Taxpayers Face Another Blow

2023 • 27min • News


Published On: April 21, 2023 - A trip abroad now comes with a 20% tax collected at source (TCS) as per the revised Liberalised Remittance Scheme that comes into effect from 1st July 2023. From an airline ticket to credit card spends as well as converting foreign exchange from Indian Rupee to a foreign currency like the US dollar - Indians will need to pay a whopping 20% on every foreign transaction. What does it mean for an Indian who wishes to study abroad, or get a medical treatment, or even travel for a holiday? Watch to find out. Shweta Kothari joins Gautam Nayak, Partner at CNK & Associates and News9’s Kartik Malhotra to get answers to these burning questions and more in this segment.