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20% TCS on Foreign Remittance: Here's all you need to know about these changes, which are going to be effective from October 1, 2023
TCS will be 5% for amounts exceeding Rs 7 lakh for education and medical treatment abroad.
The Federal Budget 2023-24 with a total outlay of Rs 14,460 billion has been announced with focus on economic stability, sustainable and inclusive growth as well as curbing inflationary pressures.
The Financial Supervisory Service (FSS), the state-run financial watchdog agency, and local banks have decided to prevent abnormal foreign remittances by strengthening internal control and procedural codes to heighten the monitoring of such transactions.
The Union budget 2023 has increased the TCS rate on foreign remittances made under LRS from the existing 5% to 20%, w.e.f. 1 July.