The Central Board of Direct Taxes, (CBDT) on June 30, 2023, issued a circular to remove a difficulty in the implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of overseas tour program package.
The following is stated-
•Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)
•No change in the rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of the mode of payment, for amounts up to Rs. 7 lahks per individual per annum
•Government gives more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS
•Increased TCS rates to apply from October 01, 2023.
[Notification No. 37 014212312023-TPL]
