Aim for tax simplicity: Do away with TCS on foreign remittances
Tax collected at source (TCS) is not a revenue-raising measure, nor does its tax information value justify the burden it imposes, especially on individual taxpayers and banks that transfer money abroad. As India’s tax radar has improved, we should axe this charge and relieve people.
Tax collected at source (TCS) is not a revenue-raising measure, nor does its tax information value justify the burden it imposes, especially on individual taxpayers and banks that transfer money abroad. As India’s tax radar has improved, we should axe this charge and relieve people.