New TCS rule from next month: Three tips to reduce Tax Collected at Source on your foreign trip
New TCS rule from 1 October 2023: TCS on foreign remittances under LRS raised to 20% from 5% in Union Budget 2023. Effective from October 1, 2023
New TCS rule from next month: In the Union Budget 2023, the tax collection at source (TCS) for foreign remittances under the Liberalised Remittance Scheme (LRS) was raised from 5% to 20%. This will be applicable to international travel, sending money abroad, and other remittances. The higher rate of TCS will not apply to education expenses incurred abroad or for medical reasons. This new rule will come into effect from next month, October 1, 2023.