A 4x jump in TCS from July 1 2023: How it will impact your foreign investments gifts business trips credit card spends

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

from Tax-Wealth-Economic Times https://ift.tt/HJfeap0