GGB tax exemptions is allowed
According Old Tax Regime Income tax Regulations 1961 section 80GGB in this if any Industry/ Company donate Money in political party then industry/company claim for donated money deduction. Over all taken the Tax Exemption.
In net shell
Over all Credit card is helpful for use safe and moving any where easily with them. todays most people has habitual of credit card. It helps to transacted big amount and in a safest manner not worry at theft of it.