This is scheduled to become applicable from July 1.Banks are awaiting final notification from the Central Board of Direct Taxes on the implementation of the TCS regime, following which they will begin work on the internal systems. "Reporting systems are still not ready ... It said credit card spending had been brought under the LRS regime to bring them on a par with debit cards, which were already covered.The annual LRS spending limit is $250,000 per person, beyond which RBI 's approval is required. LRS up to ₹7 lakh a year for educational purposes is exempt from TCS. For those who take loans for overseas education, a lower 0.5% TCS will be levied above the ₹7 lakh threshold.

Source: Economic Times June 24, 2023 17:15 UTC