Myself CA Sudesh Kumar Gupta explained in this video that in Union Budget 2023, what are changes take place regarding (Tax Collection at Source) TCS Rates u/s 206C (1G) of Income Tax Act 1961, regarding foreign remittance. There are four reasons to remit money out of India.
- Remit Own Funds for Education / Medical Treatment (Applicable TCS Rates)
- Remit Loan Funds for Education / Medical Treatment (Applicable TCS Rates)
- Remit Funds to Buy Foreign Tour Packages (Applicable TCS Rates)
- Remit Funds for any other reason like Property Purchase, Gifts to relative, Investment etc. (Applicable TCS Rates)
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Easy explanation about TCS rates
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