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Top financial changes to watch
The Business Guardian
|October 02, 2023
Effective from October, several financial changes and updates will impact individuals and businesses in India. These changes encompass various aspects of personal finance, including taxation, monetary policy, documentation requirements, and spending habits during the festive season.
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One significant change is the introduction of a new Tax Collected at Source (TCS) structure for foreign remittances under the Liberalised Remittance Scheme (LRS). Starting from October 1, international remittances or payments of up to Rs 7 lakh per financial year per individual will not attract any TCS. Additionally, overseas tour packages are subject to a separate Rs 7 lakh threshold, with a 5 percent TCS for spending up to Rs 7 lakh and 20 percent beyond this limit. This change applies to all modes of payment used. While remittances for education and medical treatment remain unaffected, there is still uncertainty regarding TCS on credit card payments beyond the Rs 7 lakh threshold.
Diese Geschichte stammt aus der October 02, 2023-Ausgabe von The Business Guardian.
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