New TCS rate from July: Sending money for children studying abroad to cost more for these expenses

Budget 2023 increased tax collection source (TCS) for foreign remittances under LRS from 5 per cent to 20 per cent. This will apply to foreign trips, sending money abroad, and other remittances except for education and medical purposes. This new rule will come into effect from July 1, 2023. Do parents have to shell out more money for kids studying abroad? ET Wealth explains the new TCS rule and how it work from July 1, 2023.

from Tax-Wealth-Economic Times https://ift.tt/x2ni5Ml