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 […]
Budget 2020 was introduced with an objective of “Ease of Living” with three prominent themes as Aspirational India, Economic Development and Caring Society with Good Governance and Robust Financial Sector. However, it may not result into ease of calculating and determining tax liability. The Budget 2020 has made many changes including […]
On July 5, the First full-time Female Finance Minister of India, Ms. Nirmala Sitharaman, presented the budget in the Parliament. While it may be a mixed bag for many, the one category it affect the most, and that too positively, is Non- Residents (NRIs/ PIOs). We have analyzed all the budget […]
Finally, the Central Board of Direct Taxes (CBDT) issues Notification no. 93/2015 dated December 16, 2015 that is both reasonable and practical for anyone making payment to a non-resident or an NRI remitting money outside India or transferring from NRO to NRE account. The important changes under the revised Rules are: […]
RBI in a bi-monthly Monetary Policy Statement on June 3, 2014, announced 3 important measures related to Non Resident Indians (NRI), Foreign Portfolio Investors (FPI) and foreign exchange remittances by Resident Indians: 1. Last year, to stem rupee depreciation and restrict outward remittances, the eligibility limit for foreign exchange remittances under […]
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 […]