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of <h1>Finance Bill 2023: Section 206C Amendment Raises TCS on LRS Remittances to 20%, Exemptions for Education, Medical Remain</h1> Clause 90 of the Finance Bill, 2023 amends section 206C of the Income-tax Act, specifically sub-section (1G), effective from July 1, 2023. The amendment increases the tax collected at source from 5% to 20% for remittances under the Liberalised Remittance Scheme, except for education or medical treatment. The first proviso exempts remittances under seven lakh rupees for education or medical treatment from tax collection, while the second proviso applies the tax to remittances exceeding seven lakh rupees for these purposes. This amendment affects authorized dealers and sellers of overseas tour packages.
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