New Delhi, May 18 -- A significant tax development is on the horizon for non-resident Indians in the US. The US government's House Ways and Means Committee has advanced a sweeping bill titled the "One Big Beautiful" Tax Act, aimed at extending several provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and introducing new tax measures.

Among these proposals is the introduction of a 5% tax on remittances sent abroad, a measure that could directly impact thousands of NRIs who regularly transfer funds to their families in India.

While the bill is subject to a Senate review and further debate, a majority of US Republican Party leaders aim to finalize it by 4 July. If passed in its current form, the remittance transfer tax will take effect o...