Sending money abroad for education? Pay 20% TCS from July 1 if you don't do this
Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent for select transactions. The new rates of TCS will kick in from July 1, 2023. Let's understand how the new TCS rule will impact students who are already studying in foreign universities and schools or are planning to study abroad soon.
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