Tax Collection at Source (TCS) for Foreign Remittances Increase from 1 July 2023
India’s Union Budget 2023 has introduced significant changes to tax collection on foreign remittances. The Union Budget 2023 has brought forth notable revisions to the Tax Collection at Source (TCS) on Foreign Remittances under the Liberalised Remittance Scheme (LRS). From July 1, 2023, the TCS rate on various types of…