Higher TCS on Foreign Remittances: What Parents Need to Know While Sending Money for Education Expenses

Rashmi , Last updated: 21 March 2023  
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The Union Budget 2023 proposed to increase the tax collection at source (TCS) for foreign remittances under the liberalised remittance scheme (LRS) from 5% to 20%. This means that parents may have to pay more money for their children studying abroad. The increased TCS will apply to foreign trips, in

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Rashmi
(business)
Category Income Tax   Report

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