Sending money out or investing in foreign markets will be expensive
TCS proposed to be 20 percent
Effect will be visible from July 1, 2023
New Delhi. Finance Minister Nirmala Sitharaman presented the country’s general budget (Union Budget 2023) on Wednesday. Many big announcements have been made in this budget. In this, some are going to give relief and some are going to increase the expenditure. If you send money abroad or you invest in foreign shares or mutual fund schemes or are thinking of buying crypto currency abroad or taking any valuable pettings-statues or property etc. then the budget can be disappointing for you. .
In fact, in the budget 2023-24, the government has increased the tax collection at sort (TCS) levied on foreign transactions through the Librated Remittance Scheme (LRS) to 20 percent. So far it is 5 percent. This means that the government has increased the Tax Collection at Sort (TCS) by 15 percent.
relief to these people
However, the government here has given relief to students studying abroad and those going abroad for medical treatment and has retained TCS at 5 per cent on the amount to be remitted for them. However, foreign investment, gift or foreign tour of more than Rs 7 lakh will be affected from July 1, 2023.
Now permission to send abroad up to 2.5 lakh dollars in a financial year
Indian citizens are currently allowed to send up to $2.5 lakh abroad for investment, studies or medical treatment abroad in a financial year.
Sending money overseas will increase instantly
Speaking to Moneycontrol, Dr. Suresh Surana, Founder, RSM India, said, “With this decision, remittances to foreign countries under the Librated Remittance Scheme will increase immediately as they will have to pay more later. People can send money for purposes other than education and medical.
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Tags: Budget, Budget 2023
FIRST PUBLISHED : February 02, 2023, 16:26 IST