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Will Budget 2024 reduce 20% TCS for taxpayers, levy TCS on credit card forex payments?

Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is exceptionally high and almost punitive to the citizens who need to make foreign payments, say experts. Earlier, TCS used to be applicable at 5% when you cross the threshold of Rs 7 lakh for certain transactions. ....

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TCS on foreign remittances from October 1: New 20% TCS from October 1, 2023: Be ready for a cash crunch if you invest in international stocks; how to reduce TCS impact

TCS on foreign remittances from October 1, 2023: The Budget 2023 hiked TCS on foreign remittances of more than Rs 7 lakh through the LRS to 20% for investments in overseas assets, real estate, bonds, foreign company stocks, etc. The higher rate comes into effect on October 1, 2023. If you directly invest in international stocks, you should know how the new TCS rule is going to impact your investment from tomorrow. ....

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