From October 1, 2020, foreign remittance under LRS (Liberalized Remittance Scheme) or payment for any foreign tour package will attract TCS (Tax Collected on Source) @ 5%. When income tax department found that out of 5,026 selected cases of foreign remittance, 1,807 did not file returns, they decided to plug the gap […]
On August 14, 2013, RBI made 5 important changes to address the depreciating rupee. Whenever RBI takes such measures, NRIs are sure to benefit. Two changes are aimed at attracting foreign exchange from NRIs in long term NRE or FCNR bank deposits and other three are related to preserving the foreign […]