Sending money to India? US Senate softens remittance tax to 1% from 3.5%
In a significant relief for Non-Resident Indians (NRIs), the revised draft of the “One Big Beautiful Bill Act” has reduced the proposed remittance transfer tax from 3.5% to just 1%, offering considerable relief compared to the earlier approved rate. The latest US Senate version excludes transfers from accounts held at banks and other financial institutions,…