New 20% TCS from October 1, 2023: Be ready for a cash crunch if you invest in international stocks; how to reduce TCS impact Read more at: https://economictimes.indiatimes.com

 

Starting October 1, a tax collected at source (TCS) of 20% will be levied on foreign remittances of more than Rs 7 lakh in a financial year, except in certain cases. If you directly invest in international stocks or planning to buy real estate abroad, you must know how the new TCS rule is going to impact your investment from tomorrow.

20% TCS from October 1, 2023: What changes for foreign investments?

At present, there is no TCS on foreign remittances up to Rs 7 lakh in a year. If investors remit more than Rs 7 lakh for investing in foreign securities under the Liberalised Remittance Scheme (LRS), a TCS of 5% is applied now.

Read more at:
https://economictimes.indiatimes.com/wealth/save/new-20-tcs-from-october-1-2023-if-you-invest-in-international-stocks-be-ready-for-a-cash-crunch-how-to-reduce-tcs-impact/articleshow/104060314.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst