LRS and Foreign Remittance Tax Rules for Residents

Resident individuals remitting funds abroad under LRS for education, travel, gifts, or investments must track RBI limits, possible TCS, and disclosure in the income tax return.

Before remitting

• Check annual LRS limit per person
• Understand TCS on foreign tour packages and remittances
• Retain bank A2 form and purpose codes
• Disclose foreign assets in Schedule FA if applicable

See Form 15CA/15CB guide, Schedule FA, and NRI taxation.

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