The Union Budget of 2023 was introduced with a bunch of new policies, several social sector initiatives, and a set of new regulations to improve the Indian ecosystem. The budget became talk-of-the-town as tons of fresh policies were proposed that are likely to enhance the Indian industrial, rural and urban development.
While the significant changes made in the income tax slabs were a highlight of the Amrit Kaal Budget 2023, another noteworthy policy introduced was the 20% TCS on Foreign Remittance under the Liberalized Remittance Scheme.
TCS, short for, Tax Collected at Source, is the type of income tax collected by the seller of selected goods and services from the buyer.
In the context of Foreign Remittance Transactions, this kind of tax can be collected from you when you send money abroad
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