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Jul 23
No TCS on foreign remittances up to Rs 7 lakhs, W.E.F October 1, 2023
When people send money abroad for remittances, travel expenditures, asset purchases, shopping, and investments, they are subject to TCS, or Tax Collected at Source. Such transfers are made possible under the LRS (Liberalised Remittance Scheme). The TCS rate for the majority of remittances (apart from those for medical and educational…
