{"id":24895,"date":"2023-07-02T12:45:16","date_gmt":"2023-07-02T07:15:16","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24895"},"modified":"2026-02-15T10:50:20","modified_gmt":"2026-02-15T05:20:20","slug":"faq-on-liberalized-remittance-scheme","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/","title":{"rendered":"FAQ on Liberalized Remittance Scheme"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d0e0973da12\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d0e0973da12\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#TCS_on_Fund_Transfer_Outside_India_%E2%80%93_Under_LRS_Liberalised_Remittance_Scheme\" title=\"TCS on Fund Transfer Outside India \u2013 Under LRS (Liberalised Remittance Scheme)\">TCS on Fund Transfer Outside India \u2013 Under LRS (Liberalised Remittance Scheme)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Key_TCS_Provisions_on_Foreign_Remittance_as_of_FY_2024%E2%80%9325\" title=\"Key TCS Provisions on Foreign Remittance (as of FY 2024\u201325):\">Key TCS Provisions on Foreign Remittance (as of FY 2024\u201325):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Examples\" title=\"Examples:\">Examples:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#TCS_on_International_Credit_Card_Usage\" title=\"TCS on International Credit Card Usage\">TCS on International Credit Card Usage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Can_You_Claim_Refund_of_TCS\" title=\"Can You Claim Refund of TCS?\">Can You Claim Refund of TCS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Frequently_Asked_on_TCS_on_Liberalized_Remittance_Scheme\" title=\"Frequently Asked on TCS on Liberalized Remittance Scheme.\">Frequently Asked on TCS on Liberalized Remittance Scheme.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Questions_1_what_is_the_effective_date_of_introduction_of_the_tax_implications\" title=\"Questions: 1. what is the effective date of introduction of the tax implications?\">Questions: 1. what is the effective date of introduction of the tax implications?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Question_2_What_all_transactions_will_be_affected_by_this_Tax_collected_at_source_requirement\" title=\"Question:2. What all transactions will be affected by this Tax collected at source requirement?\">Question:2. What all transactions will be affected by this Tax collected at source requirement?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Questions_-3_Can_GST_be_applied_to_the_5_TCS_collected\" title=\"Questions:-3. Can GST be applied to the 5% TCS collected?\">Questions:-3. Can GST be applied to the 5% TCS collected?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Questions_-4_what_are_the_various_reasons_for_which_the_tax_collection_applies\" title=\"Questions:-4. what are the various reasons for which the tax collection applies?\">Questions:-4. what are the various reasons for which the tax collection applies?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Questions_-5_what_are_the_various_Purpose_permitted_under_LRS\" title=\"Questions:-5. what are the various Purpose permitted under LRS?\">Questions:-5. what are the various Purpose permitted under LRS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Questions_-6_what_are_the_various_permissible_capital_account_transactions_by_an_individual_for_purposes_permitted_under_LRS\" title=\"Questions:-6. what are the various permissible capital account transactions by an individual for purposes permitted under LRS?\">Questions:-6. what are the various permissible capital account transactions by an individual for purposes permitted under LRS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#Questions_-7_Whats_Dynamic_Currency_Conversion_DCC\" title=\"Questions:-7. What\u2019s Dynamic Currency Conversion (DCC)?\">Questions:-7. What\u2019s Dynamic Currency Conversion (DCC)?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/faq-on-liberalized-remittance-scheme\/#How_to_avoid_TCS_on_foreign_remittance_-LRS_%E2%80%93_Revised_Rate\" title=\"How to avoid TCS on foreign remittance -LRS &#8211; Revised Rate\u00a0\">How to avoid TCS on foreign remittance -LRS &#8211; Revised Rate\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/TCS-on-Forign-remittances.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-12663\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/TCS-on-Forign-remittances.jpg\" alt=\"TCS on Forign remittances\" width=\"1011\" height=\"1010\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/TCS-on-Forign-remittances.jpg 1011w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/TCS-on-Forign-remittances-300x300.