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.
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