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of <h1>Govt Eases Foreign Remittance Rules: LRS Threshold Restored, TCS Rates Adjusted for Overseas Transactions and Travel</h1> The circular addresses modifications to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and overseas tour packages. Key changes include restoring the Rs 7 lakh annual threshold for TCS, postponing increased TCS rates to October 1st, 2023, and delaying the inclusion of international credit card transactions in LRS. Different TCS rates are specified for education, medical, and other remittance purposes, with rates ranging from 0.5% to 20% depending on the remittance type and amount.
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