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/TCS-on-Forign-remittances-150x150.jpg 150w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/TCS-on-Forign-remittances-768x767.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/TCS-on-Forign-remittances-800x799.jpg 800w\" sizes=\"(max-width: 1011px) 100vw, 1011px\" \/><\/a><\/p>\n<h3 data-start=\"0\" data-end=\"89\"><span class=\"ez-toc-section\" id=\"TCS_on_Fund_Transfer_Outside_India_%E2%80%93_Under_LRS_Liberalised_Remittance_Scheme\"><\/span><span style=\"color: #000080;\"><strong data-start=\"7\" data-end=\"89\">TCS on Fund Transfer Outside India \u2013 Under LRS (Liberalised Remittance Scheme)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"91\" data-end=\"343\">As per Finance Act 2020 (amended by Finance Act 2023), any remittance of funds outside India under the Liberalised Remittance Scheme (LRS) is subject to TCS (Tax Collected at Source) under Section 206C(1G) of the Income Tax Act.<\/p>\n<h3 data-start=\"350\" data-end=\"421\"><span class=\"ez-toc-section\" id=\"Key_TCS_Provisions_on_Foreign_Remittance_as_of_FY_2024%E2%80%9325\"><\/span><strong data-start=\"357\" data-end=\"421\">Key TCS Provisions on Foreign Remittance (as of FY 2024\u201325):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"_tableContainer_16hzy_1\">\n<div class=\"_tableWrapper_16hzy_14 group flex w-fit flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"423\" data-end=\"829\">\n<thead data-start=\"423\" data-end=\"471\">\n<tr data-start=\"423\" data-end=\"471\">\n<th data-start=\"423\" data-end=\"447\" data-col-size=\"md\">Purpose of Remittance<\/th>\n<th data-start=\"447\" data-end=\"458\" data-col-size=\"sm\">TCS Rate<\/th>\n<th data-start=\"458\" data-end=\"471\" data-col-size=\"sm\">Threshold<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"522\" data-end=\"829\">\n<tr data-start=\"522\" data-end=\"620\">\n<td data-start=\"522\" data-end=\"587\" data-col-size=\"md\">For medical or education (loan from financial institution)<\/td>\n<td data-col-size=\"sm\" data-start=\"587\" data-end=\"598\">0.5%<\/td>\n<td data-col-size=\"sm\" data-start=\"598\" data-end=\"620\">Above \u20b97 lakh\/year<\/td>\n<\/tr>\n<tr data-start=\"621\" data-end=\"695\">\n<td data-start=\"621\" data-end=\"664\" data-col-size=\"md\">For medical or education (own funds)<\/td>\n<td data-col-size=\"sm\" data-start=\"664\" data-end=\"673\">5%<\/td>\n<td data-col-size=\"sm\" data-start=\"673\" data-end=\"695\">Above \u20b97 lakh\/year<\/td>\n<\/tr>\n<tr data-start=\"696\" data-end=\"829\">\n<td data-start=\"696\" data-end=\"789\" data-col-size=\"md\">For other purposes (e.g. investment, gift, maintenance, property purchase, tour, etc.)<\/td>\n<td data-col-size=\"sm\" data-start=\"789\" data-end=\"799\">20%<\/td>\n<td data-col-size=\"sm\" data-start=\"799\" data-end=\"829\">From \u20b91 (no threshold)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"sticky end-(--thread-content-margin) h-0 self-end select-none\">\n<div><\/div>\n<div class=\"absolute end-0 flex items-end\"><strong>No TCS if amount is:\u00a0<\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<ul data-start=\"858\" data-end=\"956\">\n<li data-start=\"858\" data-end=\"903\">\n<p data-start=\"860\" data-end=\"903\">\u2264 \u20b97 lakh and for education\/medical<\/p>\n<\/li>\n<li data-start=\"904\" data-end=\"956\">\n<p data-start=\"906\" data-end=\"956\">Done through loan from a financial institution<\/p>\n<\/li>\n<\/ul>\n<h3 data-start=\"963\" data-end=\"983\"><span class=\"ez-toc-section\" id=\"Examples\"><\/span><span style=\"color: #000080;\">Examples:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol data-start=\"985\" data-end=\"1318\">\n<li data-start=\"985\" data-end=\"1133\">\n<p data-start=\"988\" data-end=\"1133\">Gift to NRI Son\/Daughter = \u20b910 lakh<br data-start=\"1027\" data-end=\"1030\" \/>\u2192 TCS @ 20% on \u20b910 lakh = \u20b92 lakh<br data-start=\"1066\" data-end=\"1069\" \/>\u2192 Collected by bank\/remitting institution at time of transfer<\/p>\n<\/li>\n<li data-start=\"1135\" data-end=\"1244\">\n<p data-start=\"1138\" data-end=\"1244\">Sending \u20b96 lakh for daughter&#8217;s tuition fees abroad (own funds)<br data-start=\"1204\" data-end=\"1207\" \/>\u2192 No TCS (below \u20b97 lakh threshold)<\/p>\n<\/li>\n<li data-start=\"1246\" data-end=\"1318\">\n<p data-start=\"1249\" data-end=\"1318\">Investment in foreign stocks (\u20b95 lakh) \u2192 TCS @ 20% = \u20b91 lakh<\/p>\n<\/li>\n<\/ol>\n<h3 data-start=\"1325\" data-end=\"1370\"><span class=\"ez-toc-section\" id=\"TCS_on_International_Credit_Card_Usage\"><\/span><span style=\"color: #000080;\"><strong>TCS on International Credit Card Usage<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul data-start=\"1372\" data-end=\"1616\">\n<li data-start=\"1372\" data-end=\"1524\">\n<p data-start=\"1374\" data-end=\"1524\">As per Rule 7 of FEMA 2023, use of international credit cards abroad will not attract TCS under LRS for business or personal expenses.