https://www.taxtmi.com/article/detailed?id=11681 The amendment substantially increases Tax Collection at Source on remittances under the Liberalized Remittance Scheme, to be collected by authorized dealers or sellers at the time of receipt or debit. Remittances for medical treatment and education receive a limited exemption up to a prescribed threshold and a lower collection rate beyond that threshold. The change aims to curb outward spending and raise revenue but raises concerns about legislative intent, informal remittance channels, blocked refundable credits, potential double taxation, and tensions with international remittance-cost commitments. en-us Tue, 01 Aug 2023 10:59:45 +0530 Tue, 01 Aug 2023 10:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11681 The amendment substantially increases Tax Collection at Source on remittances under the Liberalized Remittance Scheme, to be collected by authorized dealers or sellers at the time of receipt or debit. Remittances for medical treatment and education receive a limited exemption up to a prescribed threshold and a lower collection rate beyond that threshold. The change aims to curb outward spending and raise revenue but raises concerns about legislative intent, informal remittance channels, blocked refundable credits, potential double taxation, and tensions with international remittance-cost commitments. Articles Income Tax Tue, 01 Aug 2023 10:59:45 +0530 https://www.taxtmi.com/article/detailed?id=11681