Synopsis
Changes in the Liberalised Remittance Scheme (LRS) say that from July 1, 2023, credit cards and debit cards are included under LRS where foreign spending will attract a 20% TCS, up from the previous 5% on expenditure over INR7 lakh. This hasn’t gone down well with people who are planning to travel abroad.
By now you must be aware that your trip abroad in summer or later in the year will cost more after the TCS or tax collected at source ruling has been brought in by the government.Significant changes to the Liberalised Remittance Scheme (LRS), kicking in from July 1, 2023, mean credit cards and debit cards are included under LRS where foreign spending will attract a 20% TCS, up from the previous 5% on spending over INR7 lakh. Notably, the LRS
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