20%TCS: TCS to increase by 4 times from July 1, 2023: Foreign investments, business trips, credit card spends— how it will impact you
Get ready to shell out more from next month as Budget 2023 has increased Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme (LRS) to 20 per cent from the existing 5 per cent, except in certain cases. As it is going to impact your budget significantly, you must first understand how much TCS will be levied on which transaction. ET Wealth explains
Source: indiatimes.com