From July 1 onwards, whether it is spending on a foreign trip or investing abroad, is going to cost more as tax collected at source (TCS) on foreign remittances will become applicable.
From July 1 onwards, whether it is spending on a foreign trip or investing abroad, is going to cost more as tax collected at source (TCS) on foreign remittances will become applicable.In the Union Budget for 2023-24, Finance Minister Nirmala .
From July 1 onwards, whether it is spending on a foreign trip or investing abroad, is going to cost more as tax collected at source (TCS) on foreign remittances will become applicable.
In the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman had announced that any outward remittances, except for for medical and education purposes, will attract a TCS of 20 per cent on the entire value.
In case of education related expenses for students studying abroad, if a parent is able to establish that the amount is for education purpose, then the TCS will be 5 per cent, in case the aggregate amount is more than Rs 7 lakhs. TCS Hike in India: Foreign Remittances To Be Taxed 20% From July 1 Onwards, Education Sector To Be Impacted.