TCS on sending money abroad is 20% in many cases: Will Budget 2025 reduce this to 5%?

Reduce TCS on LRS in Budget 2025: Following the amendments made in the Income Tax Act, TCS on sending money abroad in specified cases attracts tax at 20%. There is a need to rationalise the TCS rate where the government collects the revenue while ensuring that there is not too much burden on the common man.