New Delhi: From July 1 onwards, whether it is spending on a foreign trip or investing abroad, is going to cost more as Tax Collected at Source (TCS) on foreign remittances will become applicable.
In the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman had announced that any outward remittances, except for for medical and education purposes, will attract a TCS of 20 per cent on the entire value.
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