<h1>Govt Delays TCS Rate Changes Under LRS for Overseas Tours; New Rates Effective October 1, 2023, Not July 1.</h1> The government has announced changes to the Tax Collected at Source (TCS) rates under the Liberalised Remittance Scheme (LRS) and overseas tour packages. Initially set to take effect from July 1, 2023, the revised rates will now apply from October 1, 2023. The TCS rate for remittances and tour packages will remain unchanged for amounts up to Rs. 7 lakh per individual annually. Beyond this threshold, TCS will be 0.5% for education financed by loans, 5% for education or medical treatment, and 20% for other purposes. Credit card payments abroad will not be counted under LRS until the new implementation date.