Financial Planner On X Raises Concerns Over Rising TCS Rates On Luxury Goods And Foreign Remittances, Says 'To Be Wealthy In This Country Is A Sin'

In a recent post shares on the social media platform X, formerly Twitter, D.Muthukrishnan, identified by his bio as Certified Financial Planner (CFP) voiced his concerns regarding the increasing Tax Collected at Source (TCS) rates. His post reads, "Business Standard reports that 1% TCS (Tax collected at source or can also be called Tax collected by Sitharaman) need to be paid for any luxury goods purchased above Rs.

10 lakhs. The problem is this would not stop at 1%. TCS for overseas travel and foreign remittances started at 1% or 2% and is now at 20%.

To be wealthy in this country is a sin." Business Standard reports that 1% TCS (Tax collected at source or can also be called Tax collected by Sitharaman) need to be paid for any luxury goods purchased above Rs.10 lakhs.

The problem is this would not stop at 1%. TCS for overseas travel and foreign remittances started at..

. The post highlights about the rising tax burden on high-value transaction and has also garnered significant attention from the netizens responding to it. One of the X user responding to the post, wrote, "To be wealthy and straightforward is definitely a sin in this country.

It only deserves thieves and defaulters." Another user added, "It will bring back cash components. No business will ever refuse someone paying cash, else they lose business.

And that’s how the cycle of black money starts in luxury segment." Let us know! 👂 What type of content would you like to see from us this year? "Oh, another gem fr.