The Union Budget 2023-24 proposed to increase the Tax Collected at Source (TCS) rate on overseas tour packages and funds remitted under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. The notification in this regard was issued by the Finance Ministry on May 12, 2023.The new TCS rates will come into effect from July 1, 2023. This means that if you use your credit card to...