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TCS Rate Increased in Budget w.e.f. 01/07/2023

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Income Tax Wala: (Fin. Expert)

Chartered Accountants

2015 Points Posted on 06 February 2023

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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Quick Summary

This discussion explains the changes to Tax Collection at Source (TCS) rates under Section 206C(1G) of the Income Tax Act, as announced in the Union Budget 2023. The updated rates, effective from July 1, 2023, apply to various foreign remittance categories, including personal funds for education or medical treatment, education loans, foreign tour packages, and other reasons like investments or gifts.