From July 1, 2023 foreign remittance will be taxed in the Union Budget of 2023.
The Union Budget of 2023 mentioned that any outward remittances for purposes other than medical treatment and education will incur a tax at TCS of 20% on the entire value.
This includes payments toward tours, buying currency for travel, sending gifts abroad, buying property or foreign stocks.
20% of the amount will be retained by the bank if you transfer money outside India for other purposes as mentioned in the union budget of 2023.
The deducted amount will be deposited under your name with the Government of India.
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