LRS Outward Remittance

The figure in FY22 was the highest ever in any financial year

Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20

Higher TCS is temporary; you can adjust it against your tax liability or get refund

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022

During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago

According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.

Travel, relative care top the chart, with the former coming back to pre-Covid levels

Those with small amounts should skip it owing to high costs and elaborate tax-related compliances

In FY22, outflows under the LRS scheme was to the tune of $19.61 billion, up 54.6 per cent from FY21, data released by the RBI showed

The TCS is imposed on all LRS transactions above Rs 7 lakh including travel overseas

Now banks will be required to upload daily transaction-wise information undertaken by them under LRS