The new rates of tax collection at source (TCS) will come into effect from October 1, 2023. Whether you are going for an international trip, investing in foreign stocks, mutual funds, or cryptocurrencies abroad, or going abroad for higher studies, you will have to pay TCS if you spend above a certain amount in a financial year. Now, it will be crucial for you to know how much TCS will be applicable on various types of transactions from next month. To make it simpler for you, ET Wealth Online decodes the new TCS regime that is set to kick in from next month.
20% TCS rule kicks in from October 1, 2023: All you need to know
Under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI), you can remit up to $250,000 in a financial year. Starting from October 1, 2023, all overseas outward remittances, except for medical and educational purposes, over a threshold limit of Rs 7 lakh in a financial year will attract a TCS of 20%.
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