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'Hike in TCS to target discretionary spending'
Business Standard
|February 04, 2023
The decision to increase the tax collection at source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) is to target the discretionary spending, arising out of taxable income and not the savings, Revenue Secretary Sanjay Malhotra said on Friday.
"Our sense of LRS is that the expenses of students or relatives is certainly not going out of savings, such as fixed deposits, and medical and education has already been kept out.
These are discretionary spending coming out of taxable income and not from saving. The honest people are not losing anything," he said at a post-Budget interactive session by the Confederation of Indian Industries (CII).
This story is from the February 04, 2023 edition of Business Standard.
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