Important Update w.r.t Forex Transactions & Tax Collected at Source (TCS)
Extended Deadline for TCS Revision Ends on 30th September 2023

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Forex Transactions to attract 20% Revised
Tax Collected at Source (TCS),
starting July 1st 2023
BUT WAIT, don’t be alarmed! Let BookMyForex help you

A Brief Overview of the Revised Tax Collected at Source (TCS)

Starting Oct 1st 2023, there will be a revised TCS regime in place. As a result, Forex orders (other than for education & medical purposes) above Rs 7 lakh in a financial year will attract 20% TCS. However, up until 30th Sep’2023, forex orders above Rs 7 lakhs are subject to only 5% TCS.

How Forex Transactions Will Be Taxed From Oct 1, 2023

Earlier and new TCS rates are summarised as under:
Nature of payment Earlier rate before Finance Act, 2023 New rate wef 1st October 2023 Change
LRS for education financed by loan Nil upto Rs 7

lakh 0.5% above Rs 7 Lakh

Nil upto Rs 7

lakh 0.5% above Rs 7 Lakh

No Change
LRS for Medical treatment/ education (other than financed by loan) Nil upto Rs 7

lakh 5% above Rs 7 Lakh

Nil upto Rs 7

lakh 5% above Rs 7 Lakh

No change
LRS for other purposes Nil upto Rs 7 lakh

5% above Rs 7 Lakh

NNil upto Rs 7 lakh

20% above Rs 7 Lakh

No Change

Increased by 15%

Good News!

TCS Is Actually Not An Additional Tax. Don’t Lose Sleep Over It!
What You Need to Know
TCS can be adjusted against your total income tax liability or can be refunded
Adjust TCS in your advance tax payments/claim it while filing your income tax returns
In the case of salaried employees, reach out to your employer who may adjust TCS against the TDS payable

For more details about New Tax Collected at Source (TCS) slabs, click on the link below:

Know More

Good News!
BookMyForex Goes Above & Beyond to Help the Customers

Coming Soon

Get a TCS acknowledgment receipt

Share the receipt with your employer to adjust TCS in your salary

Use a TCS calculator

Get a clear understanding of what you will be paying as TCS

Access our helpdesk for any queries

Got questions about TCS? Our helpdesk will be there to assist you

Get an automated TCS certificate

Your TCS certificate will be sent straight to your email – no need to visit the branch

Plan Ahead & Book Your Forex Order in Advance
Exchange currency or transfer money abroad with BookMyForex before Oct 1st & save 15% on TCS. Hurry up, the clock is ticking!

Book My Forex Pvt. Ltd., a MakeMyTrip group company, is a currency exchange service provider authorised by the Reserve Bank of India (RBI). | License number : FE.DEL.FFMC/ U070/2013 | Insurance is the subject matter of solicitation | IRDAI Registration No. CA0429 | IRDAI | Cheques are subject to realization.

* Zero margin rates/ interbank rates are available only on forex cards on specific currencies, in select cities for orders amounting to Rs. 1.5 lakh or more (Use promo code: ZEROMARKUP)

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