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Foreign Exchange Industry Calls for Clarity on Proposed 20 percent TCS: Seeks Parity with Debit and Credit Cards

The foreign exchange Industry has expressed serious concerns about the applicability of 20% Tax Collection at Source (TCS) under the Liberalized Remittance Scheme (LRS) effective from July 1, 2023. On 19th May, 2023, Ministry of Finance clarified that transactions conducted overseas using debit and... (more)