\u00a0However, debit card or forex card remittance still comes under LRS and TCS may apply.<\/p>\n<\/li>\n<\/ul>\n<h3 data-start=\"1623\" data-end=\"1662\"><span class=\"ez-toc-section\" id=\"Can_You_Claim_Refund_of_TCS\"><\/span><span style=\"color: #000080;\"><strong>Can You Claim Refund of TCS?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1664\" data-end=\"1852\">Yes, TCS is not a final tax \u2013 it is adjustable against your total tax liability while filing your Income Tax Return (ITR). If excess TCS is paid, you can claim a refund.\u00a0<span style=\"font-size: 16px;\">Banks and authorized dealers <\/span>collect TCS<span style=\"font-size: 16px;\"> at the time of <\/span>remittance<span style=\"font-size: 16px;\">., <\/span><span style=\"font-size: 16px;\">Rate varies based on <\/span>purpose<span style=\"font-size: 16px;\"> and <\/span>amount<span style=\"font-size: 16px;\">. <\/span><span style=\"font-size: 16px;\">Declaration of purpose is mandatory for correct rate application.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Frequently_Asked_on_TCS_on_Liberalized_Remittance_Scheme\"><\/span><span style=\"color: #000080;\"><strong>Frequently Asked on <a href=\"https:\/\/www.caindelhiindia.com\/blog\/overview-on-new-section-206ab-section-206cca\/\">TCS<\/a> on Liberalized Remittance Scheme.<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Questions_1_what_is_the_effective_date_of_introduction_of_the_tax_implications\"><\/span><span style=\"color: #000080;\"><strong><em>Questions: 1. what is the effective date of introduction of the tax implications?<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The effectiveness of the Tax collected at the source clause on international remittances is updated from 1 April 2020 to 1 October 2020.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Question_2_What_all_transactions_will_be_affected_by_this_Tax_collected_at_source_requirement\"><\/span><span style=\"color: #000080;\"><strong><em>Question:2. What all transactions will be affected by this Tax collected at source requirement?<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>All remittances in excess of INR 7 lakh in the financial year under the LRS will be liable for 5 percent of TCS, except where the remittance is for education paid out through a loan from any financial institution.<\/li>\n<li>The rate would then be decreased from 5% to 0.5%.<\/li>\n<li>The exclusion from TCS for remittances abroad under LRS for sums just under INR 7 lakh in the financial year would not apply if the sum is charged for the purchase of the overseas tour program kit.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Questions_-3_Can_GST_be_applied_to_the_5_TCS_collected\"><\/span><span style=\"color: #000080;\"><strong><em>Questions:-3. Can GST be applied to the 5% TCS collected?<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No GST would refer to the tax collected by the TCS. However, GST will refer to the conversion &amp; remittance service fee of the currency.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Questions_-4_what_are_the_various_reasons_for_which_the_tax_collection_applies\"><\/span><span style=\"color: #000080;\"><strong><em>Questions:-4. what are the various reasons for which the tax collection applies?<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Tax would apply to all remittances from India that come under the Liberalized Remittance Scheme (LRS) of RBI.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Questions_-5_what_are_the_various_Purpose_permitted_under_LRS\"><\/span><span style=\"color: #000080;\"><strong><em>Questions:-5. what are the various Purpose permitted under LRS?<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Following are the purposes permitted under LRS.<\/p>\n<ul>\n<li>Private visits to any country (excluding Nepal and Bhutan)<\/li>\n<li>Donation or charity;<\/li>\n<li>Study abroad<\/li>\n<li>Moving overseas to work<\/li>\n<li>Emigration:<\/li>\n<li>Maintenance of loyal family members abroad<\/li>\n<li>Travel for business, or attending a conference or advanced training, or meeting expenses for meeting medical expenses, or checking abroad, or accompanying a patient going abroad for medical treatment\/check-up;<\/li>\n<li>Expenditures for medical care overseas<\/li>\n<li>Any other current account transaction not protected in FEMA 1999.