Important Update w.r.t Forex Transactions & Tax Collected at Source (TCS)
Extended Deadline for TCS Revision Ends on 30th September 2023
Total Amount: ₹0.00
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.
| 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% |
For more details about New Tax Collected at Source (TCS) slabs, click on the link below:
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