opfmedical.blogg.se - The Change by Remittance Girl

A primary reason behind this increase was to target wealthy individuals who tend to avoid taxes. The tax increase on foreign remittance falls under the Liberalised Remittance Scheme (LRS) and will be effective from July 01, 2023. In the 2023-23 Budget address, Finance Minister Nirmala Sitharaman announced that the Tax Collection at Source (TCS) for foreign remittances would increase from 5% to 20% of the transaction amount. Keep reading to find out! Updates on foreign remittance tax India However, the increased foreign remittance tax rates can make these transactions a little expensive for people who send or receive money from outside the nation. The Union Budget 2023 has brought about several positive changes which can guide the country during its Amrit Kaal.

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