With this sharp rise in TCS, foreign trips are likely to become costlier soon.Translating foreign currency into U.S. Budget 2023 has hiked the TCS rate for foreign remittances under the LRS from 5% to 20% (except for education and medical purposes). If you are buying a foreign tour package from a travel agent, you have to pay a tax collection at source (TCS) of 20% from July 1, 2023.
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