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Foreign Travel Budget 2023: If you are planning for a foreign trip or are thinking of transferring funds to your close ones living outside the country, then both these things are going to prove costly now. Union Finance Minister Nirmala Sitharaman has made some important changes in the General Budget (Budget 2023-24). Know what is the new update….
TCS rate increased by 20 percent
In the general budget presented by Finance Minister Nirmala Sitharaman on Wednesday, it has been proposed to increase the TCS rate to 20 percent on tour packages for foreign travel and sending money outside India. This will put an economic burden on the people of the country going abroad. Along with this, sending money to relatives and family members living abroad will also become expensive.
The rule will be applicable from July 1
Through the proposed Finance Bill 2023-24 through the budget presented in the Parliament, a proposal has been made to amend Section 206C of the Income Tax Act by levying ‘Tax Collected at Source’ (TCS) on foreign travel programmes. Under the Liberalized Remittance Scheme of the Reserve Bank of India (RBI), 20 percent TCS will be levied on sending more than Rs 7 lakh outside India. This amendment will be effective from July 1, 2023.
playing online games will be heavy
On the other hand, the central government has imposed 30 percent tax on the amount won from online gaming. The government has abolished the existing limit of Rs 10,000 in the budget 2023. In the budget 2023-24, it is proposed to bring two new provisions for Tax Deducted at Source (TDS) on online gaming. These include a provision to levy 30 per cent tax on the total winning amount paid in a financial year and to remove the existing limit of Rs 10,000 for levying TDS.
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