TCS rate has been increased from five percent to 20 percent on foreign tour packages and sending money abroad. This will make traveling abroad expensive. The new rate will be applicable for sending more than seven lakh rupees abroad. It has been proposed in the general budget. This will also affect those who go abroad for studies. But those who have taken loans from financial institutions for studies or treatment have been kept separate from the amendment.
Changes in Section 206C of Income Tax
This tax of 0.5 percent will apply to those who go abroad to study in foreign institutions by taking loans and five percent to those who go abroad for treatment. Special provision has been made for this in the proposed Finance Bill 2023-24. Section 206C of Income Tax has been changed to revise the rate of Tax Collection at Source (TCS) on foreign travel expenses.
This decision of the government is to discourage excessive spending on foreign tours. Taxes at the revised rate of 20 percent will apply to remittances sent to buy property abroad and shares from foreign stock exchanges. Under the liberalized remittance scheme of the Reserve Bank of India (RBI), 20 percent TCS will be levied on remittances above Rs 7 lakh outside India. These amendments will be effective from July 1, 2023.
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