Budget 2023 increased tax collection at source (TCS) for foreign remittances under LRS from 5% to 20%. 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.
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