Understanding the nuances of the recent amendments in TCS provisions3 min read 23 May 2023, 10:29 PM IST
The Union budget 2023 has increased the TCS rate on foreign remittances made under LRS from the existing 5% to 20%, w.e.f. 1 July.
It was in 2020, when the levy of tax collected at source (TCS) was first introduced in the Legislature, under sub section (1G) of section 206C of the Income Tax Act, on foreign remittances made under the Liberalised Remittance Scheme (LRS), and on Overseas Tour Packages, including overseas travel, hotel, lodging and boarding expenses.
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