Threshold of Rs. 7 Lakh per FY per individual on all categories of LRS payments. For first Rs 7 Lakh remittance under LRS there shall be no TCS. Beyond this Rs 7 Lakh threshold, TCS shall be applicable.
➡️For purchase of overseas tour program package, TCS shall continue to apply at 5% for the first Rs 7 lakhs per individual p.a; 20% will only apply for expenditure above this limit.
➡️Transactions through International Credit Cards while being overseas would not be counted as LRS and hence would not be subject to TCS.
