How TCS will impact international students and foreign travel from October 1
Whether you are packing your bags for travel or heading to another country for studies, know the new Tax Collection at Source (TCS) rules that go into effect on October 1. Virender Bisht, Co-founder & CTO at Niyo breaks down the implications
Effective October 1, 2023, new rules relating to TaxCollection at Source (TCS) on Liberalised Remittance Scheme (LRS)and onpurchase of overseastour program package will be applicable. Threshold of ₹7 lakhs per financial year per individual will be restored for TCS on all categories of LRS payments through all modes of payment, regardless of the purpose.