Question
Under the current Foreign Exchange Management Act (FEMA)
guidelines and RBI regulations, the "Liberalised Remittance Scheme" (LRS) allows resident individuals to freely remit up to USD 250,000 per financial year for permissible current or capital account transactions. Remittances under LRS are subject to a Tax Collected at Source (TCS). What is the standard TCS rate applied to overseas tour packages under LRS if the amount exceeds Rs. 7 Lakh?Solution
Following recent amendments to fiscal policy guidelines, the TCS rate on overseas tour program packages under LRS is structured at 5 percent for amounts up to Rs. 7 Lakh, but escalates sharply to 20 percent for amounts exceeding Rs. 7 Lakh per financial year to monitor and track high-value foreign capital outflows.
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