About 20% TCS charge after 1st July 2023

As the budged there is 20% TCS For International Transaction, will it effect the niyo sbm debit and niyox card?

Hey @RazaDroid! The rate of TCS for foreign remittances for education and medical treatment is proposed to continue to be 5 per cent for remittances over 7 lakhs.

Similarly, the rate of TCS on foreign remittances for education through a loan from financial institutions is proposed to continue to be 0.5 per cent over 7 lakhs.

However, for foreign remittances and other purposes under LRS and the purchase of an overseas tour program, it is proposed to increase the rates of TCS from 5 per cent to 20 per cent.

Please note that these are proposed in the latest budget session. It is too early for us to comment on this. Rest assured, we’ll let you know upon receiving an official update from the bank.