LRS allows remittance of up to USD 250,000 per year; TCS applies above ₹7 lakh; report transactions in ITR for compliance.
This infographic explains the Liberalized Remittance Scheme (LRS) for Indian residents. LRS permits sending up to USD 250,000 abroad annually for education, travel, and investments, with restrictions on prohibited activities. TCS applies to remittances above ₹7 lakh. PAN and Form A2 are required. Remitted funds from taxable income must be reported in the ITR to avoid scrutiny under FEMA and Income Tax laws.