LRS

The story so far: On June 28, the Finance Ministry in two announcements deferred the imposition of an increased 20% rate for Tax Collected at Source (TCS) by three months to October 1, and said transactions made using international credit…

The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme (LRS). The amendment to the Foreign Exchange Management (Current…

NEW DELHI: The finance ministry Friday clarified the threshold of Rs 7 lakh for the liberalised remittance scheme is the combined level for calculating tax collected at source (TCS), irrespective of the purpose of remittance such as medical…

NEW DELHI: Anil Singh's daughter studies at a design school in Europe and shares an apartment near her college, which does not offer residential facility on campus. Every month, Singh (name changed) has to budget for a 20% additional outgo…

The changes were expected to take place from July 1. The transactions conducted via international credit cards while abroad will not be counted under the Liberalised Remittance Scheme and will not be subject to TCS even after October…

With the July 1 deadline for its controversial tax on international credit card spends looming, the government is still working on knotty issues to evolve a uniform reporting system, even as experts continued to emphasize that the tax…

Last Updated: June 01, 2023, 13:52 ISTAs parents you may need to send money to your children studying or residing abroad quite regularly. The Liberalised Remittance Scheme (LRS) of the Reserve Bank of India makes it simple and hassle free…

If an individual already has now exhausted the LRS limit of $2,50,000 and intends to travel abroad will need prior approval from the RBI for using his ICC meeting his expense.Under the RBI LRS, a resident can remit money abroad up to a…

Check Finance Ministry's Clarification on 20% TCS, RBI LRS Limit On International Credit Cards. (Representative image)Under the liberalised remittance scheme, all resident individuals (including minors) are allowed to freely remit up to…

<!-- -->Under the LRS, all resident individuals are allowed to remit up to USD 2,50,000 per financial year.New Delhi: Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance…