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Interim Budget seals India's plan for higher taxes on your foreign holidays

The Interim Budget 2024 includes the inclusion of increased Tax Collected at Source (TCS) rates on foreign remittances into the Income Tax Act as an amendment. The adjustment is awaiting parliamentary approval and will affect foreign expenditures exceeding Rs 7 lakh annually per individual.
Nirmala Sitharaman Interim Budget Tax Collected Income Tax Minister Nirmala Sitharaman Liberalised Remittance Scheme

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