Forex Transactions to attract 20% Revised
Tax Collected at Source (TCS),
starting July 1st 2023
starting July 1st 2023
BUT WAIT, don’t be alarmed! Let BookMyForex help you
Total Amount: ₹0.00
Starting July 1st 2023, there will be a revised Tax Collected at Source (TCS) regime in place. As a result, all forex orders and international payments will be subject to a TCS of up to 20%.
| Type of Transaction | Current Rate | Rate Effective July 1, 2023 |
|---|---|---|
| International spends or outward remittances (except for education, medical and business purposes) via Forex Card & Foreign currency notes | 5% (only for forex spends over Rs. 7 lakhs in the financial year) | 20% without any thresholds |
| Outward remittances for education/ medical purposes (without education loan) | 5% (only for forex spends over Rs. 7 lakhs in the financial year) | No change |
| Outward remittances for education (with education loan) | 0.5% (only for forex spends over Rs. 7 lakhs in the financial year) | No change |
| International spends or outward remittances for business/ commercial purposes | 0% | 0% |
For more details about New Tax Collected at Source (TCS) slabs, click on the link below:
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