Liberalized Remittance Scheme

Learn about the new TCS regulations on foreign remittances under the LRS scheme introduced in Budget 2023. Understand the revised rates, exemptions, and their impact on international credit card transactions.

TCS Regulations under the Liberalized Remittance Scheme (LRS) 2023

Post author:TAXVIC
Post published:May 29, 2023
Post category:Budget 2023 Finance International Remittances Taxation
Reading time:7 mins read

In Budget 2020, it was announced that if you remit money under the Liberalized Remittance Scheme (LRS) and it reaches a certain threshold, the TCS will apply. As a result,…