https://www.taxtmi.com/circulars?id=66536 The circular restores the Rs 7 lakh per individual per financial year threshold for applicability of TCS on all LRS remittances across modes and purposes; increases in TCS rates effected by the Finance Act, 2023 are deferred to take effect from 1 October 2023, with earlier rates applying until 30 September 2023. Classification of international credit card transactions as LRS is postponed; international credit card expenditures abroad are not subject to TCS until further order. The threshold is aggregated at the remitter level (not per purpose or dealer), authorised dealers may rely on remitter undertakings for prior remittances, and LRS purpose codes determine concessional rates for education and medical remittances. The threshold for LRS and the separate threshold for overseas tour program package operate independently, and an overseas tour package requires at least two specified elements to qualify. en-us Fri, 30 Jun 2023 00:00:00 +0530 Wed, 16 Apr 2025 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66536 The circular restores the Rs 7 lakh per individual per financial year threshold for applicability of TCS on all LRS remittances across modes and purposes; increases in TCS rates effected by the Finance Act, 2023 are deferred to take effect from 1 October 2023, with earlier rates applying until 30 September 2023. Classification of international credit card transactions as LRS is postponed; international credit card expenditures abroad are not subject to TCS until further order. The threshold is aggregated at the remitter level (not per purpose or dealer), authorised dealers may rely on remitter undertakings for prior remittances, and LRS purpose codes determine concessional rates for education and medical remittances. The threshold for LRS and the separate threshold for overseas tour program package operate independently, and an overseas tour package requires at least two specified elements to qualify. Circulars Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66536