 "budget 2023")
The Budget contained a few negatives for specific sectors, and will require a review of long-term tax planning for high net-worth individuals but it could have a broadly positive impact. The hike in tax collected at source (TCS) on foreign payments to 20 per cent may impact cash-flow for companies that pay for services or products abroad. It will also impact investments abroad, since the Liberalised Remittance Scheme will also incur this TCS.
All insurance income where premium is over Rs 5 lakh is also liable for taxation, which has led to a selloff in the insurance sector. The high-end segment of the housing sector may suffer some lack of demand with the capping of capital gains offset at Rs
