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


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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 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%.

How Forex Transactions Will Be Taxed From July 1, 2023

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%

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


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

Want to avoid the Revised Tax Collected at Source (TCS) entirely? Plan Ahead & Book Your Forex Order in Advance
Exchange currency or transfer money abroad with BookMyForex before the new TCS regime kicks in to avoid 20% Tax Collected at Source (TCS)

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