Question
Under the current Foreign Exchange Management Act (FEM
- A guidelines and RBI regulations, the "Liberalised Remittance Scheme" (LR
- S 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 (TC
- S . What is the standard TCS rate applied to overseas tour packages under LRS if the amount exceeds Rs. 7 Lakh?
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