India, May 24 -- In a huge comfort for the majority of NRIs in the US, the tax on remittances established by US immigrants has been lowered. With a slim 215-214 vote, the US House of Representatives passed President Donald Trump's "One Big Beautiful Bill Act."

The bill's most important feature was the addition of a "tax on remittance" for foreigners who reside in the US.

According to the bill, legal immigrants in the US would pay taxes on their outgoing remittances, with some percentage of the money going to the US Treasury.

The recently proposed clause, known as the "Excise tax on remittance transfers," levies a 5% excise duty on remittance transfers. Some changes to it before the House passed it. According to an EY advice update, the...