TCS coming back to 5% from 20%; there’s a PLI for R&D and innovation: Rohinton Sidhwa, Deloitte India

Deloitte India partner Rohinton Sidhwa discusses the changes in the TCS rates imposed on foreign exchange remittances. The TCS rate has been reduced from 20% to 5% in many categories. There are also potential changes in the calculation of agricultural income. The finance minister mentioned a PLI for R&D and innovation with a funding of Rs 1 lakh crore. There is also a focus on credit to the tourism sector. Sidhwa believes that the revenue growth assumptions are conservative and expects an increase in tax collection due to rising incomes and an expanding tax net.