20% Increase in Tax Collected at Source (TCS) rate
The Union Budget 2023-24 proposed to increase the Tax Collected at Source (TCS) rate on overseas tour packages and funds remitted under the Liberalised Remittance Scheme (LRS) from 5% to 20%. The notification in this regard was issued by the Finance Ministry on May 12, 2023. The new TCS rates will come into effect from … Read more