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Questions_-6_what_are_the_various_permissible_capital_account_transactions_by_an_individual_for_purposes_permitted_under_LRS\"><\/span><span style=\"color: #000080;\"><strong><em>Questions:-6. what are the various permissible capital account transactions by an individual for purposes permitted under LRS?<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Permissible capital account transactions by an individual under LRS are:<\/p>\n<ul>\n<li>Investments abroad \u2013 acquisition and holding of shares in both listed and unlisted foreign companies or debt instruments; 5 acquisition in qualified shares of a foreign company for the role of the director; acquisition of shares of a foreign company for professional services rendered or in lieu of remuneration of the director; investment in units of mutual funds, venture capital funds;<\/li>\n<li>Establishment of wholly-owned subsidiaries and joint ventures (with effect from 05 August 2013) outside India for a bonafide company subject to the terms and conditions set out in Notification No FEMA.263 \/ RB-2013 of 5 March 2013;<\/li>\n<li>to extend loans, namely loans in Indian Rupees, to non-resident Indians (NRIs) who are relatives.<\/li>\n<li>the opening of foreign currency accounts with a bank abroad;<\/li>\n<li>purchase of foreign property;<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Questions_-7_Whats_Dynamic_Currency_Conversion_DCC\"><\/span><span style=\"color: #000080;\"><strong><em>Questions:-7. What\u2019s Dynamic Currency Conversion (DCC)?<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Many international traders offer the &#8216;Dynamic Currency Conversion&#8217; facility \u2013 which enables customers to make purchase payments directly in their home currency (i.e. Indian Rupees for cards issued in India).<\/li>\n<li>This service is provided by selected international merchants or websites. The final transaction amount (as determined by the merchant \/ DCC service provider) must be checked by you before the payment is made. Depending on the sum given by the merchant, Citi will charge you the final amount (Indian Rupees).<\/li>\n<li>The conversion procedure, the exchange rate, and any markup applied in such cases shall be decided, as the case may be, by the applicable merchant or DCC service provider.<\/li>\n<li>If we do not opt for DCC, you will be billed in local currency by the merchant. If the local currency is not USD, then the transaction is translated first from the local currency to $ then from $ to INR.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_avoid_TCS_on_foreign_remittance_-LRS_%E2%80%93_Revised_Rate\"><\/span><span style=\"color: #000080;\"><strong>How to avoid TCS on foreign remittance -LRS &#8211; Revised Ra<\/strong><\/span><span style=\"color: #000080;\"><strong>t<\/strong><\/span><span style=\"color: #000080;\"><strong>e\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24896\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/LRS-...jpg\" alt=\"how to avoid tcs on foreign remittance\" width=\"1063\" height=\"905\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/LRS-...jpg 1063w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/LRS-..-300x255.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/LRS-..-1024x872.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/LRS-..-768x654.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/LRS-..-800x681.jpg 800w\" sizes=\"(max-width: 1063px) 100vw, 1063px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TCS on Fund Transfer Outside India \u2013 Under LRS (Liberalised Remittance Scheme) As per Finance Act 2020 (amended by Finance Act 2023), any remittance of funds outside India under the Liberalised Remittance Scheme (LRS) is subject to TCS (Tax Collected at Source) under Section 206C(1G) of the Income Tax Act. Key TCS Provisions on Foreign &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[9341],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24895"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=24895"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24895\/revisions"}],"predecessor-version":[{"id":24899,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24895\/revisions\/24899"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}