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    HomeBudgetGovernment propose to increase threshold of TCS on LRS scheme to Rs 10 lakh from Rs 7 lakh

    Government propose to increase threshold of TCS on LRS scheme to Rs 10 lakh from Rs 7 lakh

    Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

    Manish M. Suvarna
    February 01, 2025 / 18:56 IST
    LRS Scheme

    Finance Minister Nirmala Sitharaman on February 1 during the announcement of Union Budget 2025 proposed to increase threshold to collect Tax Collected at Source (TCS) on Liberalised Remittance Scheme (LRS) to Rs 10 lakh from Rs 7 lakh.

    “We proposed to increase threshold to collect TCS on RBI’s LRS scheme to Rs 10 lakh, from Rs 7 lakh currently,” Sitharaman said.

    Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

    Manish M. Suvarna
    Manish M. Suvarna is Senior Correspondent at Moneycontrol. He writes on the Indian money markets, RBI, Banks and NBFCs. He tweets at @manishsuvarna15. Contact: Manish.Suvarna@nw18.com
    first published: Feb 1, 2025 12:20 pm

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